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Lite Access director, CEO Plotnikoff departs

2023-11-17 16:09 ET - News Release

Mr. Mark Tommasi reports

LITE ACCESS ANNOUNES CHANGE IN MANAGEMENT AND EXTENDS EXCLUSIVITY PERIOD WITH IRONMAN DIRECTIONAL DRILLING LTD.

Lite Access Technologies Inc. chief executive officer and director Mike Plotnikoff has departed, effective Nov. 15, 2023. Mr. Plotnikoff played a pivotal role in the company's journey, co-founding it in 2004, overseeing its public listing a decade later and contributing significantly to establishing the groundwork for future success in the past year. The company extends its gratitude to him and wishes him success in his future endeavours.

Filling the role of CEO on an interim basis is Mark Tommasi, a seasoned board member with over 30 years of corporate-level experience. Mr. Tommasi will guide the transition team, particularly in finalizing the transaction announced with Ironman Directional Drilling Ltd. on May 5, 2023.

The company and Ironman have agreed to extend the exclusivity period until Feb. 29, 2024. 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.

Since the announcement of the deal in May, 2023, both Lite Access and Ironman have maintained positive business trajectories, showcasing improved financials, successful project deliveries, strengthened customer and strategic partner relationships, and significant strides in uniting the two companies.

The company also granted Mr. Tommasi 150,000 stock options in connection with his appointment as interim CEO. The options are exercisable at 10 cents per share for a period of five years from the date of grant.

About Lite Access Technologies Inc.

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.

Its 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-premise (FTTx) connectivity has become a recommended and preferred method of fibre installation, globally.

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. 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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