VANCOUVER, BC, Dec. 8, 2021 /CNW/ - LITE ACCESS TECHNOLOGIES INC. (the "Company") (TSXV: LTE) (OTC: LTCCF), 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 of fibre optic network deployment for telecommunications operators, is pleased to provide an update on current activities and summary of recent developments.
Received $525,000 from UK Administrator
The Company has received an approximately $525,000 interim dividend payment from the UK business appointed administrator, FRP Advisory Trading Limited, with respect to the wind-up of Lite Access Technologies (UK) Limited ("LAT UK").
Greg Smith, Chairman and Interim CEO of Lite Access, commented, "We are very pleased with this favourable development. This is non-dilutive working capital to help strengthen our balance sheet as we focus on executing current projects and pursuing large-scale opportunities in our pipeline. Additionally, we expect to receive another distribution of similar size from our UK administrator in the coming months."
Clearwater County, Alberta
Lite Access is pleased to report that network construction in Clearwater County continues to proceed in a positive manner. Selected as the preferred candidate to provide construction services connecting Sundrie to Olds, Alberta, greater than 90% of the network has been deployed to-date with construction continuing until weather permits. Originally valued at approximately $750,000, the scope of the build increased by an additional $405,000 resulting in a total value now estimated to be $1,150,000.
The Ktunaxa Nation Council
The Company was awarded the first phase of the Fibre-to-the-Home (FTTH) construction project by the Ktunaxa Nation Council in Cranbrook, British Columbia. The Company is pleased to announce work is progressing on time and on budget. Once the first phase is complete, connecting the community band offices, health centre and service drops for all homes and lots on subdivision roads, additional phases of the project are expected to be announced.
Having progressed to final review by all parties involved, the contract for the construction of a citywide FTTH broadband network with the City of Brooks, Alberta, is in its final stages. Lite Access and its partners through extensive due diligence including the provision of all necessary legal work, have developed a highly efficient approach and template to facilitate and enable similar future projects going forward.
Mr. Smith stated, "Lite Access continues to provide fibre connectivity solutions for local and high profile clients with multiple projects scheduled for completion during the latter part of 2021 and continuing into the New Year. Network connectivity remains a high priority requirement and many that were unable to procure services during COVID-19 are now projecting 2022 to be the year to complete multiple projects that had to be postponed during the worst of the pandemic." Mr. Smith added, "During the height of the pandemic we were able to take advantage of the opportunity to integrate AMEC and Lite Access. The Company is well-positioned for a successful start in 2022 and ready to mobilize in response to multiple tenders that are due for announcement."
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, 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
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