VANCOUVER, Jan. 25, 2018 /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, announced today that it has been awarded a contract valued at more than $1 million over the course of the project's life for the installation of fibre optic connectivity within regions of the Fraser Valley and Metro Vancouver, British Columbia.
On behalf of a major service provider's aggressive fibre-to-the-home (FTTH) rollout in the area, Lite Access has partnered with Telecon Group, a leading engineering and construction firm specializing in telecommunications infrastructure solutions across North America. Lite Access will focus on the installation of last mile connectivity to individual residences located within the Lower Mainland of British Columbia. Lite Access' technically skilled and experienced team was chosen as a Telecon partner as a result of the Company's proven deployment capabilities, professionalism and reputation to deliver. The fibre rollout is part of an initiative to provide underserved communities access to broadband connectivity, thereby enhancing the quality of life for residents, increasing property values and, vitally, spurring economic development by enticing people and businesses to migrate from congested urban cities to more rural areas.
Mike Plotnikoff, Lite Access CEO, said, "We're delighted with the award of this project from Telecon as it confirms the ability of our fully trained and experienced crews to execute this type of fibre installation swiftly, efficiently and cost effectively."
Expansion of Senior Management Team
Lite Access has enjoyed substantial growth under the current leadership team, landing many contracts, launching new operations offices and building the necessary business fundamentals to form a solid foundation for the next growth phase. To capitalize on the traction achieved in key markets and accelerate global growth, Lite Access' Board of Directors is committed to strengthening both shareholder communications and the senior management team to support the Company's dual strategy of securing recurring project revenues in North America and focusing on growth in international markets. The Board of Directors has engaged a leading executive search firm to find top tier candidates for the role of Chief Executive Officer with the experience and skill sets to lead the Company's current business and the successful execution of its long-term global growth strategy.
"Having co-founded the Company in 2004 and been part of an amazing team with the goal of proving new technology and more cost-effective methods of installation and establishing Lite Access as a fully commercial, growing revenue company whose potential is global, has been a tremendous opportunity and privilege," stated Mr. Plotnikoff. He continued, "My role has concentrated on building a solid foundation for immediate growth and for the future. As we continue to accelerate, the time is now appropriate for a more seasoned leader to take the reins and further advance Lite Access as a world leader for fibre connectivity solutions."
Lite Access – US
Lite Access continues to work closely with communities, municipalities, cities and valued clients throughout North America that are proactively building fibre optic infrastructure. Lite Access' growing track record of success and reputation for providing a full suite of fibre connectivity solutions in the least invasive, most cost effective and future-proof manner available is gaining substantial traction and is responsible for gaining approvals in the United States. An example of this is Charleston, West Virginia where the Company recently showcased the 'Lite Access Way' to the local government and its constituents. In response to broader government and local constituent influence and desire to encourage economic development in the area, Lite Access has established a US division to take advantage of commercial opportunities in support of new business anticipated during 2018. The decision to launch Lite Access – US is consistent with the Company's international expansion plans to penetrate markets where there is a significant demand opportunity to take advantage of its fibre connectivity solutions.
"I am pleased to confirm that investing significant time and resources towards the development of our North American operation has resulted in our ability to capitalize on ongoing and new business opportunities," said Mr. Plotnikoff. "Our expertise and ability to deliver total integrated solutions for all types of telecom connectivity is gaining trust, respect and market share."
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. Lite Access has successfully deployed or enabled deployment of thousands of kilometres of broadband networks throughout North America and the United Kingdom as well as South America, Africa, Australia and Asia.
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 British Columbia, the USA and Alberta 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, 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 the Company's most recent Management Discussion & Analysis (MD&A) dated September 30, 2016 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, the Company 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: 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