VANCOUVER, March 13, 2018 /CNW/ - LITE ACCESS TECHNOLOGIES INC. ("Lite Access") (TSX VENTURE: LTE)(OTC PINK: LTCCF) is pleased to announce it has appointed Carlo Shimoon and Peter Caplan to the Board of Directors. The new board appointments are designed to create a stronger and more independent Board of Directors.
Greg Smith, Chairman of Lite Access, stated, "We are pleased to welcome our new Chief Executive Officer, Carlo Shimoon, and seasoned telecommunications entrepreneur, Peter Caplan, to our Board of Directors. With the appointments of Carlo and Peter, we are in a stronger position to accelerate our growth plans in the United Kingdom and North America through securing relationships with the key telecommunication firms as well as enhancing the services we provide and our brand throughout the territories in which we operate. The Board of Directors believes that Carlo and Peter's appointments send an important message to our shareholders that we are committed to a more independent Board with enhanced corporate governance practices."
Mr. Caplan, an entrepreneur and investor, has been an owner-manager of several IT and telecommunications businesses. During his career Mr. Caplan has worked with many carriers including BT, Cable & Wireless, Colt, Vodafone, AT&T, Hong Kong Telecom and Deutsche Telekom. Mr. Caplan was a founder and director of Telecom Express, FibreSpan and AlgoSpan, all of which were sold to telecommunications or financial firms. He is a joint owner of patents relating to the deployment of microduct fibre-optic systems, awarded in multiple territories including the UK, Europe, Australasia, Canada and the US. He has investments in Lite Access and a wide range of other areas including solar powered real-time information displays, renewable energy, music curation, materials engineering and sector specific merchant banking.
Mr. Shimoon, recently appointed CEO, has joined the board with over 25 years experience as CEO in both private and public corporations. He has an established track record of success, leading multi-location and multi-national operations in Canada, USA, Mexico and the UK, serving a global market. Mr. Shimoon's corporate experience has also involved a successful exit to a NASDAQ-listed billion-dollar US-based defense contractor, where he continued to serve as CEO of two subsidiaries. The industries he has been involved with include fibre-optics, defense, digital video, power conversion, security and biomed.
The Company also wishes to announce that Michael Plotnikoff and Michael Priest have agreed to step down from the Board to make room for the incoming Directors, but will both remain in advisory roles to the Company.
In connection with the appointment of Peter Caplan to the Board of Directors, the Company has granted Mr. Caplan a total of 175,000 stock options exercisable at $1.15 per share for a period of five years from the date of grant.
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 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 period ended December 31, 2017 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: For investor relations please contact: Rob Gamley, Phone: 1-604-689-7422, Email: email@example.com, Contact Financial Corp., 810 - 609 Granville St., Vancouver, BC V7Y 1G5