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