VANCOUVER, BC, June 13,
2023 /CNW/ - LITE ACCESS TECHNOLOGIES
INC. ("Lite Access" or the "Company") (TSXV: LTE)
(OTC: LTCCF), a world leader in fibre optic products and advanced
installation methodologies, is pleased to announce that it has
received conditional acceptance from the TSX Venture Exchange of
its proposed acquisition of 1097195
B.C. Ltd. ("Ironman") and its wholly-owned
subsidiary, Ironman Direction Drilling Ltd., an experienced
provider of directional drilling (the "Transaction"), which
was previously announced in the news release dated May 5, 2023.
The completion of the Transaction is subject to a number of key
conditions including entry into a definitive agreement between Lite
Access and Ironman, completion of due diligence of the parties,
shareholder approval, TSX Venture Exchange final approval and other
conditions customary for this type of Transaction.
The Company will issue a subsequent news release upon entry into
a definitive share purchase agreement with Ironman.
About Lite Access
Recognized as an industry leader possessing years of experience
in the telecommunications space, Lite Access offers total
integrated solutions for all types of telecom requirements.
Beginning with a comprehensive project analysis to engineering,
design and permitting, Lite Access proudly offers a full complement
of aerial and underground construction methodologies including
splicing, testing and maintenance.
Our innovative approach, flexible products and installation
solutions are combined with decades of experience and unparalleled
passion. 'The Lite Access Way' methodology of construction for both
trunk and fibre-to-the-premises (FTTx) connectivity has become a
recommended and preferred method of fibre installation,
globally.
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 providing 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.
Forward-looking statements in this news release include, but are
not limited to, statements regarding the completion of the
Transaction, the structure, terms and conditions of the Transaction
and the execution of the definitive agreement. Such forward-looking
statements are based on a number of assumptions of management,
including, without limitation, that the Company and Ironman will be
able to negotiate the Definitive Agreement on the terms and within
the time frame expected; that the Company will be able to obtain
shareholder approval for the Transaction; that the Company will be
able to obtain any necessary third party and regulatory approvals
required for the Transaction; and, if completed, that the
Transaction will provide the expected benefits to the Company,
Ironman and the shareholders of both companies. 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: adverse market conditions, general economic, market
or business risks, unanticipated costs, the failure of Ironman and
the Company to negotiate the Definitive Agreement on the terms and
conditions and within the timeframe expected, the failure of the
Company to obtain shareholder approval for the Transaction, the
Company's failure to obtain any necessary regulatory approvals for
the Transaction, and the risks and uncertainties described
in Lite Access's most recent Management Discussion & Analysis
(MD&A) for the financial year ended September 30, 2022, 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
