VANCOUVER, March 11, 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 field crews have mobilized for fibre-to-the premises (FTTP) installation to almost all homes and businesses in Bury St Edmunds, England. The contract, valued at approximately $13 million over 2 years, was awarded to the Company by CityFibre on January 22, 2020.
Recently, CityFibre, the UK's third national digital infrastructure platform, revealed 36 additional locations to benefit from full fibre as part of its up to £4 billion Gigabit City Investment Programme, targeting up to 8 million premises. In parallel, CityFibre has also accelerated the mobilisation of its network build capabilities, with a process underway to award £1.5 billion in construction contracts by the summer and network build brought forward in the vast majority of these towns and cities by the end of the year.
Bury St Edmunds was amongst the new towns and cities announced for full fibre deployment. Each will benefit from a future-proof network that will support the digital needs of homes, businesses, next generation mobile networks and public services for generations. Underpinned by a full fibre infrastructure platform, these towns and cities will spur economic growth, helping to level-up the UK and support the Government's target of nationwide coverage by 2025.
In an acceleration of its plans, CityFibre will shortly be awarding more than £1.5 billion in network construction contracts for the newly announced full city builds. Awards will be granted by July, enabling the selected partners to secure and mobilise their workforce in preparation for network construction to begin in nearly all the announced cities by the end of 2020. The 5 million home rollout will create more than 5,000 construction jobs across the UK and stimulate local economic growth in the region of £85 billion.1
Carlo Shimoon, President & CEO of Lite Access stated, "At a distance of approximately 75km from our current works in Lowestoft, it should not be surprising that the close proximity to Bury St Edmunds allows us to maximize productivity and benefit from greater operational efficiency for these major fibre infrastructure builds. We are very proud to be selected as a network construction partner of CityFibre as the towns and cities it rolls out fibre to under its Gigabit City Investment Programme benefit from superior broadband connectivity. We expect to be successful in meeting performance measures at both locations and, given the accelerated pace and scale of the programme, the opportunities to the Company through this relationship are sizeable and we intend to leverage available resources to scale-up and capture additional business going forward."
CityFibre is the UK's leading alternative provider of wholesale full fibre infrastructure. With existing networks in more than 60 towns and cities, CityFibre provides wholesale connectivity to business and consumer service providers, local authorities and mobile operators.
Underpinned by a £2.5bn investment programme, CityFibre has network rollouts underway targeting at least 20% of the UK market by 2025. This will deliver a new generation of Gigabit-capable full fibre infrastructure to eight million homes and businesses. 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.
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 December 31, 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