VANCOUVER, BRITISH COLUMBIA — (Marketwired) — 05/31/16 — LITE ACCESS TECHNOLOGIES INC. (the “Company”) (CSE: LTE)(OTC PINK: LTCCF) today reported its financial results for the second quarter ended March 31, 2016 and provided a business update. The financial statements and related management–s discussion and analysis (“MD&A”) can be viewed on SEDAR at .
Financial Highlights for the Second Quarter 2016:
Recent Corporate Highlights:
Corporate Update
On 27 May 2016, Lite Access Technologies Inc. completed the requirements to register as a non-dominant carrier with the Canadian Radio-television and Telecommunications Commission (CRTC). Based on the information provided, Lite Access meets the requirements to be placed on the list of non-dominant carriers.
Lite Access remains committed and well positioned to respond to client specific or non-standard applications by maintaining active involvement in numerous technology forums and trade shows. Being able to immediately respond to changing and evolving technology and client needs and by being able to design and have manufactured new products, processes, equipment and tools, positions Lite Access ahead of the competition.
Lite Access continues its search for new construction partners in support of the numerous cities and organizations that have engaged Lite Access with design and engineering work for micro-trench installations of their own networks.
The Company is developing a broader Project Management team to work with new cities and organizations in support of city owned infrastructure once the design and engineering is complete and to help train individuals or groups on not only the technology and installation but on the positive impact of economic development and growth expected.
“We are very pleased with our exceptional second quarter results,” said Mike Plotnikoff, CEO of Lite Access. “We are starting to reap the rewards of all the time and effort our team has spent over the years in developing new markets and relationships with customers both old and new. We continue to work hard to further increase our reach by developing new markets and new products and services to meet the growing demand for an economical way to satisfy the explosion in fiber optic connectivity requirements. A number of companies such as Google Fiber, Verizon, CenturyLink and Virgin Media have recently stated that they are investigating and/or adopting micro-trenching as a means of deploying their fiber optic networks validating what Lite Access has been pioneering and perfecting for years. We expect the balance of the year to show continued growth in micro-trench adoption which will result in further growth for Lite Access.”
About Lite Access
Lite Access is a world leader in Microduct and fibre optic technologies. Using its specially designed and innovative micro-trench and micro-drill methods of deployment, Lite Access– 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 fibre optic connectivity.
(i)Non-IFRS Measures
Adjusted EBITDA is a measure not recognized under IFRS. However, management of Lite Access believes that most shareholders, creditors, other stakeholders and investment analysts prefer to have these measures included as reported measures of operating performance, a proxy for cash flow, and to facilitate valuation analysis. Adjusted EBITDA is defined as earnings before interest income, taxes, depreciation and amortization, stock based compensation, restructuring costs, impairment charges and other non-recurring gains or losses. Management believes Adjusted EBITDA is a useful measure that facilitates period-to-period operating comparisons.
Adjusted EBITDA does not have any standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Readers are cautioned that Adjusted EBITDA is not an alternative to measures determined in accordance with IFRS and should not, on its own, be construed as indicators of performance, cash flow or profitability. References to the Lite Access– Adjusted EBITDA should be read in conjunction with the financial statements and management–s discussion and analysis of Lite Access posted on SEDAR ().
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 . 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.
Contacts:
Lite Access Technologies Inc.
1-604-247-4704
For investor relations please contact:
Contact Financial Corp.
Rob Gamley
1-604-689-7422
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