Lite Access Technologies Temporarily Suspends UK Operations

VANCOUVER, BC, Nov. 24, 2020 /CNW/ - LITE ACCESS TECHNOLOGIES INC. (the "Company") (TSX VENTURE: LTE) (OTC PINK: LTCCF), 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 of fibre optic network deployment for telecommunications operators, has temporarily suspended UK operations primarily due to the ongoing COVID-19 pandemic, which continues to become worse, along with challenges related to its ongoing builds. 

The Company is unable to meet targets with the continuing conditions and is implementing a mitigation strategy.  UK operations have been suspended temporarily to allow Lite Access time to consult with stakeholders to optimize both its current operations and existing contracts in a COVID-19 environment.  The UK remains an attractive market with continuing strong momentum for building the UK's nationwide full fibre network.

Carlo Shimoon, President & CEO of Lite Access, said, "The continuing tighter COVID-19 restrictions imposed by the recent UK lockdown, in conjunction with discussions seeking to optimize existing contracts, has left the Company with little option but to temporarily suspend UK operations. During this time, we hope to strengthen our operation and quickly restart."

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 period ended September 30, 2019 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/