Business
Lite Access enters into Definitive Agreement to acquire 100% of DSG Communications
(via Thenewswire.ca) Vancouver, British Columbia / TheNewswire / August 5 ...
About this update from Ironman International Ltd.
[{"type":"text","content":"Lite Access enters into Definitive Agreement to acquire 100% of DSG Communications(via Thenewswire.ca)\n\n \nVancouver, British Columbia / TheNewswire / August 5, 2015 - LITE ACCESS TECHNOLOGIES INC. (the \"Company\") (CSE: LTE, Pink Sheets: LTCCF) is pleased to announce that it has entered into a definitive securities purchase agreement (the \"Definitive Agreement\") with DSG Communications Ltd. (\"DSG\") and Dylan and Shirley Griffiths (the \"Vendors\") whereby the Company has agreed to acquire 100% of the issued and outstanding shares of DSG from the Vendors. In consideration of acquiring DSG, the Company has agreed to issue and pay a total of $2,500,000 to the Vendors as follows:\n\n\n \n\n\n(a)cash payments totaling $1,000,000 to the Vendors on the following basis: (i) $50,000 on entering into the Definitive Agreement, (ii) $350,000 on closing of the Definitive Agreement; (iii) $150,000 on three months from closing of the Definitive Agreement, (iv) $150,000 on six months from closing of the Definitive Agreement, (v) $150,000 on nine months from closing of the Definitive Agreement, and (vi) $150,000 on twelve months from closing the Definitive Agreement; and \n\n\n\n \n \n\n\n(b)issue to the Vendors such number of shares equal to $1,500,000 divided by $0.68, being the discounted closing price of the common shares of the Company as of the date of announcing the letter of intent on June 22, 2015, (the \"Consideration Shares\"). The Consideration Shares will be delivered to the Vendors on the following basis: (i) 10% on closing of the Definitive Agreement, and (ii) 15% every six months thereafter. \n\n\n\n\n \nAs a result of this acquisition, DSG will operate as a wholly-owned subsidiary of Lite Access Technologies. Dylan and Shirley Griffiths will continue to remain as executive officers and directors of DSG following closing of the transaction.\n\n\n \nThe Company and the Vendors anticipate closing of the transaction prior to August 15, 2015. Closing of the transaction is subject to customary closing conditions.\n\n\n \nAbout DSG Communications\n\n\n \nDSG Communications Ltd. is a full-service fibre optic infrastructure provider specializing in: fibre optic construction, splicing, maintenance, servicing, repair, and 24/7/365 emergency response. DSG's one-stop shop also provides innovative and cost efficient micro-trenching ca...