Business
LITE ACCESS ANNOUNES CHANGE IN MANAGEMENT AND EXTENDS EXCLUSIVITY PERIOD WITH IRONMAN DIRECTIONAL DRILLING LTD.
LITE ACCESS ANNOUNES CHANGE IN MANAGEMENT AND EXTENDS EXCLUSIVITY PERIOD WITH IRONMAN DIRECTIONAL...
About this update from Ironman International Ltd.
[{"type":"text","content":"\n \n \n \n LITE ACCESS ANNOUNES CHANGE IN MANAGEMENT AND EXTENDS EXCLUSIVITY PERIOD WITH IRONMAN DIRECTIONAL DRILLING LTD.\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 \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Nov. 17, 2023\n \n \n /CNW/ -\n \n LITE ACCESS TECHNOLOGIES INC.\n \n (\"\n \n Lite Access\n \n \" or the \"\n \n Company\n \n \") (TSXV: LTE) (OTC: LTCCF), a world leader in fibre optic products and advanced installation methodologies, announces the departure of CEO and director\n \n Mike Plotnikoff\n \n , effective\n \n Nov 15, 2023\n \n . Mike 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. We extend our gratitude to Mike and wish him success in his future endeavors.\n \n \n Filling the role of CEO on an interim basis is\n \n Mark Tommasi\n \n , a seasoned Board member with over 30 years of corporate-level experience. Mark will guide the transition team, particularly in finalizing the transaction announced with Ironman Directional Drilling Ltd. (\"\n \n Ironman\n \n \") on\n \n May 5, 2023\n \n (the \"\n \n Transaction\n \n \").\n \n \n The Company and Ironman have agreed to extend the exclusivity period until\n \n February 29, 2024\n \n . 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.\n \n \n Since the announcement of the deal in\n \n May 2023\n \n , 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...