- Lite Access (LTE) has closed its cooperation agreement with Ironman Directional Drilling
- The parties have a right of first refusal to collaborate on each other’s projects over a three-year period
- As consideration for entering the agreement, Ironman will receive a maximum of C$400,000 in profits from new Lite Access projects
- Lite Access anticipates greater operational efficiencies and project flow resulting from the new relationship
- Lite Access is a world leader in fibre optic products and the deployment of telecom networks
- Lite Access Technologies (LTE) is down by 5.56 per cent trading at $0.085 per share
Lite Access (LTE) has closed its cooperation agreement with Ironman Directional Drilling.
The companies will jointly provide their specialized fibre installation and directional drilling services on new fibre optic network projects.
Pursuant to the previously announced agreement, Ironman has a right of first refusal to provide directional drilling services on all new Lite Access projects.
Lite Access, in turn, receives a right of first refusal to provide fibre installation services on all new Ironman projects.
Lite Access and Ironman will enter into a binding service agreement for each collaboration.
As consideration for entering the agreement, Ironman will receive a maximum of C$400,000 over up to three years through a profit sharing arrangement on new Lite Access projects.
The agreement has a three-year term and may be terminated on 30 days’ notice contingent on payments owed to Ironman.
Lite Access anticipates greater operational efficiencies and project flow resulting from the new relationship.
Lite Access is a world leader in micro/narrow trenching technologies, development methods and fibre optic products for the deployment of telecom networks.
Lite Access Technologies (LTE) is down by 5.56 per cent trading at $0.085 per share as of 12:00 pm EST.
