LITE ACCESS TECHNOLOGIES REPORTS Q4 AND YEAR-END 2021 FINANCIAL RESULTS; REVENUES UP 204% COMPARED TO FISCAL YEAR 2020

VANCOUVER, BC, January 28, 2022 /CNW/ – LITE ACCESS TECHNOLOGIES INC. (the “Society“) (TSXV: LTE) (OTC: LTCCF), a world leader in the use of innovative and proven micro/narrow trench technologies, alternative deployment methods and specialty products that today are transforming the cost of deploying fiber optic networks for telecommunications operators announced its financial results for the fourth quarter and the fiscal year ended September 30, 2021. The financial statements and related MD&A (“MD&A”) are available on SEDAR at www.sedar.com.

FINANCIAL HIGHLIGHTS FOR THE FOURTH QUARTER AND THE END OF FISCAL YEAR 2021(1):

  • Total revenue for the 2021 financial year of $7,187,698 i.e. an increase of 204% compared to a turnover of $2,366,752 for the 2020 financial year;

  • Total fourth quarter 2021 revenue of $1,540,618 representing a 102% increase over $761,526 for the fourth quarter of 2020;

  • Gross profit for the year ended September 30, 2021 has been $584,674i.e. 8% compared to ($441,308)i.e. -19% compared to the same period last year;

  • EBITDA* for the 2021 financial year was ($1,456,160) compared to ($2,362,207) for fiscal 2020. Operating expenses decreased to 47% of revenue, compared to 129% for the same period last year, thanks to synergy saving and cost reduction initiatives executed this year;

  • EBITDA* for Q4 2021 of ($14,996) vs ($574,883) for the fourth quarter of 2020;

  • Comprehensive net income of $2,147,274 for fiscal year 2021 compared to an overall net loss of ($17,272,126) for the 2020 financial year;

  • End of the 2021 financial year with a positive working capital of $439,461 compared to a negative working capital of ($3,819,547) for fiscal year 2020.

To note:
(1) Walk January 26, 2021, the UK firm has officially appointed FRP Advisory Trading Limited as directors. As a result, the Company no longer has control of the UK business from the date of appointment of the directors. Consequently, the financial results of LAT UK have been classified as a discontinued operation as of March 31, 2021. Certain prior year comparative figures have been reclassified for comparison with the current year’s presentation.

AFTER THE END OF THE YEAR

The Company has received $528,000 interim distribution payment of UK director appointed by the company, FRP Advisory Trading Ltd., in the context of the liquidation of Lite Access Technologies (UK) Ltd. (LAT UK). Discussions continue with the administrator and we expect a new dividend in the first half of calendar year 2022.

“Significant progress has taken place during the year, with the Company strictly focusing on Canada,” noted Greg Smith, Acting President and CEO of Lite Access. “We have made solid progress on the goals we set out at the start of the year, which aimed to strengthen our operating platform to build a more robust and sustainable business. To highlight a few, we have successfully the acquisition and integration of AMEC and increased our revenue by more than 200%.In addition, economies of scale and other cost reduction measures reduced operating expenses to 47% in revenue, down from 129% Overhead to revenue ratio is moving in the right direction, but remains a key priority.

“We are in the final stages of signing the Master Sales Agreement (“MSA”) with the Town of Brooks, AB for the initial $14.4 million proposal (see press release of the October 27, 2021) and remain very active with new construction and additional project phases in many parts of the British Columbia and alberta where we have built a solid reputation,” added Mr. Smith. “Our priorities will be to maintain our focus on operational execution, continuing to build through organic growth as well as accelerating our growth through subsequent tactical acquisitions which would be highly accretive.

Mr. Smith concluded, “We have developed a strong foundation through the significant steps taken in fiscal 2021 and we have the ability to scale and take advantage of the 5G and broadband development that is underway. both regionally and globally. The infrastructure financing environment and our sales pipeline remain strong and we are confident that we have the operational capabilities to continue to improve across all financial metrics for an even stronger year in fiscal 2022.

About Simplified Access

Lite Access Technologies Inc. is a world leader in the use of innovative and proven narrow micro/trench technologies, alternative deployment methods and specialty products that transform the cost of network deployment for telecommunications operators.

As part of its range of services, Lite Access provides its customers with integrated solutions or selected components for the design and implementation of fiber optic networks. Lite Access products have been deployed in many high profile communications networks, including Olympic, military and government facilities, many communities across the UKthe United States and Canada as well as global telecommunications companies that have adopted Lite Access as the “solution of choice” for the least invasive, cost-effective, and scalable fiber 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 residential facilities. emergency response. Lite Access remains flexible and innovative in its commitment to providing global customers and partners with the most cost-effective and proven fiber optic connectivity solutions available.

*Non-IFRS measures

EBITDA is a measure not recognized by IFRS. However, Lite Access management believes that most shareholders, creditors, other stakeholders and investment analysts prefer these measures to be included as reported measures of operating performance, a proxy for cash flow and to facilitate the evaluation analysis. EBITDA is defined as earnings before interest income, taxes, depreciation and amortization, stock-based compensation, restructuring costs, impairment charges, other non-recurring gains or losses, onerous contract provision and discontinued operations. Management believes that EBITDA is a useful measure that facilitates operating comparisons from period to period.
EBITDA does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Readers are cautioned that EBITDA is not an alternative to measures determined in accordance with IFRS and should not, on its own, be construed as indicators of performance, cash flow or profitability. References to Lite Access’ EBITDA should be read in conjunction with Lite Access’ financial statements and MD&A published on SEDAR. (www.sedar.com).
Forward-looking information
This press release contains statements which, to the extent that they are not recitals 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. These forward-looking statements are based on assumptions and analyzes made by Lite Access in light of its experience and perception of historical trends, current conditions and expected future developments. However, whether actual results and developments will conform to Lite Access’ expectations and forecasts are subject to a 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 press release. These factors include, among others: the risks and uncertainties described in Lite Access’s most recent MD&A for the year ended September 30, 2021 which can be viewed at www.sedar.com. The “forward-looking statements” contained herein speak only as of the date of this press release and, except as 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.

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