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.
Brooks, Alberta
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