VANCOUVER, BC, April 9, 2021 /CNW/ - LITE ACCESS TECHNOLOGIES
INC. (the "Company" or "Lite Access") (TSX
VENTURE: LTE) (OTC PINK: LTCCF) announces further to its news
release dated January 29, 2021 that
Carlo Shimoon will be stepping down
as President and CEO as of April 30,
2021. Thereafter, Chui Wong
will serve as interim CEO and Linda
Han will be appointed as interim CFO. The Company also
announces that it has appointed John
Farlinger to the Board of Directors. The Company would
like to thank Mr. Shimoon for all his efforts in overseeing the
Company's multi-location business while serving as President and
CEO.
"John Farlinger is a highly
accomplished, results-driven executive with industry experience in
telecommunications and fibre optics networks who will be a valuable
addition to our already seasoned board of directors. Mr.
Farlinger as a track record of growing enterprise value while
focusing on bottom-line profits," commented Greg Smith, Chairman of the Company.
Mr. Farlinger has over 20 years of progressive entrepreneurial
experience with start-ups and mid-size organizations. He is
currently the Executive Chairman and CEO at Assure Holdings Corp.
John is also the former Chairman and CEO of Urban Communications
operating as Urban Fire in the great
Vancouver and BC market. Mr.
Farlinger brings extensive knowledge and experience in the
telecommunications and network space.
Mr. Chui Wong joined Lite Access
as CFO in July 2019. He brings over 20 years of diverse
international financial management experience. Prior to Lite
Access, he served as CFO for a group of public and private mining
companies, where he had oversight over the company's global
finance, treasury and tax functions and was actively involved in
the company's corporate development, capital markets, and merger
and acquisition activities. Previously, he held senior
financial management roles at Methanex Corporation and was Vice
President, SEC External and Financial Reporting at Bear Stearns in
New York City.
Mr. Chui Wong began his career at
Deloitte where he obtained his Chartered Professional Accountant
(CPA) designation. He holds a Bachelor of Commerce from the
University of British Columbia
(UBC).
Ms. Han joined Lite Access as corporate controller in
November 2017. She has over twenty
years of experience in accounting, financial management and
auditing. She held several senior positions with increasing
financial and operational responsibilities across different
industry sectors, including manufacturing, mining and bio-tech.
Prior to Lite Access, she served as corporate controller of a TSXV
listed medical device company for seven years, where she was
responsible for financial operation and reporting, FP&A, cost
control, cash management, tax and audit. Working closely with
senior leadership, she assisted in planning and executing strategic
initiatives, including process improvement, supply chain
management, financing activities, M&A due diligence and
integration after acquisition.
Linda is member of Chartered Professional Accountants (CPA, CGA)
of British Columbia. She holds a
Bachelor's degree of Economics in Finance and Accounting from
Renmin University of China and a
Master of Business Administration from Laurentian University.
The Company also wishes to announce that it has granted option
to purchase 460,000 common shares at a price of $0.29 to the above noted directors and interim
executive officers. The options will expire five years from
the date of grant and be subject to certain vesting
requirements.
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 period ended September 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