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LITE ACCESS ANNOUNCES SALE OF AMEC CUTTING & CORING LTD. AND CHANGE OF DIRECTORS
LITE ACCESS ANNOUNCES SALE OF AMEC CUTTING & CORING LTD. AND CHANGE OF DIRECTORS ...
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[{"type":"text","content":"\n \n \n \n LITE ACCESS ANNOUNCES SALE OF AMEC CUTTING & CORING LTD. AND CHANGE OF DIRECTORS\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n LITE ACCESS ANNOUNCES SALE OF AMEC CUTTING & CORING LTD. AND CHANGE OF DIRECTORS\n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n June 13, 2022\n \n \n /CNW/ -\n \n LITE ACCESS TECHNOLOGIES INC.\n \n (the \"\n \n Company\n \n \") (TSXV: LTE) (OTC: LTCCF) announces that it has sold its non-core business, Amec Cutting & Coring Ltd. (\"Amec\"), to its former owner\n \n Tony Curkovic\n \n (the \"Purchaser\") pursuant to the terms of a share purchase agreement dated\n \n June 9\n \n , 2022.  The sale of Amec allows the Company to focus on its core business of network deployment, reduce overhead expenses and strengthen the balance sheet.\n \n \n Under the terms of the Share Purchase Agreement, the Company agreed to provide\n \n $80,000\n \n of additional working capital to Amec and forgive intercompany indebtedness of\n \n $180,000\n \n .  In consideration of the foregoing, the Purchaser agreed to forgive all amounts owed by the Company to the Purchaser under the Company's original acquisition of Amec on\n \n March 5\n \n , 2021.  On a going forward basis, the Company and Amec will share the existing leased premises on a 50-50 basis.\n \n \n The Company also announces that\n \n John Farlinger\n \n and\n \n Daniel Nanson\n \n have resigned from their positions as directors.  The Board of Directors would like to thank each of\n \n John Farlinger\n \n and\n \n Daniel Nanson\n \n for their efforts as directors of the Company.\n \n David Toyoda\n \n will continue to serve on the Company's Board of Directors.  Mr. Toyoda has been a well-known and respected director of Lite Access since May of 2015.\n \n \n \n About Lite Access\n \n \n \n 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 telecommun...