VANCOUVER, March 2, 2018 /PRNewswire/ -- LITE ACCESS TECHNOLOGIES INC. (the "Company") (TSX VENTURE: LTE) (OTC PINK: LTCCF), a world leader in the use of innovative and proven micro trenching and narrow trenching technologies, alternate methods of deployment and specialist products which transform the cost of fibre optic network deployment for telecommunications operators, is pleased to announce the appointment of Carlo M. Shimoon to the position of President & Chief Executive Officer. Mr. Shimoon was selected from an impressive range of candidates resulting from a nation-wide search by a leading recruitment firm.
Mr. Shimoon has led multi-location and multi-national operations in 4 countries including Canada, USA, Mexico and the UK, serving a global market. His experience over 25 years has been as CEO in both private and public corporations. His corporate experience has also involved a successful exit to a NASDAQ-listed billion-dollar US-based defense contractor, where he continued to serve as CEO of two subsidiaries. The industries he has been involved with include fibre-optics, defense, digital video, power conversion, security and biomed.
Lite Access is making leadership changes that are focused on strengthening and aligning senior management to support the Company's dual strategy of securing recurring project revenues in North America and capitalizing on the current substantial opportunities in the UK. To support and strengthen this focus, Mike Plotnikoff has resigned his position as CEO immediately, but will remain in an advisory role to the company and specifically, the incoming CEO.
Under Mr. Plotnikoff's leadership, the Company has established the necessary business fundamentals and successes required for rapid growth. Lite Access has established operations offices in Western Canada and the UK, to support increased customer demand for its leading fibre deployment methodologies as the worldwide telecom infrastructure upgrade supercycle accelerates. The Board of Directors would like to thank Mr. Plotnikoff for his past efforts and look forward to working with him in his role as an Advisory Board member.
Mr. Plotnikoff stated, "As co-founder and CEO I am immensely proud of our staff, the success of Lite Access to-date and our growth and expansion throughout North America and Europe. Our Company has reached an inflection point and our next phase of growth path demands expanding our team and having the right people in the right roles to capitalize on the enormous opportunities that the company is pursuing and executing. We are thrilled to be working with Carlo and look forward to the impact he will bring to the performance and value of the Company."
"Lite Access is a very unique opportunity and I am delighted to join the Company and to become part of a dynamic team that will continue to drive innovation and raise quality standards in the infrastructure sector," said Mr. Shimoon. "The macro environment for our fibre optic solutions remains strong, with massive fibre rollout plans being announced regularly and on a global basis. The team being formed around this Company should attract more significant opportunities, both domestically and internationally. I look forward to this leadership role with the objective of making the Company a premier global player in the space."
In connection with Mr. Shimoon's appointment, the Company has granted Mr. Shimoon 500,000 stock options. Each Option entitles Mr. Shimoon to purchase one common share in the capital of the Company at a price of $1.15 per share for a period of 5 years from the date of grant and is subject to certain vesting requirements.
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. Lite Access has successfully deployed or enabled deployment of thousands of kilometres of broadband networks throughout North America and the United Kingdom as well as South America, Africa, Australia and Asia.
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 period ended December 31, 2016 which can be accessed at www.sedar.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.
For investor relations please contact: Rob Gamley, Phone: 1-604-689-7422, Email: email@example.com, Contact Financial Corp., 810 – 609 Granville St., Vancouver, BC, V7Y 1G5
SOURCE Lite Access Technologies Inc.