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Vancouver, 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:
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(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
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(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.
As 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.
The Company and the Vendors anticipate closing of the transaction prior to August 15, 2015. Closing of the transaction is subject to customary closing conditions.
About DSG Communications
DSG 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 capabilities - specializing in the "final mile". DSG has devoted thousands of man hours to the development of a micro trenching process that is proprietary and optimal for the all topographies.
DSG has recently completed projects for a large number of organizations including:
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, and Asia.
For further information please contact:
Lite Access Technologies Inc.
2180 - 21331 Gordon Way
Richmond, BC V6W 1J9
Michael Priest, CEO
For investor relations please contact:
Rob Gamley
Phone: 1-604-689-7422
Email: rob@contactfinancial.com
Contact Financial Corp.
1450 - 701 West Georgia St. Vancouver, BC V7Y 1G5
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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