VANCOUVER, BC, Dec. 4, 2020 /CNW/ - LITE ACCESS
TECHNOLOGIES INC. (the "Company" or "Lite
Access") (TSX VENTURE: LTE) (OTC PINK: LTCCF) is providing an
update to the market regarding its UK operations as previously
disclosed in news releases dated November
24, 2020 and December 1,
2020. After continued discussions which Lite Access entered
into in good faith with its customer regarding contractual
challenges and operational inefficiencies, all in the context of a
very challenging COVID environment, the Company received a notice
from its customer that Lite Access had allegedly committed a
repudiatory breach of its contracts for FTTP installation in
Cambridge, Lowestoft and Bury St
Edmunds (the "contracts") by its suspension of works. Based
on the alleged repudiatory breaches, the customer has purported to
terminate its engagement of Lite Access under all of the
contracts.
Notwithstanding the notices to terminate, Lite Access intends to
vigorously defend its position that it was not in repudiatory
breach of the contracts at the time of its receipt of the notices
and is actively engaged with its UK legal counsel regarding this
matter, as well as potential remedies. As a result, Lite Access is
taking steps to mitigate any unnecessary cash burn for its U.K
operations.
Carlo Shimoon, President &
CEO of Lite Access, stated, "Despite this setback we believe that
the UK FTTP market remains very attractive. Measures have and are
being implemented to mitigate costs and our plan is aimed at
preserving the core members of our team and specialty equipment to
carry out other FTTP opportunities in the UK that have been in
discussion and aggressively pursue additional prospects."
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.
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: and risks and uncertainties
described in Lite Access's most recent Management Discussion &
Analysis (MD&A) for the interim period ended June 30, 2020 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