VANCOUVER, BC, July 27,
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 announcing that it has
entered into an amending agreement with 1097195 B.C. Ltd. ("Ironman") to extend
the period of exclusivity to August 31,
2023, in relation to its proposed acquisition of 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 parties are conducting their respective due diligence with
the help of their legal and financial advisors. 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.
