Lite Access Awarded Contract From CityFibre Valued at Approximately CAD$20 Million for Fibre Rollout in Cambridge, England; Provides Operational Update
Apr 21, 2020, 08:13 ET
VANCOUVER, April 21, 2020 /CNW/ - LITE ACCESS TECHNOLOGIES INC. (the "Company") (TSX VENTURE: LTE) (OTC PINK: 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 announce that CityFibre, the UK's third national digital infrastructure platform, has awarded the Company a contract for fibre-to-the premises (FTTP) installation to over 20,000 homes in Cambridge, England. The contract is valued at approximately CAD$20 million over 21 months.
CityFibre, the UK's third national digital infrastructure platform, is currently in the process of investing to build a new fibre-to-the-home (FTTH) network that will reach almost all businesses and homes in Cambridge. In bringing gigabit-capable full fibre network to Cambridge, CityFibre is making the city one of the best-connected places in the country.
CityFibre has network rollouts underway with plans to pass up to 8 million premises with open-access full fibre infrastructure as part of its up to £4 billion Gigabit City Investment Programme. A growing number of Gigabit City projects have been announced for full-city rollouts and CityFibre continues to prime its existing network assets for expansion. Plans to award more than £1.5 billion in network construction contracts for newly announced full city builds will be granted by summer, enabling selected construction partners such as Lite Access to secure and mobilise their workforce in preparation for network construction to begin.
Carlo Shimoon, President & CEO of Lite Access, stated, "I would like to thank our partner CityFibre, for awarding us this major contract. We are incredibly proud of the relationship that has developed with CityFibre. We expect to commence initial ramp up of operations in Cambridge immediately and expect to be at full scale in the city by July of 2020. The project is anticipated to be completed within 21 months."
"Despite challenges during the current COVID-19 global pandemic, the UK government has declared that telecom infrastructure is critical to both allow society and the economy to function as near normally as possible and allow a rapid recovery when the COVID-19 crisis is over. Our Company has no debt and is well financed. In addition, we don't expect that any capital expenditure for additional equipment will be required to fulfill this contract. We are certainly up to the task and we feel confident that our end-to-end construction capabilities will be successful in meeting project performance measures. Our senior management has decades of experience in operating efficient multi-location and scalable businesses to draw upon."
Update on UK Operations
The Company is also providing an update on its construction activities in Lowestoft and Bury St Edmunds over the past few months. At this time, projects in those cities continue to move forward, although in some cases on a modified basis. While the situation remains fluid given the impact of COVID-19, there have been no significant delays or site shutdowns, although we are forced to operate with some restrictions.
"Lite Access remains fully operational and we are committed to executing services safely and responsibly, while closely monitoring and following the guidance by applicable government and public health officials. Our top priority is the health and safety of our employees, partners and the communities in which we serve. As such, we have worked with our customer and communicated strict health and safety guidelines to all our employees from office to field. Our Company continues to execute on current projects and we expect them to be completed by the project deadlines," said Mr. Shimoon.
About CityFibre
CityFibre is the UK's third national digital infrastructure platform. With existing networks across the country, CityFibre provides wholesale connectivity to multiple business and consumer service providers, local authorities and mobile operators.
CityFibre has a £4bn network rollout underway with plans to pass up to 8 million homes and businesses with open-access full fibre infrastructure. A growing number of Gigabit City projects have been announced for full-city rollouts and CityFibre continues to prime its existing network assets for expansion.
CityFibre is based in London and is jointly controlled by Antin Infrastructure Partners and West Street Infrastructure Partners.
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.
Issued on behalf of CityFibre by Weber Shandwick. For more information or images, contact: Dyan Owen at [email protected] or 07738 086 818.
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: the projected value of the contract award from CityFibre, and risks and uncertainties described in Lite Access's most recent Management Discussion & Analysis (MD&A) for the period ended June 30, 2019 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
For further information: Lite Access Technologies Inc., Carlo Shimoon, CEO, Phone: 1-604-247-4704, Unit 5 - 20678 Duncan Way, Langley, BC V3A 7A3, www.liteaccess.com; For investor relations please contact: Rob Gamley, Phone: 1-604-689-7422, Email: [email protected]; Contact Financial Corp., 810 - 609 Granville St., Vancouver, BC V7Y 1G5