VANCOUVER, BC, Feb. 22, 2022 /CNW/ - LITE ACCESS TECHNOLOGIES INC. (the "Company") (TSXV: LTE) (OTC: LTCCF), a world leader in the fibre optic products and advanced installation methodologies, has signed a contract with the City of Brooks valued at approximately $13.6 million for the installation of a Next Generation Broadband Network.
Partnered with best-in-class organizations, IBI Group, O-Net and Community Network Partners Inc., Lite Access will be responsible for the installation of a reliable, cost-effective, and future proof broadband telecommunications network that meets the current and future needs of the residents and businesses of Brooks.
Phase 1 of the project is expected to commence in April 2022 and will focus on the construction of the backbone network. Once completed, Phase 2 will immediately follow and will provide individual connections to residents as well as businesses with construction expected to be completed by December 2023. Lite Access will be invited to bid on additional phases of the project that are to be awarded over the next couple of years.
Greg Smith, Chairman and Interim CEO of Lite Access, commented, "This contract represents a major milestone for our Company and we would like to congratulate all our partners as well for successfully reaching this deal. A contract of this size demonstrates confidence in our strong operating capabilities and ability to deliver quality projects, accordingly it is with great pride that we will play a major role in bringing broadband speeds to the homes and businesses of Brooks."
Mr. Smith concluded, "This is the largest Canadian award in our Company's history and validates our strategic decision to focus on North America and its significant market potential. We are off to a strong start in 2022 and our expanding sales pipeline has us remaining optimistic for the rest of the year and beyond."
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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