VANCOUVER, BC, July 26,
2022 /CNW/ - LITE ACCESS TECHNOLOGIES INC.
("Lite Access") (TSXV: LTE) (OTC: LTCCF), a world leader in
the fibre optic products and advanced installation methodologies,
is pleased to announce that it has signed a Cooperation Agreement
(the "Cooperation Agreement") with Ironman Direction
Drilling Ltd. ("Ironman") whereby Lite Access and Ironman
will jointly provide their specialized fibre installation and
directional drilling services on new fibre optic network projects
(the "New Projects").
Highlights of Strategic Cooperation Agreement:
- Lite Access to receive operational strength of Ironman for new
fibre optic network projects.
- Ironman incentivized to refer new fibre installation projects
to Lite Access.
- Lite Access anticipates increased operational efficiencies and
additional project flow resulting from its new relationship with
Ironman.
Mike Plotnikoff, interim Chief
Executive Officer of Lite Access, stated, "We are incredibly
pleased to formalize this relationship with Ironman. Through
Mike Irmen, Ironman has provided
exceptional directional drilling services since 1999. Ironman's
team will be an essential component in our bid process for adding
profitable project flow to our pipeline. Our cooperation also
creates an incentive for Ironman to refer new project management
directly to Lite Access. We are looking forward to building a
strong and long-lasting relationship with Ironman."
Terms of the Cooperation
Agreement
Under the terms of the Cooperation Agreement, Lite Access has
offered Ironman a right of first refusal to provide directional
drilling services on all New Projects of Lite Access. In each
instance of cooperation, Lite Access and Ironman will enter into a
binding service agreement that sets out the services and
consideration paid to Ironman for each Lite Access New Project.
The Cooperation Agreement further provides that Ironman has
offered Lite Access a right of first refusal to provide its fibre
installation services on all New Projects of Ironman. Similar to
above, a binding service agreement will be entered into by the
parties that sets out the services and consideration paid to Lite
Access for each Ironman New Project.
In consideration of Ironman agreeing to enter into this
Cooperation Agreement, Ironman will receive a maximum of
$400,000 over a period of up to three
years through a profit sharing arrangement on Lite Access New
Projects.
The term of the Cooperation Agreement is for a period of three
(3) years and may be terminated by either party on thirty days'
notice provided that Ironman has received the $400,000 in payments noted above.
The Cooperation Agreement also provides that Lite Access will
issue a total of 2,265,440 common shares at a deemed price of
$0.10 per share for total
consideration of $226,554.00 to
Ironman in order to settle a historical dispute among the parties.
The shares will be subject to restrictions on resale for a period
of four months from the date of issuance and are subject to
acceptance of the TSX Venture Exchange.
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.
www.liteaccess.com
SOURCE Lite Access Technologies Inc