VANCOUVER, BC, June 13, 2022 /CNW/ – LITE ACCESS TECHNOLOGIES INC. (there “Company“) (TSXV: LTE) (OTC: LTCCF) announces that it has sold its non-core business, Amec Cutting & Coring Ltd. (“Amec”), to its former owner Tony Curkovic (the “Purchaser”) pursuant to the terms of a share purchase agreement dated June 92022. The sale of Amec allows the Company to focus on its core network deployment business, reduce overheads and strengthen its balance sheet.
Under the terms of the share purchase agreement, the Company has agreed to provide $80,000 additional working capital to Amec and cancel the intercompany debt of $180,000. In light of the foregoing, Buyer has agreed to waive all amounts owed by the Company to Buyer in connection with the Company’s initial acquisition of Amec on March 52021. Going forward, the Company and Amec will share existing leased premises on a 50-50 basis.
The Company also announces that John Farlinger and Daniel Nanson resigned as directors. The Board of Directors would like to thank each of its John Farlinger and Daniel Nanson for their efforts as directors of the Company. David Toyoda will continue to sit on the Company’s Board of Directors. Mr. Toyoda has been a well-known and respected director of Lite Access since May 2015.
About Simplified Access
Lite Access Technologies Inc. is a world leader in the use of innovative and proven narrow micro/trench technologies, alternative deployment methods and specialty products that transform the cost of network deployment for telecommunications operators.
As part of its range of services, Lite Access provides its customers with integrated solutions or selected components for the design and implementation of fiber optic networks. Lite Access products have been deployed in many high profile communications networks, including Olympic, military and government facilities, many communities across the UKthe UNITED STATES and Canada as well as global telecommunications companies that have adopted Lite Access as the “solution of choice” for the least invasive, cost-effective, and scalable fiber 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 residential facilities. emergency response. Lite Access remains flexible and innovative in its commitment to providing global customers and partners with the most cost-effective and proven fiber connectivity solutions available.
This press release contains statements which, to the extent that they are not recitals 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. These forward-looking statements are based on assumptions and analyzes made by Lite Access in light of its experience and perception of historical trends, current conditions and expected future developments. However, whether actual results and developments will conform to Lite Access’ expectations and forecasts are subject to a 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 press release. These factors include, among others: the risks and uncertainties described in Lite Access’s most recent MD&A for the year ended September 30, 2021 which can be viewed at www.sedar.com. The “forward-looking statements” contained herein speak only as of the date of this press release and, except as 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.
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