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LITE ACCESS TECHNOLOGIES PROVIDES UPDATE ON FIBRE INSTALLATION CONTRACT WITH CITY OF BROOKS

·2 min read

VANCOUVER, BC, Sept. 9, 2022 /CNW/ - LITE ACCESS TECHNOLOGIES INC. ("Lite Access") (TSXV: LTE) (OTC: LTCCF), a world leader in the fibre optic products and advanced installation methodologies, announces that, in agreement with the City of Brooks ("Brooks") and Community Network Partners Inc. ("CNPI"), it will no longer be providing its fibre optic installation services and has negotiated an amicable separation agreement. As a result of ongoing reviews of all current projects by new management, it has been determined that due to today's environment and market volatility it is in the best interests of Lite Access shareholders to end the contract with Brooks and CNPI.

Mike Plotnikoff, Chief Executive Officer of Lite Access, stated, "Although progress was made on the build out of the fibre optic network, all parties involved believed a change was needed for the continued build out of the project. We at Lite Access would like to thank Brooks and CNPI for their efforts in coming to an amicable resolution for all parties."

Lite Access will continue to focus on fibre optic installation projects within North America. With its recently announced cooperation agreement with Ironman Direction Drilling Ltd., Lite Access has increased operational strength and efficiencies for additional project flow.

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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View original content: http://www.newswire.ca/en/releases/archive/September2022/09/c8374.html