- Lite Access Technologies (LTE) has signed a cooperation agreement with Ironman Direction Drilling Ltd
- Lite Access and Ironman will jointly provide their specialized fibre installation and directional drilling services on new fibre optic network projects
- Ironman will receive a maximum of $400,000 over a period of up to three years through a profit-sharing arrangement on Lite Access new projects
- Lite Access will issue a total of 2,265,440 common shares at $0.10 per share to Ironman to settle a historical dispute among the parties
- Lite Access Technologies Inc. uses micro/narrow trenching technologies, alternate methods of deployment and specialist products which transform the cost of network deployment for telecommunications operators
- Lite Access Technologies Inc. was unchanged at $0.06 at 1:35 PM ET
Lite Access Technologies (LTE) has signed a cooperation agreement with Ironman Direction Drilling Ltd.
Lite Access and Ironman will jointly provide their specialized fibre installation and directional drilling services on new fibre optic network projects.
The key points of the agreement include that Lite Access would receive operational strength of Ironman for new fibre optic network projects.
The agreement also gives Ironman the incentive to refer new fibre installation projects to Lite Access.
Lite Access hopes for increased operational efficiencies and additional project flow resulting from its new relationship with Ironman.
“Ironman’s team will be an essential component in our bid process for adding profitable project flow to our pipeline,” said Mike Plotnikoff, interim Chief Executive Officer of Lite Access.
“We are looking forward to building a strong and long-lasting relationship with Ironman,” he added.
Similar to the above, the parties will sign a binding service agreement that sets out the services and consideration paid to Lite Access for each Ironman new project.
After signing the cooperation agreement, Ironman will receive a maximum of $400,000 over three years through a profit-sharing arrangement on Lite Access’s new projects.
The term of the cooperation agreement is for three years. It may be terminated by either party on thirty days’ notice provided that Ironman has received the $400,000 in payments noted above.
The cooperation agreement also provides that Lite Access will issue a total of 2,265,440 common shares at a deemed price of $0.10 per share for total consideration of $226,554.00 to Ironman to settle a historical dispute among the parties.
Lite Access Technologies Inc. uses micro/narrow trenching technologies, alternate methods of deployment and specialist products which transform the cost of network deployment for telecommunications operators.
Lite Access Technologies Inc. was unchanged at $0.06 at 1:35 PM ET.