VANCOUVER, April 21, 2020 /CNW/ - LITE ACCESS
TECHNOLOGIES INC. (the "Company") (TSX VENTURE: LTE)
(OTC PINK: LTCCF), 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 of
fibre optic network deployment for telecommunications operators, is
pleased to announce that CityFibre, the UK's third national digital
infrastructure platform, has awarded the Company a contract for
fibre-to-the premises (FTTP) installation to over 20,000 homes in
Cambridge, England. The
contract is valued at approximately CAD$20
million over 21 months.
CityFibre, the UK's third national digital infrastructure
platform, is currently in the process of investing to build a new
fibre-to-the-home (FTTH) network that will reach almost all
businesses and homes in Cambridge. In bringing
gigabit-capable full fibre network to Cambridge, CityFibre is making the city one of
the best-connected places in the country.
CityFibre has network rollouts underway with plans to pass up to
8 million premises with open-access full fibre infrastructure as
part of its up to £4 billion Gigabit City Investment
Programme. A growing number of Gigabit City projects have
been announced for full-city rollouts and CityFibre continues to
prime its existing network assets for expansion. Plans to
award more than £1.5 billion in network construction
contracts for newly announced full city builds will be granted
by summer, enabling selected construction partners such as Lite
Access to secure and mobilise their workforce in preparation for
network construction to begin.
Carlo Shimoon, President &
CEO of Lite Access, stated, "I would like to thank our partner
CityFibre, for awarding us this major contract. We are
incredibly proud of the relationship that has developed with
CityFibre. We expect to commence initial ramp up of
operations in Cambridge
immediately and expect to be at full scale in the city by July of
2020. The project is anticipated to be completed within 21
months."
"Despite challenges during the current COVID-19 global pandemic,
the UK government has declared that telecom infrastructure is
critical to both allow society and the economy to function as near
normally as possible and allow a rapid recovery when the COVID-19
crisis is over. Our Company has no debt and is well financed.
In addition, we don't expect that any capital expenditure for
additional equipment will be required to fulfill this
contract. We are certainly up to the task and we feel
confident that our end-to-end construction capabilities will be
successful in meeting project performance measures. Our senior
management has decades of experience in operating efficient
multi-location and scalable businesses to draw upon."
Update on UK Operations
The Company is also providing an update on its construction
activities in Lowestoft and Bury
St Edmunds over the past few months. At this time, projects
in those cities continue to move forward, although in some cases on
a modified basis. While the situation remains fluid given the
impact of COVID-19, there have been no significant delays or site
shutdowns, although we are forced to operate with some
restrictions.
"Lite Access remains fully operational and we are committed to
executing services safely and responsibly, while closely monitoring
and following the guidance by applicable government and public
health officials. Our top priority is the health and safety
of our employees, partners and the communities in which we
serve. As such, we have worked with our customer and
communicated strict health and safety guidelines to all our
employees from office to field. Our Company continues to execute on
current projects and we expect them to be completed by the project
deadlines," said Mr. Shimoon.
About CityFibre
CityFibre is the UK's third national digital infrastructure
platform. With existing networks across the country, CityFibre
provides wholesale connectivity to multiple business and consumer
service providers, local authorities and mobile operators.
CityFibre has a £4bn network rollout underway with plans to pass
up to 8 million homes and businesses with open-access full fibre
infrastructure. A growing number of Gigabit City projects have been
announced for full-city rollouts and CityFibre continues to prime
its existing network assets for expansion.
CityFibre is based in London
and is jointly controlled by Antin Infrastructure Partners and West
Street Infrastructure Partners.
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.
Issued on behalf of CityFibre by Weber Shandwick. For more
information or images, contact: Dyan
Owen at dowen@webershandwick.com or 07738 086 818.
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: the projected value of the
contract award from CityFibre, and risks and uncertainties
described in Lite Access's most recent Management Discussion &
Analysis (MD&A) for the period ended June 30, 2019 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.
SOURCE Lite Access Technologies Inc