Thoughts Looking back, it seems that the acquisition was made because the strategic partnership was not enough incentive for Ironman.
Strategic Partnership
https://ceo.ca/@newswire/lite-access-technologies-signs-strategic-cooperation
i. Ironman incentivized to refer new fibre installation projects to Lite Access. Ii.Lite Access anticipates increased operational efficiencies and additional project flow resulting from its new relationship with Ironman.
IronMan Incentive
In consideration of Ironman agreeing to enter into this Cooperation Agreement, Ironman will receive a maximum of $400,000 over a period of up to three years through a profit sharing arrangement on Lite Access New Projects.
Lite Access issued a total of 2,265,440 common shares at a deemed price of $0.10 per share for total consideration of $226,554.00 to Ironman in order to settle certain amounts owed to Ironman. (Sigh)
Acquisition
https://ceo.ca/@newswire/lite-access-to-aquire-ironman-directional-drilling
Mike Plotnikoff, Chief Executive Officer of Lite Access states "Lite Access's proposed acquisition of Ironman confirms our commitment to fast track the growth of our business in Canada and abroad. Ironman, led by Mike Irmen, has established itself as one of the premier directional drilling service providers in Western Canada. This acquisition will be immediately accretive to our revenue and will add significant new project flow to our company."
IronMan Incentive
issue 85,392,538 shares of the Company (the "Consideration Shares") to the shareholders of Ironman (the "Ironman Shareholders");
pay $6,000,000 in cash (the "Cash Consideration") to the Ironman Shareholders, which will be payable in equal installments of $1,200,000 commencing twelve months from the closing date and continuing every 12 months thereafter over a period of 60 months.
Question why is IronMan dragging their feet? LTE is paying them and giving them total control!
As a result, the Lite Access board will be comprised of Mike Irmen, Bob Scott, David Toyoda, Mark Tommasi, Richard Hayer, Jason Earl, and Calvin Irmen. In addition, Mr. Irmen will be appointed as Chief Executive Officer to replace Mr. Plotnikoff and Linda Han will remain as Chief Financial Officer of Lite Access.
Perhaps, that the advantages to them might not be as beneficial as they seem? ..Bottom line is It does not take a year to do an audit... Something else is going on here.
https://ceo.ca/@newswire/lite-access-receives-conditional-acceptance-of-its
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 final approval and other conditions customary for this type of Transaction.
What else is LTE not telling us? LTE continues to be not transparent with shareholders.