VANCOUVER, March 23, 2018 /PRNewswire/ - LITE ACCESS TECHNOLOGIES INC. (the "Company") (TSX VENTURE: LTE) (OTC PINK: LTCCF) is pleased to announce that Gigaclear plc ("Gigaclear") has awarded the Company a rural fibre optic deployment contract to bring ultrafast, full fibre broadband to up to 10,000 homes in West Oxfordshire, United Kingdom. The total expected value of this award is upwards of $29,000,000 with completion of the works anticipated by the end of 2019.
Carlo Shimoon, CEO of Lite Access, stated, "This is a watershed moment for our Company and validates the premium quality of our work and ramp up in the UK over the past year. Our cutting-edge fibre deployment technologies are ideally suited for this rural environment and we expect to expand our strategic relationship with Gigaclear in support of their growing rural fibre coverage. We could not be more excited about this first, of what we expect will be many, opportunities. We are pleased with the direction the Company is heading, our growth potential, and ensuring that we remain a world leader in this industry to unlock the full fibre future in the UK and elsewhere."
Gigaclear is dedicated to building and operating ultrafast, pure Fibre-to-the-Premises broadband networks in rural Britain. It offers Gigabit services to over 60,000 homes and businesses to date across Berkshire, Buckinghamshire, Cambridgeshire, Essex, Hertfordshire, Gloucestershire, Kent, Leicestershire, Lincolnshire, Northamptonshire, Oxfordshire, Rutland and Worcestershire. Gigaclear builds networks using commercial investment but it has also been awarded contracts in 2017 as part of the Government subsidised BDUK rural broadband programme in Devon, Essex, Gloucestershire, Herefordshire, Northamptonshire, Somerset and Wiltshire. For more information, refer to Gigaclear's website: https://www.gigaclear.com/
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. Lite Access has successfully deployed or enabled deployment of thousands of kilometres of broadband networks throughout North America and the United Kingdom as well as South America, Africa, Australia and Asia.
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: the projected value of the contract award from Gigaclear, and risks and uncertainties described in Lite Access's most recent Management Discussion & Analysis (MD&A) for the period ended December 31, 2017 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