Lite Access Technologies Releases Current Canadian Contract Backlog

Following last months devastating loss of a major customer, Lite Access Technologies (TSXV: LTE) this morning provided an update to the market in relation to active and currently under negotiation contracts within Canada this morning. The update follows the loss of $53 million worth of contracts in December.

The contracts currently active or under active negotiation for Lite Access are presently all within Western Canada. The firm, whom provides specialized trenching services for fibre optic networks, appears to have returned its focus to Canadian soil from that of its recent foray into the United Kingdom.

Contracts outlined by the company this morning include:

  • Brooks, Alberta: A $14.4 million proposal is currently under negotiation for the installation of a city-wide broadband network.
  • West Vancouver, BC: A $0.4 million contract was awarded in December to install fibre optic in the region, with work now substantially completed.
  • Southeastern BC: A $1.0 million contract is currently under negotiation. If successful, work is to commence in June.
  • Prince George, BC: A $1.1 million contract announced in September was recently completed, with Phase 2 and 3 to be completed by the end of June, valued at $0.4 million.
  • Clearwater County, Alberta: Previously announced last May, a $1.2 million contract is slated to be completed in April.

Finally, the company indicated that its “proposal activity has been much busier than normal,” which follows the Canadian government last October committing to spend $10 billion on infrastructure initiatives.

Lite Access Technologies last traded at $0.15 on the TSX Venture.

Information for this briefing was found via Sedar and Lite Access Technologies. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply