Board Change • May 20
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. COO & Director Bob Scott was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • May 07
Lite Access Technologies Inc. (TSXV:LTE) agreed to acquire Ironman Directional Drilling Ltd. for CAD 14.1 million. Lite Access Technologies Inc. (TSXV:LTE) entered into a non-binding Letter of Intent to acquire Ironman Directional Drilling Ltd. for CAD 14.1 million on May 3, 2023. As consideration, Lite Access will issue 85,392,538 shares to the shareholders of Ironman pay CAD 6,000,000 in cash to the Ironman Shareholders, which will be payable in equal installments of CAD 1,200,000 commencing twelve months from the closing date and continuing every 12 months thereafter over a period of 60 months. The Ironman Shareholders will enter into an escrow agreement whereby all the Consideration Shares will be under lock up and be released three years from closing of the Transaction. A customary break fee will be payable to a non-breaching party subject to a limit of CAD 250,000. On completion of the Transaction, Mike Plotnikoff and Alex McAulay will resign from their respective officer and director positions with Lite Access. Lite Access anticipates that it will appoint four new directors, being Bob Scott, Richard Hayer, Jason Earl and Calvin Irmen, on closing of the Transaction. As a result, the Lite Access board will be comprised of Mike Irmen, Bob Scott, David Toyoda, Mark Tommasi, Richard Hayer, Jason Earl, and Calvin Irmen. In addition, Mr. Irmen will be appointed as Chief Executive Officer to replace Mr. Plotnikoff and Linda Han will remain as Chief Financial Officer of Lite Access. Completion of the Transaction is subject to entry into the Definitive Agreement, completion of due diligence of the parties, approval of the TSX Venture Exchange and shareholders of Lite Access. Reported Earnings • Mar 03
First quarter 2023 earnings released: CA$0.004 loss per share (vs CA$0.011 loss in 1Q 2022) First quarter 2023 results: CA$0.004 loss per share (improved from CA$0.011 loss in 1Q 2022). Revenue: CA$1.85m (down 1.9% from 1Q 2022). Net loss: CA$306.0k (loss narrowed 57% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. Reported Earnings • Jan 29
Full year 2022 earnings released: CA$0.038 loss per share (vs CA$0.046 loss in FY 2021) Full year 2022 results: CA$0.038 loss per share (improved from CA$0.046 loss in FY 2021). Revenue: CA$5.78m (down 20% from FY 2021). Net loss: CA$2.59m (loss narrowed 9.9% from FY 2021). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 51% per year, which means it is significantly lagging earnings. Annuncio • Nov 23
Lite Access Technologies Inc. announced that it has received CAD 1.052 million in funding On November 22, 2022, Lite Access Technologies Inc. closed the transaction. Board Change • Nov 16
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 2 experienced directors. No highly experienced directors. 1 independent director (4 non-independent directors). Corporate Secretary & Independent Director Robert Toyoda is the most experienced director on the board, commencing their role in 2015. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Annuncio • Nov 11
Lite Access Technologies Inc. announced that it expects to receive CAD 1.052 million in funding Lite Access Technologies Inc. announced a fully subscribed non-brokered private placement of secured convertible debentures in the principal amount of CAD 500,000 and 11,040,000 common shares at CAD 0.05 per share for gross proceeds of up to CAD 552,000 for total proceeds of CAD 1,052,000 on November 10, 2022. The transaction will include participation from insiders and key stakeholders of the company. The debentures will be secured under a general security agreement, bear a fixed interest rate of 12% per annum and be due two years from the date of issue. Further, the debentures will be convertible into common shares of the company at a conversion ratio of CAD 0.07 per common share if converted during the period from the Issue Date to the last day of the first anniversary of the Issue Date, and CAD 0.10 if converted during the period from the first day of the second anniversary of the Issue Date to the last day of the second anniversary of the Issue Date. The securities issued under the Offering will be subject to restrictions on resale. The transaction is subject to acceptance of the TSX Venture Exchange. Annuncio • Sep 17
Lite Access Technologies Inc., Annual General Meeting, Nov 15, 2022 Lite Access Technologies Inc., Annual General Meeting, Nov 15, 2022. Reported Earnings • Aug 31
Third quarter 2022 earnings released: CA$0.01 loss per share (vs CA$0.014 loss in 3Q 2021) Third quarter 2022 results: CA$0.01 loss per share (up from CA$0.014 loss in 3Q 2021). Revenue: CA$1.40m (down 14% from 3Q 2021). Net loss: CA$693.7k (loss narrowed 23% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 57% per year, which means it is significantly lagging earnings. Annuncio • Jul 30
Lite Access Technologies Inc. Announces Board Appointments Lite Access Technologies Inc. announced the appointments of Mr. Alex McAulay and Mr. Mike Irmen to the Board of Directors. Alexander McAulay, CPA, CA is an entrepreneur and experienced public company CFO and director. Mr. McAulay's firm, ACM Management Inc., provides fractional CFO and regulatory guidance to public companies. Alex has served as the CFO of several listed companies and has assisted dozens of issuers in navigating the public markets. Mike Irmen has been the owner of Ironman Directional Drilling LTD for over 14 years. Having greater than 30 years' experience in the industry as an experienced and knowledgeable civil contractor has resulted in the award of numerous projects throughout British Columbia, Alberta and Saskatchewan. Providing an organized approach to all projects including attention to safety, Mike successfully achieves ways to increase efficiencies and reduce costs in each project. Board Change • Jun 17
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Corporate Secretary & Independent Director Robert Toyoda was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Jun 14
Lite Access Technologies Inc. Announces Director Changes Lite Access Technologies Inc. announced that John Farlinger and Daniel Nanson have resigned from their positions as directors. David Toyoda will continue to serve on the Company's Board of Directors. Mr. Toyoda has been a well-known and respected director of Lite Access since May of 2015. Reported Earnings • Jun 01
