Mr. Carlo Shimoon reports

LITE ACCESS TECHNOLOGIES REPORTS 2018 Q4 AND YEAR END FINANCIAL RESULTS

Lite Access Technologies Inc. has released its financial results for the fourth quarter and year ended Sept. 30, 2018. The financial statements and related management's discussion and analysis can be viewed on SEDAR.

"We've made significant progress over the past couple quarters as we've ramped up revenues in our [United Kingdom] operations," stated Carlo Shimoon, chief executive officer of Lite Access. "Lite Access recorded higher revenue in fiscal 2018 as our revenue grew quarter over quarter. We are now in a position to scale our business and meet the additional demands of our customers. New management has been working hard to instill the process and discipline required for a profitable organization. The U.K. market for our specialty construction services remains robust, and after much hard work, we are now being recognized in the industry as the standard for fibre deployment. We are also pursuing new opportunities that will enable the company to deliver further results and shareholder value."

Fiscal year-end and fourth quarter 2018 financial highlights:

• Revenue of $4,466,048 for the quarter and $9,698,526 for the year, representing increases of 59 per cent and 16 per cent versus the prior periods;
• Revenue growth primarily from expansion of U.K. subsidiary with Lite Access U.K. showing 2018 revenues of $6,976,871 (2017: $3,846,927), an increase of $3,129,944, or 81 per cent;
• Negative gross margin primarily due to the expansion of U.K. operations; gross margin of ($276,847) for the quarter ended Sept. 30, 2018, compared with ($135,120) for the quarter ended Sept. 30, 2017;
• EBITDA (earnings before interest income, taxes, depreciation and amortization, share-based compensation, restructuring costs, impairment charges, and other non-recurring gains or losses)* for the year ended Sept. 30, 2018, totalled ($8,383,838) (2017: ($6,271,604));
• Growth for the quarter ended Sept. 30, 2018, resulted in a 27-per-cent reduction in net loss to $2,951,531, compared with net loss of $4,051,946 for the quarter ended Sept. 30, 2017;
• Net loss of ($10,379,876) for 2018 compared with net loss of ($8,101,963) for 2017, primarily due to the expansion of U.K. operations.

Outlook

Fiscal 2018 financial results reflect the fact that the company transitioned its resources to ramp up U.K. operations to deliver on U.K. opportunities. Notwithstanding the net loss, the company believes it is well positioned to produce positive results beginning fiscal 2019 and beyond as it continues to fulfill its obligations under the Gigaclear project and pursue other business development activities in the U.K. and North America.

About Lite Access Technologies Inc.

Lite Access Technologies is a world leader in the use of innovative and proven micro/narrow trenching technologies, alternative methods of deployment, and specialist products which transform the cost the network deployment for telecommunications operators. Lite Access has 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's 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.

* A non-international financial reporting standard measure.

We seek Safe Harbor.