LITE ACCESS TECHNOLOGIES PROVIDES UPDATE ON ITS CANADIAN OPERATIONS
March 14, 2022 – Vancouver, British Columbia. LITE ACCESS TECHNOLOGIES INC. (the “Company”) (TSX VENTURE: LTE)(OTC: LTCCF), a world leader in the fibre optic products and advanced installation methodologies, is pleased to provide an update on its Canadian operations and business activity.
Lite Access is pleased to announce that it will commence construction today on the first phase of a fibre project in Comox on the eastern coast of Vancouver Island, BC, valued at approximately $23,000, while the second phase of the project which the Company expects to be awarded, valued at approximately $237,000, will commence immediately thereafter. The Company remains involved in numerous projects ranging from civil construction as a sub-contractor to direct award projects for cities and municipalities as well as large service providers within BC. Importantly, with economic activity reverting closer towards pre-pandemic levels, clients are now able to execute on network builds that were put on hold for the past couple of years. Although many projects are large in scope, clients are requesting projects be started in a phased approach with construction end dates to be scheduled for no greater than a few months in duration. This approach allows for proper execution by all parties including construction, product procurement and proper allocation of re-established budgets.
Lite Access continues to see a very strong macro environment for telecommunications infrastructure and in particular, high-speed internet and broadband services. For the staggering number of kilometers of network that is projected to be installed across the country over the next 3-5 years supported through major federal and provincial investment – such as the $2.75 billion Universal Broadband Fund1 and recently announced $830 million in British Columbia2 and $390 million in Alberta3 for high speed internet – having the capability and extensive industry knowledge accurately identifies Lite Access as a company of choice for all types of telecom infrastructure.
In addition to civil work, the Company’s team of splicers and fibre experts are currently engaged in a 300km network upgrade for a large service provider within the BC Interior. Working in weather affected areas and maintaining high vigilance to health and safety, completion of the first phase is expected to be completed by end of March allowing for the next phase to take place immediately thereafter. Having an extensive history in the BC Interior and responsible for the design and construction of large and medium sized networks, Lite Access’ expertise and understanding of network configurations allows for continued maintenance and over-build opportunities.
Furthermore, with spring around the corner, final construction including fibre installation and splicing can resume in Clearwater County, valued at approximately $200,000, as well as the third phase of the Prince George project valued at approximately $200,000. As with many similar projects of this size and scope, there are frequently additional follow-on opportunities in each region. Possessing extensive experience with respect to FTTx projects, Lite Access has entered into additional consortiums similar to Brooks whereby projects have been identified and pre-planning has been initiated. Although a long and comprehensive process, building the proper template enables all parties with success and a platform that can be used in future Next Generation Broadband Network opportunities.
In preparation for the required April start date, Lite Access has been actively engaged with suppliers to provide the necessary products and equipment for the project. Through extensive pre-planning efforts and taking into consideration the current issues with supply chains, via its vendor partners the Company has successfully procured the necessary products required for Brooks’ Next Generation Broadband Network. Materials planning has become a significant challenge for operators, distributors and contractors alike. Having a plan well ahead of schedule allows for construction schedules to be followed on time and within budgets.
With respect to the Company’s Cutting & Coring Division, AMEC, projects that were put on hold during the pandemic are now back on track. Large infrastructure projects, as well as sub- contract work are scheduled to begin immediately and possessing a growing sales pipeline, 2022 is already proving to be an exciting year. In addition to new projects, the service side of AMEC continues to generate consistent revenue streams and is growing based on many major projects taking place within the province of BC.
1Source: Online, https://www.ic.gc.ca/eic/site/139.nsf/eng/h_00006.html
2Source: Online, https://www.bctechnology.com/news/2022/3/9/Government-of-Canada-and-BC-Government-Announce-830-Million-Plan-to-Connect-the-Entire-Province-of-BC-to-High-Speed-Internet.cfm
3Source: Online, https://www.newswire.ca/news-releases/universal-broadband-fund-supported-projects-will-bring-high-speed-internet-to-alberta-communities-851509653.html
About Lite Access
Lite Access Technologies Inc. is a world leader in the use of innovative and proven micro/narrow trenching technologies, alternate methods of deployment and specialist products which transform the cost the network deployment for telecommunications operators.
As part of its suite of services Lite Access provides clients with integrated solutions or select components for the design and implementation of fibre optic networks. Lite Access’ products have been deployed in many high-profile communication networks including Olympic facilities, military and government, numerous communities throughout the United Kingdom, the USA and Canada as well as global telecommunications companies that have adopted Lite Access as the “solution of choice” for the least invasive, most cost effective and future-proof fibre optic connectivity available.
Lite Access’ installation technology and proprietary products extend a network provider’s ability to deliver true broadband connectivity directly to end-users, such as homes, businesses, government and educational institutions, and emergency response facilities. Lite Access remains flexible and innovative in its commitment to provide global clients and partners with the most cost effective and proven fibre connectivity solutions available.
For further information please contact:
Lite Access Technologies Inc.
Greg Smith, Chairman & Interim CEO
20108 Logan Avenue
Langley, BC V3A 4L6
For investor relations please contact:
Contact Financial Corp.
204 – 998 Harbourside Dr.
North Vancouver, BC V7P 3T2
Forward Looking Information
This news release contains statements that, to the extent they are not recitations of historical fact, may constitute “forward-looking statements” within the meaning of applicable Canadian securities laws. Lite Access uses words such as “may”, “would”, “could”, “will”, “likely”, “expect”, “believe”, “intend” and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by Lite Access in light of its experience and its perception of historical trends, current conditions and expected future developments. However, whether actual results and developments will conform to Lite Access’ expectations and predictions is subject to any number of risks, assumptions and uncertainties. Many factors could cause Lite Access’ actual results to differ materially from those expressed or implied by the forward-looking statements contained in this news release. Such factors include, among other things: risks and uncertainties described in Lite Access’s most recent Management Discussion & Analysis (MD&A) for the financial year ended September 30, 2021 which can be accessed at www.sedar.com. The “forward-looking statements” contained herein speak only as of the date of this press release and, unless required by applicable law, Lite Access undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Next >>
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