VANCOUVER, BC, Nov. 17,
2023 /CNW/ - LITE ACCESS TECHNOLOGIES INC.
("Lite Access" or the "Company") (TSXV: LTE) (OTC:
LTCCF), a world leader in fibre optic products and advanced
installation methodologies, announces the departure of CEO and
director Mike Plotnikoff, effective
Nov 15, 2023. Mike played a pivotal
role in the company's journey, co-founding it in 2004, overseeing
its public listing a decade later, and contributing significantly
to establishing the groundwork for future success in the past year.
We extend our gratitude to Mike and wish him success in his future
endeavors.
Filling the role of CEO on an interim basis is Mark Tommasi, a seasoned Board member with over
30 years of corporate-level experience. Mark will guide the
transition team, particularly in finalizing the transaction
announced with Ironman Directional Drilling Ltd. ("Ironman")
on May 5, 2023 (the
"Transaction").
The Company and Ironman have agreed to extend the exclusivity
period until February 29, 2024. The
completion of the Transaction is subject to a number of key
conditions including entry into a definitive agreement between Lite
Access and Ironman, completion of due diligence of the
parties, shareholder approval, TSX Venture Exchange final approval
and other conditions customary for this type of Transaction. The
Company will issue a subsequent news release upon entry into a
definitive share purchase agreement with Ironman.
Since the announcement of the deal in May
2023, both Lite Access and Ironman have maintained positive
business trajectories, showcasing improved financials, successful
project deliveries, strengthened customer and strategic partner
relationships, and significant strides in uniting the two
companies.
The Company also granted Mr. Tommasi 150,000 stock options in
connection with his appointment as interim CEO. The options are
exercisable at $0.10 per share for a
period of five years from the date of grant.
About Lite Access
Recognized as an industry leader possessing years of experience
in the telecommunications space, Lite Access offers total
integrated solutions for all types of telecom requirements.
Beginning with a comprehensive project analysis to engineering,
design and permitting, Lite Access proudly offers a full complement
of aerial and underground construction methodologies including
splicing, testing and maintenance.
Our innovative approach, flexible products and installation
solutions are combined with decades of experience and unparalleled
passion. 'The Lite Access Way' methodology of construction for both
trunk and fibre-to-the-premises (FTTx) connectivity has become a
recommended and preferred method of fibre installation,
globally.
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 providing 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.
Forward-looking statements in this news release include, but are
not limited to, statements regarding the completion of the
Transaction, the structure, terms and conditions of the Transaction
and the execution of the definitive agreement. Such forward-looking
statements are based on a number of assumptions of management,
including, without limitation, that the Company and Ironman will be
able to negotiate the Definitive Agreement on the terms and within
the time frame expected; that the Company will be able to obtain
shareholder approval for the Transaction; that the Company will be
able to obtain any necessary third party and regulatory approvals
required for the Transaction; and, if completed, that the
Transaction will provide the expected benefits to the Company,
Ironman and the shareholders of both companies. 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: adverse market conditions, general
economic, market or business risks, unanticipated costs, the
failure of Ironman and the Company to negotiate the Definitive
Agreement on the terms and conditions and within the timeframe
expected, the failure of the Company to obtain shareholder approval
for the Transaction, the Company's failure to obtain any necessary
regulatory approvals for the Transaction, and the risks and
uncertainties described in Lite Access's most recent Management
Discussion & Analysis (MD&A) for the financial year ended
September 30, 2022, 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
