Shares of Lite Access Technologies Inc. (OTCMKTS:LTCCF) have been consolidating within a narrow range. The stock has fallen 19% over the past month.
On Wednesday, LTCCF stock ended flat at $0.0890 with more than 28.64k shares, compared to its average volume of 7.2K shares. The stock has moved within a range of $0.0890 – 0.0890 after opening trade at $0.0865.
Lite Access Technologies Offers Updates Regarding Present Operations and Ongoing Activities
Lite Access Technologies Inc. (OTCMKTS:LTCCF) has provided an update regarding recent developments and present activities on December 8, 2021. The company specializes in using micro/narrow trenching technologies, alternate methods of deployment and specialist products to transform the cost of fiber optic network deployment for telecommunications operators.
An interim dividend payment of $525,000 from the UK business appointed administrator, FRP Advisory Trading Limited, has been received by the company, for the wind-up of Lite Access Technologies (UK) Limited. Greg Smith, Chairman and Interim CEO of Lite Access, states this non-dilutive working capital will be diverted towards existing projects and other large-scale opportunities. Another distribution of similar size from their UK distributor is also expected.
Network construction in Clearwater County proceeds as expected. 90% of the network is deployed to to-date with construction continuing until weather permits for connecting Sundrie to Olds, Alberta. The scope of the build is now estimated to be $1,150,000. In other news, the company has been awarded the first phase of the Fibre-to-the-Home (FTTH) construction project by the Ktunaxa Nation Council in Cranbrook, British Columbia.
Lite Access has also moved on to final review by all parties involved, for the contract regarding the construction of a citywide FTTH broadband network with the City of Brooks, Alberta (in final stages).
LTCCF stock is trading below the 20-Day and 50-Day Moving averages of $0.0989 and $0.1125 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1596.