VANCOUVER, BC, Feb. 3, 2023 /CNW/ – LITE ACCESS TECHNOLOGIES INC. (“Lite Access” or the “Company“) (TSXV: LTE) (OTC: LTCCF), a world leader in the fibre optic products and advanced installation methodologies, announces the results of its annual general meeting (“AGM”) of shareholders held on December 2, 2022, the grant of stock options and restricted share units (“RSUs“) and the adoption of a securities-based compensation plan (the “SBC Plan“).
At the AGM, shareholders approved all motions put forth, including the re-election of Michael Plotnikoff, Mark Tommasi, R. David Toyoda, Alex McAulay and Michael Irmen. The shareholders also approved the appointment of Shim & Associates LLP, Chartered Accountants, as the auditors of the Company, the 10% rolling stock option plan and the SBC Plan.
The SBC Plan’s purpose is to (i) provide the Company with a mechanism to attract, retain, and motivate highly qualified directors, officers, employees, and consultants; (ii) align the interest of such directors, officers, employees, and consultants with that of other shareholders of the Company; and (iii) enable and encourage them to participate in the long-term growth of the Company.
The SBC Plan permits the grant of Restricted Share Units (as defined in the Equity Plan) and Deferred Share Units (as defined in the SBC Plan) (Restricted Share Units and Deferred Share Units collectively referred to as “Awards”). The maximum number of Awards that may be granted under the SBC Plan is fixed at 8,589,253. Further, the maximum number of shares for which Awards and other share compensation issuable to: (i) any participant shall not exceed 5% of the outstanding shares within any one year period, (ii) a consultant shall not exceed 2% of the outstanding shares within any one year period; and (ii) insiders as a group shall not exceed 10% of the outstanding shares. No persons providing investor relations activities may be granted Awards under the SBC Plan. All Awards are subject to a mandatory one year vesting requirement. Additional details of the SBC Plan are set forth in the Company’s information circular dated October 27, 2022.
Lite Access also announces that it granted 850,000 options to officers and directors. The options are exercisable at $0.10 per share for a period of five years from the date of grant.
Lite Access has also granted 3.25 million RSUs to certain officers, directors and consultants of the Company. The RSUs will vest in accordance with the terms of each party’s RSU agreement and in accordance with the Company’s SBC Plan. Upon vesting, each RSU will entitle the holder to receive one common share of the Company.
Lite Access Technologies Inc. is a world leader in the use of innovative and proven micro/narrow trenching technologies, alternate methods of deployment and specialist products which transform the cost the network deployment for telecommunications operators.
As part of its suite of services Lite Access provides clients with integrated solutions or select components for the design and implementation of fibre optic networks. Lite Access’ products have been deployed in many high-profile communication networks including Olympic facilities, military and government, numerous communities throughout the United Kingdom, the USA and Canada as well as global telecommunications companies that have adopted Lite Access as the “solution of choice” for the least invasive, most cost effective and future-proof fibre optic connectivity available.
Lite Access’ installation technology and proprietary products extend a network provider’s ability to deliver true broadband connectivity directly to end-users, such as homes, businesses, government and educational institutions, and emergency response facilities. Lite Access remains flexible and innovative in its commitment to provide global clients and partners with the most cost effective and proven fibre connectivity solutions available.
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 financial year ended September 30, 2021, 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.
SOURCE Lite Access Technologies Inc