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VANCOUVER, BC, June 13, 2022 /CNW/ - LITE ACCESS TECHNOLOGIES INC. (the "Company") (TSXV: LTE) (OTC: LTCCF) announces that it has sold its non-core business, Amec Cutting & Coring Ltd. ("Amec"), to its former owner Tony Curkovic (the "Purchaser") pursuant to the terms of a share purchase agreement dated June 9, 2022. The sale of Amec allows the Company to focus on its core business of network deployment, reduce overhead expenses and strengthen the balance sheet.
Under the terms of the Share Purchase Agreement, the Company agreed to provide $80,000 of additional working capital to Amec and forgive intercompany indebtedness of $180,000. In consideration of the foregoing, the Purchaser agreed to forgive all amounts owed by the Company to the Purchaser under the Company's original acquisition of Amec on March 5, 2021. On a going forward basis, the Company and Amec will share the existing leased premises on a 50-50 basis.
The Company also announces that John Farlinger and Daniel Nanson have resigned from their positions as directors. The Board of Directors would like to thank each of John Farlinger and Daniel Nanson for their efforts as directors of the Company. David Toyoda will continue to serve on the Company's Board of Directors. Mr. Toyoda has been a well-known and respected director of Lite Access since May of 2015.
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: risks and uncertainties described in Lite Access's most recent Management Discussion & Analysis (MD&A) for the financial year ended September 30, 2021 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
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