(via Thenewswire.ca)
Vancouver, British Columbia. / TheNewswire / June 1, 2015 - LITE ACCESS TECHNOLOGIES INC. (previously 1017341 B.C. Ltd.) (the "Company") (CSE: LTE) is pleased to announce that it has closed its previously announced business combination (the "Transaction") with Lite Access Technologies Inc. ("Lite Access") and a concurrent private placement financing of 7,388,000 common shares of the Company at a price of $0.25 per share for gross proceeds of $1,847,000. As part of the Transaction, the Canadian Securities Exchange (the "Exchange") accepted the listing of common shares of the Company. The Company's common shares will commence trading on the Exchange under the symbol "LTE" on June 1, 2015.
The Business Combination
Under the terms of a business combination agreement between the Company and Lite Access, the Company acquired all of the issued and outstanding shares of Lite Access by completing a three-cornered amalgamation. Pursuant to the three-cornered amalgamation, Lite Access and a wholly-owned subsidiary of the Company amalgamated to form "Lite Access Holdings Inc." and, in consideration of which, the Company issued one common share for each share held by a shareholder of Lite Access for an aggregate of 15,548,674 common shares of the Company (the "Transaction Shares").
Concurrently with the acquisition of Lite Access, the Company issued 7,388,000 common shares at a price of $0.25 per share for gross proceeds of $1,847,000. In connection with the private placement, the Company paid finders a cash fee of $51,200, issued finders a total of 96,000 common shares and granted warrants to purchase 300,800 common shares exercisable at a price of $0.25 per share for a period of 2 years from the date of issue. The securities issued under the financing will be subject to a hold period expiring on September 27, 2015 pursuant to applicable Canadian securities laws.
As part of the Transaction, the Company changed its name to "Lite Access Technologies Inc."
Directors, Officers and Stock Options
As a result of closing of the Transaction, Michael Priest became the Chief Executive Officer, President and a director of the Company, Michael Plotnikoff became Chief Technology Officer and a director of the Company, Scott MacEachern became Chief Financial Officer of the Company. David Toyoda and Greg Smith will serve as independent directors of the Company.
The Company also granted stock options to purchase 1,425,000 common shares of the Company to its directors, officers and consultants. Each stock option is exercisable at a price of $0.25 per share and expires five years from the listing date.
Escrow Shares
A total of 7,012,254 of the Transaction Shares will be subject to the escrow requirements set forth in National Policy 46-201 whereby 10% of the escrowed shares will be released on the initial listing date and 15% of the escrowed shares will be released each six month period thereafter. In addition, 3,337, 500 of the previously issued common shares of the Company will be subject to certain performance escrow provisions and be released on the Company achieving certain future financial milestones.
About Lite Access
Lite Access is a world leader in microduct and fibre optic technologies. Lite Access's proprietary microduct technology extends a network provider's ability to deliver true broadband connectivity directly to end-users, such as homes, government and educational institutions, and emergency response facilities. Providing a full portfolio of fibre connectivity solutions for many types of Telecom infrastructure, Lite Access has successfully deployed thousands of kilometres of microduct networks throughout North and South America, the United Kingdom, the Caribbean, Australia and Asia.
Lite Access' products have been deployed in many high profile communication networks including the Whistler 2010 Winter Olympic facilities, builds within the State of New York including Central Park, the Las Vegas strip and surrounding areas of Nevada, fibre to the home at Stanford University and numerous other locations around the globe that have adopted Lite Access as the "solution of choice" for future proof fiber optic connectivity.
Additional clients and projects of Lite Access include:
* St Paul's Island (Alaska) -- http://www.ospmag.com/issue/article/Fiber-Optic-Technology-Comes-to-the-Aleut-Island
* Fibre optic deployments on the island of Guam for a local Telco and for one of the world's largest Asian based telecommunications companies.
* Several FTTH (fibre to the home) project builds in Puerto Rico
* Mexico City, Panama, Medellin, and additional areas in Central and South America - fibre connectivity for Major Telco's and private enterprise clients
* Parks Canada - Lite Access is the only approved micro-trench vendor for numerous fibre expansion projects within Parks Canada bringing wi-fi connectivity to federal campgrounds and national parks. http://www.cbc.ca/m/news/canada/wi-fi-hotspots-coming-to-canadian-parks-1.2625325
* Columbia Basin Trust / CBBC - preferred vendor for community fibre expansion projects throughout East and West Kootenays in the Rocky Mountains of British Columbia
* Lima, Peru - 2 fibre network builds for local Telco
* A 49 kilometer fibre network in Pengerekan Jalan, Malaysia - for one of the world's largest telecommunications companies based in Asia
* 280 home FTTH (fibre-to-the-home) network build in Trinidad
* microduct fibre optic connection providing high bandwidth connectivity for the Baltimore City Police Department and the US Homeland Security surveillance systems.
Lite Access' products are continually being tested and trialed by some of the largest telecommunication companies in the world and by cities and organizations that are looking for new and better ways to deploy fibre optic networks to meet the escalating demand for increased bandwidth and to do so in an economic and timely fashion and in ways that help to make their fibre networks "future proof". The Company looks forward to updating its shareholders as new developments arise.
For further information please contact:
Lite Access Technologies Inc.
2180 - 21331 Gordon Way
Richmond, BC V6W 1J9
Michael Priest, CEO
http://www.liteaccess.com/
Forward Looking Information
Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties described in the Company's Listing Statement dated May 26, 2015 available on www.cnsx.ca. Accordingly, actual and future events, conditions and results may differ materially form the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
The CSE has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this release.
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