VANCOUVER, BC, July 12,
2022 /CNW/ - LITE ACCESS TECHNOLOGIES INC.
(the "Company") (TSXV: LTE) (OTC: LTCCF) a world leader in
the fibre optic products and advanced installation methodologies,
is pleased to provide a corporate and strategy update.
Strategy
The recent changes at Lite Access enable new management to focus
squarely on fibre deployment/telecom infrastructure as well as
identify strategic partnerships that will help to position Lite
Access as a solution of choice for broadband connectivity
solutions. Being able to support all aspects of telecom
deployment will provide Lite Access with the ability to respond to
additional opportunities including projects supported by the
Universal Broadband Fund designed to help connect 98% of Canadians
to high-speed Internet by 2026 and achieve the national target of
100% by 2030.1,2
Management, Board, and Insider
Ownership
With changes to Board Composition, the Company has appointed
Board of Directors with individuals possessing industry knowledge
in furtherance of its stated strategy and contributing to the
Company's growth and success. Management is building an
experienced team with the necessary skill sets and commitment to
support the business strategy. Importantly, the newly formed
board and management team have meaningful positions in Lite Access
ensuring ultimate alignment of shareholder interests. Having
the right people in place will help to identify and execute proper
due diligence towards new opportunities and allow collaborative and
strategic discussions for the benefit of the Company and its valued
shareholders. In the near term, Lite Access expects to
announce further key appointments.
Cash burn
Management has continued to reduce cash burn through further
cost cutting measures, in particular, through the sale of Amec
Cutting & Coring. Focusing on its core business of
network deployment and properly identifying its target market and
respective customer base, will once again, help to ensure positive
results designed to strengthen the balance sheet. In
addition, through active and ongoing investigation into past and
current projects, management has identified areas requiring further
attention including training opportunities, re-introducing
micro-trench deployments, refocusing on product sales and
increasing the scope of work that can now be performed through new
partnerships.
Sales, Pipeline and
Contracts
Lite Access is focused on local projects and working closely
with municipal partners. The Company is currently working on
numerous projects ranging in size and scope within BC and
Alberta. Having the forethought to procure materials prior to
the global shortage and taking into consideration the increased
costs associated with higher construction costs, all quotes and
responses are being thoroughly dissected to ensure the proper due
diligence was and is being performed and is in the best interest of
the Company and its stakeholders.
In addition to the numerous ongoing Municipal projects including
the City of Brooks and the work for the Company's preferred and
valued large service providers, Lite Access is committed towards
completion of current projects scheduled for turn over within the
next few weeks. These projects include Clearwater County, as
well as final testing of an extensive fibre network located in
southeastern British Columbia.
Further to the Company's restructuring strategy, Lite Access has
built a team of experienced individuals that are focused on the
identification and accurate response to Broadband Network
Tenders. Having successfully worked with remote and
Indigenous communities in the past, the Lite Access team is
committed to further help those with little or no access to the
internet through the various funding programs available.
With the re-integration of product sales, the Company's sales
team are now able to respond to requests for all types of material
including specialty items that were once available upon client
specific requests. Due to the current Global market situation
and lack of availability, Lite Access is pleased to be able to
offer high quality products including the manufacture of specially
designed and client specific products once again through its
long-time manufacturing partner in a timely and cost competitive
manner.
1Source: Online,
https://www.ic.gc.ca/eic/site/139.nsf/eng/h_00006.html
2Source: 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.
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