11:52:32 EDT Mon 20 May 2024
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or Name

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Lite Access Technologies Inc
Symbol LTE
Shares Issued 85,892,538
Close 2023-05-04 C$ 0.095
Market Cap C$ 8,159,791
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Lite extends Ironman exclusivity period to Nov. 15

2023-09-11 15:24 ET - News Release

Mr. Michael Plotnikoff reports


Lite Access Technologies Inc. has entered into an amending agreement with 1097195 B.C. Ltd. (Ironman Directional Drilling Ltd.) to further extend the period of exclusivity to Nov. 15, 2023, in relation to its proposed acquisition of Ironman and its wholly-owned subsidiary, Ironman Direction Drilling Ltd., an experienced provider of directional drilling (the "Transaction"), which was previously announced in the news release dated May 5, 2023. The further extension of the period of exclusivity was agreed upon in order to permit the parties to complete their respective due diligence investigations, settle the terms of the definitive agreement and to allow Ironman to finalize its audit arrangements.

The parties are conducting their respective due diligence with the help of their legal and financial advisors. The completion of the Transaction is subject to a number of key conditions including entry into a definitive agreement between Lite Access and Ironman, completion of due diligence of the parties, shareholder approval, TSX Venture Exchange final approval and other conditions customary for this type of Transaction.

The Company will issue a subsequent news release upon entry into a definitive share purchase agreement with Ironman.

About Lite Access

Recognized as an industry leader possessing years of experience in the telecommunications space, Lite Access offers total integrated solutions for all types of telecom requirements. Beginning with a comprehensive project analysis to engineering, design and permitting, Lite Access proudly offers a full complement of aerial and underground construction methodologies including splicing, testing and maintenance.

Our innovative approach, flexible products and installation solutions are combined with decades of experience and unparalleled passion. 'The Lite Access Way' methodology of construction for both trunk and fibre-to-the-premises (FTTx) connectivity has become a recommended and preferred method of fibre installation, globally.

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 providing global clients and partners with the most cost-effective and proven fibre connectivity solutions available.

We seek Safe Harbor.

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