VANCOUVER, April 11, 2017 /CNW/ - LITE ACCESS TECHNOLOGIES INC. (the "Company") (TSX VENTURE: LTE)(OTC PINK: LTCCF), a world leader in fibre optic products and advanced installation methodologies, is pleased to provide an update on its recently completed capital raise and ever expanding operations initiative into the United Kingdom and the surrounding market.
On March 28, 2017, the Company announced closing of a $20.45 million bought deal financing. The main use of net proceeds raised under the financing are to advance and support further customer deployments in the UK.
Lite Access will ramp up UK operations in support of a major operator's rollout of superfast, fibre to the home connectivity initiative. The decision to significantly scale up crews and installation capacity is a direct response to the strengthening demand for the Company's deployment methodologies, namely narrow trenching, that have proven to enable faster, cleaner and the most cost effective installation possible. Narrow trenching has also been introduced for the construction of the recently awarded fibre optic network build for the City of New Westminster (press release dated February 9, 2017) and the Company expects this new process to gain significant popularity in North America. In anticipation of the growing interest, Lite Access is well positioned to potentially scale up local operations to support the next evolution of installation methods it introduces. Regarded as a global leader in the space, the Company is at the forefront through its ability to move quickly and continually create better installation efficiencies and new and unique product solutions.
Lite Access Completes 265-Home FTTH Trial Deployment for Actavo on Behalf of Major UK Network Operator in the Republic of Ireland
In addition to current operations in the UK, Lite Access – UK has successfully completed a fibre-to-the-home (FTTH) trial ordered by Actavo to connect 265 homes in Tullamore on behalf of a major operator's initiative to bring ultrafast broadband connectivity into local communities within the Republic of Ireland. Being flexible and adaptable in its ability to provide a proven solution for a cost effective and efficient way to deploy fibre-to-the-premises (FTTP) solutions in all parts of the world further solidifies Lite Access as a global leader.
Actavo is a leading international strategic operations company headquartered in Dublin and operating in over 100 locations around the globe. Actavo's Network Solutions team has extensive experience in delivering high quality solutions to the telecommunications, overhead power and civil engineering sectors. The Network Solutions division has a presence in Ireland, the UK, the USA and the Caribbean. Actavo has a global work force of over 5,000, generated revenues of €431 million in fiscal 2015 and is currently rolling out one of the largest FTTH networks in the world. Their key clients include Digicel, Virgin Media, Irish Water, CityFibre, SIRO and SSE.
"The reaction we've seen for our cutting edge and proven narrow trenching process from the UK telecom industry specifically in the last few months is nothing short of astonishing," stated Mike Plotnikoff, CEO of Lite Access. "As is the case for countries around the world, the internet has become indispensable in the UK and, as such, major UK telecoms are moving rapidly with their capital intensive fibre rollouts."
"Lite Access is at the nexus of all this activity," added Mr. Plotnikoff. "Our full suite of proven fibre connectivity options are being increasingly recognized as the solution of choice and thus Lite Access is ideally positioned to be the beneficiary of the industry's aggressive fibre plans. The recent growth capital injection allows us to respond swiftly to scale up crews and our installation capacity in order to handle the demand now and in the foreseeable future. The Lite Access team is excited about our growth in 2017 and continued growth in 2018."
About Lite Access
Lite Access is a world leader in Microduct and fibre optic technologies. Using its specially designed and innovative micro / narrow trench and alternate methods of deployment, Lite Access' proprietary Microduct technology extends 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. Providing a full portfolio of fibre connectivity solutions for many types of Telecom infrastructure, Lite Access has successfully deployed or enabled deployment of thousands of kilometres of Microduct networks throughout North and South America, South Africa, the United Kingdom, the Caribbean, Australia and Asia.
Lite Access' products have been deployed in many high-profile communication networks including the Whistler 2010 Winter Olympic facilities, communities throughout British Columbia, the USA and Alberta as well as numerous Global telecoms that have adopted Lite Access as the "solution of choice" for future proof fibre optic connectivity solutions. Providing total Integrated Solutions including proven and approved alternate deployment methodologies, Lite Access remains flexible and innovative in its commitment to enable global clients and partners with the most cost effective and proven fibre connectivity 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, 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, 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., 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., 1450 - 701 West Georgia St., Vancouver, BC V7Y 1G5