Fiber deployment specialist Lite Access Technologies Inc. (TSX VENTURE: LTE) (OTC PINK: LTCCF) said the company has won a contract worth approximately CAN$20 million (US$14.1 million) from UK open fiber to the premises (FTTP) network operator CityFibre to install an FTTP network in Cambridge, England. The deployment effort is expected to last about 21 months. Lite Access also supplied an update on a pair of ongoing UK deployments in the context of the COVID-19 coronavirus pandemic.
The award is part of CityFibre’s approximately £4 billion Gigabit City Investment Programme, which aims to expand the FTTP network wholesaler’s footprint to pass up to 8 million premises. CityFibre plans to award more than £1.5 billion in network construction contracts for full-city deployments by this summer (see “CityFibre adds 36 locations to UK FTTP deployment list”).
"I would like to thank our partner CityFibre, for awarding us this major contract,” said Carlo Shimoon, president and CEO of Lite Access. “We are incredibly proud of the relationship that has developed with CityFibre. We expect to commence initial ramp up of operations in Cambridge immediately and expect to be at full scale in the city by July of 2020. The project is anticipated to be completed within 21 months.
"Despite challenges during the current COVID-19 global pandemic, the UK government has declared that telecom infrastructure is critical to both allow society and the economy to function as near normally as possible and allow a rapid recovery when the COVID-19 crisis is over. Our company has no debt and is well financed. In addition, we don't expect that any capital expenditure for additional equipment will be required to fulfill this contract,” Shimoon added.
Speaking further on the pandemic, Lite Access said that its deployment projects in Lowestoft and Bury St Edmunds continue, albeit on what the company termed “a modified basis” in some instances. Those modifications have not resulted in significant delays or site shutdowns, according to the company.
"Lite Access remains fully operational and we are committed to executing services safely and responsibly, while closely monitoring and following the guidance by applicable government and public health officials. Our top priority is the health and safety of our employees, partners and the communities in which we serve. As such, we have worked with our customer and communicated strict health and safety guidelines to all our employees from office to field. Our company continues to execute on current projects and we expect them to be completed by the project deadlines," Shimoon commented.
The comments are similar to those Shomoon made in a letter to shareholders on March 20, 2020 (see "FTTP deployments ongoing, despite coronavirus: Lite Access").
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