11:37:06 EDT Mon 20 May 2024
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Lite Access, Ironman extend exclusivity period

2024-02-29 14:58 ET - News Release

Mr. Mark Tommasi reports


Lite Access Technologies Inc. has extended the exclusivity period with Ironman until June 30, 2024. This extension pertains to Lite Access's proposed acquisition of Ironman and its wholly owned subsidiary, Ironman Direction Drilling Ltd., a renowned provider of directional drilling services, as initially disclosed in a news release on May 5, 2023.

The completion of this transaction remains subject to several key conditions, including the execution of a definitive agreement between Lite Access and Ironman, completion of due diligence by both parties, approval by shareholders, final approval from the TSX Venture Exchange and other customary conditions. Lite Access intends to issue a subsequent news release upon the execution of a definitive share purchase agreement with Ironman.

Both Ironman and Lite Access wish to assure the market that efforts to conclude the merger are actively continuing and are progressing well. During the trading halt period, both companies have been operating as usual while successfully securing and delivering on projects, demonstrating their commitment to maintaining operational momentum. Collaboration between the two companies is also under way, facilitating a smooth integration upon the deal's closure. These efforts are also showing positive effects on the combined financials, underscoring the strategic rationale behind the decision to merge the two entities.

Extension of warrant term

The company will be applying for approval from the exchange to extend the expiry date of 8,355,000 share purchase warrants exercisable at 15 cents, issued to subscribers under the company's private placement that closed on March 25, 2022. The company intends to extend the expiry date from March 25, 2024, to March 25, 2025.

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.

Lite Access's 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'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.

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