Lite Access Provides Update on its UK Operations

VANCOUVER, BC, Dec. 4, 2020 /CNW/ - LITE ACCESS TECHNOLOGIES INC. (the "Company" or "Lite Access") (TSX VENTURE: 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 and December 1, 2020.  After continued discussions which Lite Access entered into in good faith with its customer regarding contractual challenges and operational inefficiencies, all in the context of a very challenging COVID environment, the Company received a notice from its customer that Lite Access had allegedly committed a repudiatory breach of its contracts for FTTP installation in Cambridge, Lowestoft and Bury St Edmunds (the "contracts") by its suspension of works.  Based on the alleged repudiatory breaches, the customer has purported to terminate its engagement of Lite Access under all of the contracts.

Notwithstanding the notices to terminate, Lite Access intends to vigorously defend its position that it was not in repudiatory breach of the contracts at the time of its receipt of the notices and is actively engaged with its UK legal counsel regarding this matter, as well as potential remedies. As a result, Lite Access is taking steps to mitigate any unnecessary cash burn for its U.K operations.

Carlo Shimoon, President & CEO of Lite Access, stated, "Despite this setback we believe that the UK FTTP market remains very attractive. Measures have and are being implemented to mitigate costs and our plan is aimed at preserving the core members of our team and specialty equipment to carry out other FTTP opportunities in the UK that have been in discussion and aggressively pursue additional prospects."

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/