Lite Access Technologies, Inc. (OTC Pink: LTCCF) operates as a fiber optics technology provider. Shares of the fiber optic provider are down 6.79%, through afternoon trading on Thursday, June 22, 2017. Over the past month, Lite Access Technologies, Inc. reported average daily volume of 11,979 shares. However, volume of 95,250 shares or dollar volume of $127,635, has already exchanged hands on the day.
Shares of Lite Access Technologies, Inc. are down on Thursday, after the company announced it has appointed telecom veteran Steven King, and capital markets veteran, Kevin Smith, to the company’s board of directors. The decision was finalized at the company’s Annual General Meeting, which was held on June 16, 2017. Here is the full press release detailing of the recent board of directors appointments:
Lite Access Technologies, Inc. Press Release:
VANCOUVER, June 19, 2017 /CNW/ – LITE ACCESS TECHNOLOGIES, INC. (“Lite Access”) (TSX VENTURE: LTE)(OTC PINK: LTCCF) is pleased to announce that it has appointed an international telecom veteran, Steven King, and a capital markets veteran, Kevin Smith, to its board of directors at its Annual General Meeting held June 16, 2017.
“Steven King and Kevin Smith are valuable additions to the board of Lite Access, and we are fortunate that they have agreed to be part of our future growth,” said Michael Plotnikoff, Chief Executive Officer of Lite Access. “As a former senior officer of the Emtelle Group, Steve has significant telecom experience in the UK and internationally as well as a broad set of international contacts. Kevin adds strategic and operational leadership to our board in all areas of finance, accounting, treasury and information technology.”
At the Annual General Meeting, all matters put forth were approved by the shareholders of Lite Access. Shareholders represented in person or by proxy at the meeting elected Michael Plotnikoff, Michael Priest, Dylan Griffiths, R David Toyoda, Greg Smith, Kevin Smith and Steven King as directors of the Company for the ensuing year, and appointed Crowe Mackay LLP as the Company’s external auditor. In addition, shareholders represented in person or by proxy at the meeting approved and adopted the Company’s stock option plan.
Steven King is UK national with significant international experience gained during his 35 year career. He has a BSC (Hons) in Chemical Engineering from University of Edinburgh and a Diploma in Management Studies from Napier University of Edinburgh. For 25 years from 1992-2016, he worked for the Emtelle Group, growing it in to a major international business, trading in 82 countries worldwide. During his tenure with Emtelle, he worked in a variety of roles, from Managing Director of the largest trading subsidiary Emtelle UK to Chief Commercial Officer for the Emtelle Group. Previously he worked for WL Gore & Associates and MacLellan Rubber Company in product and process engineering and manufacturing management roles.
Mr. Kevin Smith is Executive Vice-President and CFO for the Intracorp Group of Companies, a real estate development company with headquarters in Vancouver and with operations across North America. Prior to joining Intracorp, Kevin served as the Executive Vice-President & Chief Financial Officer at Whistler Blackcomb Holdings Inc. During his time there he successfully led Whistler Blackcomb through an initial public offering (IPO) on the Toronto Stock Exchange in 2010 to create Whistler Blackcomb as a separate, publicly traded company from Intrawest. As a strategic leader at Whistler Blackcomb Holdings, he was responsible for all financial, legal, information technology, public company reporting, debt financing, commercial operations, investor relations, budgeting, cash management, tax planning & strategic business planning. Prior to Whistler Blackcomb, Kevin spent twelve years at Intrawest, holding several senior finance roles. Kevin is a CPA, CA and holds a Bachelor of Science degree from The University of British Columbia.
In line with Lite Access’ equity compensation plan, the board of directors granted a total of 450,000 stock options to its new and existing independent board members. The options are exercisable at a price of $2.50 per share, being a 25% premium above market price, and expire five years from the date of grant.
About Lite Access Technologies, Inc.
Lite Access Technologies, Inc. is a world leader in Microduct and fibre optic technologies. Using its specially designed and innovative micro / narrow trench and alternate 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 or enabled deployment of thousands of kilometres of Microduct networks throughout North and South America, South Africa, the United Kingdom, the Caribbean, Australia and Asia.
Lite Access’ products have been deployed in many high-profile communication networks including Olympic facilities, military and government, numerous communities throughout British Columbia, the USA and Alberta as well as Global telecoms that have adopted Lite Access as the “solution of choice” for future proof fibre optic connectivity solutions. Providing total Integrated Solutions including proven and approved alternate deployment methodologies, Lite Access remains flexible and innovative in its commitment to enable global clients and partners with the most cost effective and proven fibre connectivity 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.