VANCOUVER, BC, Sept. 9,
2022 /CNW/ - LITE ACCESS TECHNOLOGIES INC.
("Lite Access") (TSXV: LTE) (OTC: LTCCF), a world leader in
the fibre optic products and advanced installation methodologies,
announces that, in agreement with the City of Brooks ("Brooks") and
Community Network Partners Inc. ("CNPI"), it will no longer be
providing its fibre optic installation services and has negotiated
an amicable separation agreement. As a result of ongoing reviews of
all current projects by new management, it has been determined that
due to today's environment and market volatility it is in the best
interests of Lite Access shareholders to end the contract with
Brooks and CNPI.
Mike Plotnikoff, Chief Executive
Officer of Lite Access, stated, "Although progress was made on the
build out of the fibre optic network, all parties involved believed
a change was needed for the continued build out of the project. We
at Lite Access would like to thank Brooks and CNPI for their
efforts in coming to an amicable resolution for all parties."
Lite Access will continue to focus on fibre optic installation
projects within North America.
With its recently announced cooperation agreement with Ironman
Direction Drilling Ltd., Lite Access has increased operational
strength and efficiencies for additional project flow.
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