VANCOUVER, BC, Feb. 22, 2022 /CNW/ - LITE ACCESS TECHNOLOGIES
INC. (the "Company") (TSXV: LTE) (OTC: LTCCF), a world
leader in the fibre optic products and advanced installation
methodologies, has signed a contract with the City of Brooks valued
at approximately $13.6 million for
the installation of a Next Generation Broadband Network.
Partnered with best-in-class organizations, IBI Group, O-Net and
Community Network Partners Inc., Lite Access will be responsible
for the installation of a reliable, cost-effective, and future
proof broadband telecommunications network that meets the current
and future needs of the residents and businesses of Brooks.
Phase 1 of the project is expected to commence in April 2022 and will focus on the construction of
the backbone network. Once completed, Phase 2 will immediately
follow and will provide individual connections to residents as well
as businesses with construction expected to be completed by
December 2023. Lite Access will be
invited to bid on additional phases of the project that are to be
awarded over the next couple of years.
Greg Smith, Chairman and Interim
CEO of Lite Access, commented, "This contract represents a major
milestone for our Company and we would like to congratulate all our
partners as well for successfully reaching this deal. A contract of
this size demonstrates confidence in our strong operating
capabilities and ability to deliver quality projects, accordingly
it is with great pride that we will play a major role in bringing
broadband speeds to the homes and businesses of Brooks."
Mr. Smith concluded, "This is the largest Canadian award in our
Company's history and validates our strategic decision to focus on
North America and its significant
market potential. We are off to a strong start in 2022 and our
expanding sales pipeline has us remaining optimistic for the rest
of the year and beyond."
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: 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.
SOURCE Lite Access Technologies Inc