2020-12-11 10:16 ET - News Release
Mr. Carlo Shimoon reports
LITE ACCESS PROVIDES FURTHER UPDATE ON ITS UK OPERATIONS
Lite Access Technologies Inc. has provided an update to the market regarding its United Kingdom operations as previously disclosed in news releases dated Nov. 24, 2020, Dec. 1, 2020, and Dec. 4, 2020. As a result of the recent development at its UK operations, Lite Access Technologies (UK) Ltd. ("Lite Access UK") has elected to file a notice of intent to appoint an administrator (the "NOI"). The purpose of this filing is to create a moratorium over the Company for a period of 10 days in order to protect the assets of Lite Access UK.
Carlo Shimoon, President & CEO of Lite Access, said, "We plan to use our core team members to continue advanced discussions with a number of potential UK customers and aggressively pursue other attractive opportunities in the UK FTTP market. Despite these recent developments, the UK FTTP market remains incredibly attractive as the government is working with industry to target a minimum of 85% gigabit capable coverage by 2025 and seeks to accelerate rollout further to get as close to 100% as possible in numerous cities and towns across the UK."