VANCOUVER, BC, Nov. 1, 2024
/CNW/ - LITE ACCESS TECHNOLOGIES INC. ("Lite Access")
(TSXV: LTE) (OTC: LTCCF), a world leader in the fibre optic
products and advanced installation methodologies, announces it will
extend the maturity date of previously issued convertible
debentures in the principal amount of $500,000 (the "Debentures") from November 22, 2024 to November 22, 2026 (the "New Maturity
Date"). The New Maturity Date has been approved by all of the
holders of the Debentures.
The principal amount of the Debentures will continue to bear
interest at a rate of 12% per annum and be convertible at a
conversion price of $0.10 per share
(see news release dated November 22,
2022). Other than the New Maturity Date, no other terms of
the Debentures were amended.
The New Maturity Date is subject to acceptance of the
Exchange.
Update on Ironman Transaction
The Company also announces that the Company and Ironman have
agreed to further extend the exclusivity period until December 31, 2024, 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.
Ironman is currently finalizing the audit of its financial
statements and the parties intend to enter into the definitive
agreement in November 2024.
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 (the "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
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, 2023 which can be accessed at
www.sedarplus.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.
