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VANCOUVER, BC, Jan. 29, 2021 /CNW/ - LITE ACCESS TECHNOLOGIES
INC. (the "Company") (TSX VENTURE: LTE) (OTC PINK:
LTCCF) is pleased to announce that it has entered into
a non-binding term sheet (the "Term Sheet") with AMEC Cutting &
Coring Limited ("AMEC"), a British
Columbia based company that offers a wide range of services
including concrete/ asphalt cutting and coring, scanning and
utility locates, as well as fibre optic cable installation,
pulling, splicing and testing.
"This is a smart and strategic acquisition for Lite Access,"
said Carlo Shimoon, President &
CEO of Lite Access. "We have been evaluating several acquisition
opportunities for quite some time now to expand our Canadian
operations. AMEC has a solid track record of revenue growth over
the last number of years providing a range of installation
services. AMEC has developed a strong reputation for
reliability and quality service."
Tony Curkovic of AMEC, stated,
"Over the last decade, AMEC has become a significant player in
providing concrete and fibre optic deployment services in BC.
We developed a high regard for Lite Access' capability and quality
of work by working together on many projects. Our team has
played a vital role in our success and am confident we will bring
the leadership, accountability, and additional resources required
to build a combined thriving company moving forward. The
synergy between AMEC and Lite Access will result in substantial
savings through the consolidation of equipment, offices, personnel,
and other operating costs, ensuring a solid platform for our
continued growth and success."
Concurrent with closing of the transaction, Mr. Curkovic will be
retained as General Manager of Lite Access Technologies
(Canada) Inc. Terms of the
transaction will be disclosed subsequent to signing of the
definitive agreement.
The transaction is subject to the approval of the TSX Venture
Exchange.
Transition of Chief Executive Officer
As a result of the proposed transaction with AMEC and the focus
on North America, Carlo Shimoon intends to transition from the
President & CEO and Director roles. Mr. Shimoon will
continue in his current role in the near term until the transition
process is complete and will also be available, as necessary, to
advise the Company to ensure that the acquisition of AMEC proceeds
smoothly and assist with any other matters that may arise in the
advancement of Lite Access' business. The Company will soon
commence the recruitment process for a new President & CEO.
"Carlo's leadership and work ethic have been commendable" said
Greg Smith, Chairman of Lite Access.
He continued, "Carlo will continue to support the Company and Tony
as he integrates into the new General Manager role. On behalf of
the Board, I would like to thank Carlo for his efforts in operating
a multi-location business spanning 8 time zones during a global
pandemic."
"I would like to thank the Board for the opportunity to work
with Lite Access. My decision to move on was a difficult one,
but very timely given the new operational leadership we are
inheriting through the AMEC acquisition", said Carlo Shimoon, President and CEO of Lite Access.
"I have had the opportunity to get to know Tony for the past year
as we have been discussing this acquisition and transition and am
very confident in his ability to successfully grow the combined
business. He will have my full support during and post the
transition process."
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 period ended September 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