VANCOUVER, BC, /CNW/ – LITE ACCESS TECHNOLOGIES INC. (the “Company“) (TSXV: 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 provide an update on its Canadian operations.
The Company reports that Brooks Alberta City council unanimously agreed to accept a proposal from Lite Access to construct a city-wide broadband network valued at approximately $14.4 million, pending a successful negotiation of a contract. In August 2020, the City of Brooks issued an RFP and accepted proposals to provide broadband to the city.1
The purpose of the RFP was to solicit proposals from qualified construction contractors, for the design, build, operation and maintenance (DBOM) of a citywide open access network using fixed wireless or fibre-to-the-home (FTTH) Next Generation Broadband Network (NGBN) capable of Gigabit + speed service to the end user within the City of Brooks.2
West Vancouver, British Columbia
Lite Access was awarded a fibre build contract valued at over $400,000 from a major Canadian carrier. Lite Access provided civils and construction services to install fibre through West Vancouver, British Columbia using its advanced deployment and excavation methods. The project commenced in December 2020 and is substantially completed.
Southeastern British Columbia
In the Fall of 2020, a region in southeastern British Columbia issued an RFP for the provision of project management and construction services, utilizing both aerial and underground fibre construction methodologies, to deploy fibre optic cable. Lite Access was successful in the RFP process with its proposal of approximately $1 million for the services, the terms of which are being negotiated towards a mutually acceptable agreement. Construction for the project is planned to start in the June timeframe.
Prince George, British Columbia
Further to the Company’s press release dated September 17, 2020, Lite Access recently completed Phase 1 of the fibre project for the City of Prince George valued at approximately $1.1 million. Phases 2 and 3 of the project, valued at approximately $400,000, is currently scheduled to be completed by the end of June.
Clearwater County, Alberta
Further to the Company’s press release dated May 28, 2020, Lite Access has completed the majority of the design/build fibre project for Clearwater County, Alberta with the remainder to be completed in April. The project has a total contract value worth approximately $1.2 million.
Carlo Shimoon, President & CEO of Lite Access, stated, “The Canadian market and business conditions continue to improve and provide a real, sustainable opportunity for our Company’s growth. Even before the Canadian Government’s announcement last October to spend $10 billion on infrastructure initiatives such as broadband, we have definitely witnessed business activity picking up following some process delays due to Coronavirus.3 Our proposal activity in Canada has been and continues to be much busier than normal. Lite Access is well-positioned to engage in infrastructure projects, diversify our client base and expand our presence in Western Canada and other regions.”
2Source: Online, https://brooks.ca/bids.aspx?bidID=51
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: and risks and uncertainties described in Lite Access’s most recent Management Discussion & Analysis (MD&A) for the interim period ended June 30, 2020 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: firstname.lastname@example.org, Contact Financial Corp., 204 – 998 Harbourside Dr., North Vancouver, BC V7P 3T2