Lite Access Provides Further Update on its UK Operations

VANCOUVER, BC, Dec. 11, 2020 /CNW/ - LITE ACCESS TECHNOLOGIES INC. (the "Company" or "Lite Access") (TSXV: LTE)  (OTC PINK: LTCCF) is providing an update to the market regarding its UK operations as previously disclosed in news releases dated November 24, 2020, December 1, 2020 and December 4, 2020.  As a result of the recent development at its UK operations, Lite Access Technologies (UK) Ltd. ("Lite Access UK") has elected to file a notice of intent to appoint an administrator (the "NOI").  The purpose of this filing is to create a moratorium over the Company for a period of 10 days in order to protect the assets of Lite Access UK.

Carlo Shimoon, President & CEO of Lite Access, said, "We plan to use our core team members to continue advanced discussions with a number of potential UK customers and aggressively pursue other attractive opportunities in the UK FTTP market.  Despite these recent developments, the UK FTTP market remains incredibly attractive  as the government is working with industry to target a minimum of 85% gigabit capable coverage by 2025 and seeks to accelerate rollout further to get as close to 100% as possible in numerous cities and towns across the UK." 

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: and risks and uncertainties described in Lite Access's most recent Management Discussion & Analysis (MD&A) for the interim period ended June 30, 2020 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

Lite Access Technologies Inc., Carlo Shimoon, CEO, Phone: [phone], Unit 5 - 20678 Duncan Way, Langley, BC V3A 7A3, www.liteaccess.com; For investor relations please contact: Rob Gamley, Phone: [phone], Email: [email protected], Contact Financial Corp., 204 - 998 Harbourside Dr., North Vancouver, BC V7P 3T2

Related Links

http://liteaccess.com/