VANCOUVER, BC,
March 14, 2022 /CNW/ -
LITE ACCESS TECHNOLOGIES INC. (the "Company") (TSXV:
LTE) (OTC: LTCCF), a world leader in the fibre optic products and
advanced installation methodologies, is pleased to provide an
update on its Canadian operations and business activity.
British Columbia
Lite Access is pleased to announce that it will commence
construction today on the first phase of a fibre project in
Comox on the eastern coast of
Vancouver Island, BC, valued at approximately $23,000, while the second phase of the project
which the Company expects to be awarded, valued at approximately
$237,000, will commence immediately
thereafter. The Company remains involved in numerous projects
ranging from civil construction as a sub-contractor to direct award
projects for cities and municipalities as well as large service
providers within BC. Importantly, with economic activity reverting
closer towards pre-pandemic levels, clients are now able to execute
on network builds that were put on hold for the past couple of
years. Although many projects are large in scope, clients are
requesting projects be started in a phased approach with
construction end dates to be scheduled for no greater than a few
months in duration. This approach allows for proper execution by
all parties including construction, product procurement and proper
allocation of re-established budgets.
Lite Access continues to see a very strong macro environment for
telecommunications infrastructure and in particular, high-speed
internet and broadband services. For the staggering number of
kilometers of network that is projected to be installed across the
country over the next 3-5 years supported through major federal and
provincial investment - such as the $2.75
billion Universal Broadband Fund1 and recently
announced $830 million in
British Columbia2 and
$390 million in Alberta3 for high speed internet -
having the capability and extensive industry knowledge accurately
identifies Lite Access as a company of choice for all types of
telecom infrastructure.
In addition to civil work, the Company's team of splicers and
fibre experts are currently engaged in a 300km network upgrade for
a large service provider within the BC Interior. Working in weather
affected areas and maintaining high vigilance to health and safety,
completion of the first phase is expected to be completed by end of
March allowing for the next phase to take place immediately
thereafter. Having an extensive history in the BC Interior and
responsible for the design and construction of large and medium
sized networks, Lite Access' expertise and understanding of network
configurations allows for continued maintenance and over-build
opportunities.
Furthermore, with spring around the corner, final construction
including fibre installation and splicing can resume in Clearwater
County, valued at approximately $200,000, as well as the third phase of the
Prince George project valued at
approximately $200,000. As with many
similar projects of this size and scope, there are frequently
additional follow-on opportunities in each region. Possessing
extensive experience with respect to FTTx projects, Lite Access has
entered into additional consortiums similar to Brooks whereby projects have been identified
and pre-planning has been initiated. Although a long and
comprehensive process, building the proper template enables all
parties with success and a platform that can be used in future Next
Generation Broadband Network opportunities.
Brooks, Alberta
In preparation for the required April start date, Lite Access
has been actively engaged with suppliers to provide the necessary
products and equipment for the project. Through extensive
pre-planning efforts and taking into consideration the current
issues with supply chains, via its vendor partners the Company has
successfully procured the necessary products required for
Brooks' Next Generation Broadband
Network. Materials planning has become a significant challenge for
operators, distributors and contractors alike. Having a plan well
ahead of schedule allows for construction schedules to be followed
on time and within budgets.
AMEC
With respect to the Company's Cutting & Coring Division,
AMEC, projects that were put on hold during the pandemic are now
back on track. Large infrastructure projects, as well as sub-
contract work are scheduled to begin immediately and possessing a
growing sales pipeline, 2022 is already proving to be an exciting
year. In addition to new projects, the service side of AMEC
continues to generate consistent revenue streams and is growing
based on many major projects taking place within the province of
BC.
1Source: Online,
https://www.ic.gc.ca/eic/site/139.nsf/eng/h_00006.html
2Source: Online,
https://www.bctechnology.com/news/2022/3/9/Government-of-Canada-and-BC-Government-Announce-830-Million-Plan-to-Connect-the-Entire-Province-of-BC-to-High-Speed-Internet.cfm
3Source: Online,
https://www.newswire.ca/news-releases/universal-broadband-fund-supported-projects-will-bring-high-speed-internet-to-alberta-communities-851509653.html
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