Lite Access Technologies Inc (CVE:LTE) shares surged in Toronto as the group revealed it had won a fibre optic contract for British Columbia worth more than C$1mln and issued a corporate update.
On behalf of a major service provider's fibre-to-the-home (FTTH) rollout, Lite Access has partnered with Telecon Group for the work.
READ: Lite Access expects no impact from Carillion collapse on BT Openreach work
Lite Access will focus on the installation of last mile connectivity to individual residences located within the Lower Mainland of British Columbia.
"We're delighted with the award of this project from Telecon as it confirms the ability of our fully trained and experienced crews to execute this type of fibre installation swiftly, efficiently and cost effectively," said Mike Plotnikoff, chief executive of Lite Access.
For the uninitated, Lite Access is a world leader in the use of innovative and proven micro or narrow trenching technologies.
It has successfully deployed or enabled thousands of kilometres of broadband networks throughout North America and the UK as well as South America, Africa, Australia and Asia.
READ: Lite Access Technologies awarded large FTTP contract in UK
In order to capitalize on its growth, Lite Access said its board was committed bolstering senior management to support its dual strategy of securing recurring project revenues in North America and focusing on growth in international markets.
To that end, it has engaged a leading executive search firm to find top tier candidates for chief executive.
Meanwhile, the firm also announced today that Lite Access has established a US division to take advantage of commercial opportunities in support of new business anticipated during 2018.
"The decision to launch Lite Access - US is consistent with the Company's international expansion plans to penetrate markets where there is a significant demand opportunity to take advantage of its fibre connectivity solutions," it said.
Lite Access shares zoomed up over 14% to C$1.21 at the time of writing.