VANCOUVER, BC
, Nov. 1, 2024 /CNW/ - LITE ACCESS TECHNOLOGIES INC.("Lite Access") (TSXV: LTE) (OTC: LTCCF), a world leader in the fibre optic products and advanced installation methodologies, announces it will extend the maturity date of previously issued convertible debentures in the principal amount of $500,000 (the "Debentures") from November 22, 2024 to November 22, 2026 (the "New Maturity Date"). The New Maturity Date has been approved by all of the holders of the Debentures.
The principal amount of the Debentures will continue to bear interest at a rate of 12% per annum and be convertible at a conversion price of $0.10 per share (see news release dated November 22, 2022). Other than the New Maturity Date, no other terms of the Debentures were amended.
The New Maturity Date is subject to acceptance of the Exchange.
Update on Ironman Transaction
The Company also announces that the Company and Ironman have agreed to further extend the exclusivity period until December 31, 2024, in relation to its proposed acquisition of Ironman and its wholly-owned subsidiary, Ironman Direction Drilling Ltd., an experienced provider of directional drilling (the "Transaction"), which was previously announced in the news release dated May 5, 2023. Ironman is currently finalizing the audit of its financial statements and the parties intend to enter into the definitive agreement in November 2024.
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 (the "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.
About Lite Access
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 telecommunications operators.
As part of its suite of services Lite Access provides clients with integrated solutions or select components for the design and implementation of fibre optic networks. Lite Access' products have been deployed in many high-profile communication networks including Olympic facilities, military and government, numerous communities throughout the United Kingdom, the USA and Canada as well as global telecommunications companies that have adopted Lite Access as the "solution of choice" for the least invasive, most cost effective and future-proof fibre optic connectivity available.
Lite Access' installation technology and proprietary products extend a network provider's ability to deliver true broadband connectivity directly to end-users, such as homes, businesses, government and educational institutions, and emergency response facilities. Lite Access remains flexible and innovative in its commitment to provide global clients and partners with the most cost effective and proven fibre connectivity solutions available.
Forward Looking Information
This news release contains statements that, to the extent they are not recitations of historical fact, may constitute "forward-looking statements" within the meaning of applicable Canadian securities laws. Lite Access uses words such as "may", "would", "could", "will", "likely", "expect", "believe", "intend" and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by Lite Access in light of its experience and its perception of historical trends, current conditions and expected future developments. However, whether actual results and developments will conform to Lite Access' expectations and predictions is subject to any number of risks, assumptions and uncertainties. Many factors could cause Lite Access' actual results to differ materially from those expressed or implied by the forward-looking statements contained in this news release. Such factors include, among other things: risks and uncertainties described in Lite Access's most recent Management Discussion & Analysis (MD&A) for the financial year ended September 30, 2023 which can be accessed at www.sedarplus.com. The "forward-looking statements" contained herein speak only as of the date of this press release and, unless required by applicable law, Lite Access undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Lite Access Technologies Inc.
