Vancouver, Canada based Lite Access Technologies Inc.(TSX VENTURE: LTE) (OTC PINK: LTCCF), which provides fiber to the home (FTTH) and related optical access network installation services using its microduct and narrow trenching expertise, says it closed $20.45 million in bought deal financing on March 28. The majority of the funding will go toward expanding its UK operations, where it currently serves a customer Lite Access described only as "a major operator." The company also reported on successful support of an FTTH trial deployment in Ireland.
Lite Access asserts its narrow trenching techniques have found particular favor in the UK. Meanwhile, Lite Access reports it has completed its end of a 265-home trial FTTH deployment in Tullamore, Ireland, ordered by strategic operations company Actavo on behalf of another "major operator."
"The reaction we've seen for our cutting edge and proven narrow trenching process from the UK telecom industry specifically in the last few months is nothing short of astonishing," stated Mike Plotnikoff, CEO of Lite Access. "As is the case for countries around the world, the internet has become indispensable in the UK and, as such, major UK telecoms are moving rapidly with their capital-intensive fiber rollouts."
Lite Access has hopes for increased interest for its expertise in North America as well. The company recently announced its selection for a fiber-optic network installation in the City of New Westminster, BC, announced in February, as evidence of momentum.
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