Second quarter 2022 earnings released: CA$0.015 loss per share (vs CA$0.017 loss in 2Q 2021) Second quarter 2022 results: CA$0.015 loss per share (up from CA$0.017 loss in 2Q 2021). Revenue: CA$992.6k (down 51% from 2Q 2021). Net loss: CA$980.0k (loss narrowed 2.4% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 58% per year, which means it is significantly lagging earnings. Annuncio • Mar 29
Lite Access Technologies Inc. announced that it has received CAD 0.8355 million in funding On March 28, 2022, Lite Access Technologies Inc. closed the transaction. The company issued 8,355,000 units at a price of CAD 0.1 per unit for gross proceeds of CAD 835,500. The holding period expires on July 26, 2022. The company paid finder's fees of CAD 57,535 and issued total of 574,350 warrants. Annuncio • Mar 05
Lite Access Technologies Inc. announced that it expects to receive CAD 1 million in funding Lite Access Technologies Inc. announced a private placement of up to 10,000,000 units at a price of CAD 0.10 per unit for gross proceeds of up to CAD 1,000,000 on March 3, 2022. Each unit consists of one common share and one share purchase warrant, with each warrant entitling the holder to purchase one additional common share for a period of two years from the date of the issue at an exercise price of CAD 0.15 per share, subject to an accelerated expiry if the volume weighted average price of the company's shares is equal to or greater than CAD 0.25 per share for a period of 30 consecutive trading days. The company may pay a finder's fee in cash and/or share purchase warrants in connection with the transaction. All securities issued under the transaction, including securities issuable on the exercise thereof, are subject to a hold period expiring four months and one day from the date of issuance. The transaction is subject to the acceptance of the TSX Venture Exchange. Reported Earnings • Mar 03
First quarter 2022 earnings: Revenues and EPS in line with analyst expectations First quarter 2022 results: CA$0.011 loss per share (vs CA$0.011 loss in 1Q 2021). Revenue: CA$1.88m (down 5.6% from 1Q 2021). Net loss: CA$708.9k (loss widened 8.0% from 1Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 50% per year, which means it is significantly lagging earnings. Reported Earnings • Jan 30
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: CA$0.046 loss per share (up from CA$0.36 loss in FY 2020). Revenue: CA$7.19m (down 62% from FY 2020). Net loss: CA$2.88m (loss narrowed 84% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 48% per year, which means it is performing significantly worse than earnings. Reported Earnings • Sep 01
Third quarter 2021 earnings released: CA$0.014 loss per share (vs CA$0.018 loss in 3Q 2020) The company reported a soft third quarter result with weaker revenues and control over costs, although losses reduced. Third quarter 2021 results: Revenue: CA$1.62m (down 75% from 3Q 2020). Net loss: CA$896.6k (loss narrowed 4.9% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 47% per year, which means it is performing significantly worse than earnings. Executive Departure • Jun 05
Interim Chief Executive Officer Chui Wong has left the company On the 4th of June, Chui Wong's tenure as Interim Chief Executive Officer of the company ended after less than a year in the role. We don't have any record of a personal shareholding under Chui's name. Chui is the only executive to leave the company over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Under Chui's leadership, the company delivered a total shareholder return of -23%. Reported Earnings • Jun 03
Second quarter 2021 earnings released The company reported a decent second quarter result with reduced losses and improved control over expenses, although revenues were flat. Second quarter 2021 results: Revenue: CA$2.03m (flat on 2Q 2020). Net loss: CA$1.00m (loss narrowed 52% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 41% per year, which means it is performing significantly worse than earnings. Annuncio • Mar 03
Lite Access Technologies Inc. announced that it has received CAD 1.26 million in funding On March 1, 2021, Lite Access Technologies Inc. (TSXV:LTE) closed the transaction. The transaction included participation from existing shareholders of the company and certain directors of the company who acquired 120,000 units. The securities are subject to a hold period expiring on June 26, 2021. The company paid finders fees totaling CAD 62,550 and issued 250,200 Warrants. Reported Earnings • Mar 02
First quarter 2021 earnings released: CA$0.013 loss per share (vs CA$0.022 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: CA$6.17m (up 456% from 1Q 2020). Net loss: CA$763.3k (loss narrowed 20% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 38% per year, which means it is performing significantly worse than earnings. Annuncio • Jan 31
Lite Access Technologies Inc. (TSXV:LTE) entered into a non-binding term sheet to acquire AMEC Cutting & Coring Limited. Lite Access Technologies Inc. (TSXV:LTE) entered into a non-binding term sheet to acquire AMEC Cutting & Coring Limited on January 29, 2021. Terms of the transaction will be disclosed subsequent to signing of the definitive agreement. Concurrent with closing of the transaction, Tony Curkovic of AMEC will be retained as General Manager of Lite Access Technologies. As a result of the proposed transaction with AMEC and the focus on North America, Carlo Shimoon of Lite Access Technologies intends to transition from the President & Chief Executive Officer and Director roles The transaction is subject to the approval of the TSX Venture Exchange. Annuncio • Dec 02
Lite Access Technologies Resumes Partial UK Operations LITE ACCESS TECHNOLOGIES INC. announced will resume partial UK operations effective immediately and is working to build a pathway to increase the ramp-up. The company is working with stakeholders to create a sustainable path forward incorporating planning and operational efficiencies and optimizing existing contracts. Is New 90 Day High Low • Nov 04
New 90-day low: €0.33 The company is down 43% from its price of €0.58 on 05 August 2020. The German market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is down 11% over the same period.