It comes after an increase in demand for the new product from existing and new clients after the firm recently attended The Fibre-to-the-Home (FTTH) Council of South Africa with sales and installation partner Brite Access SA.
Chief executive Mike Plotnikoff told investors: “Our revolutionary Lite X Tend solution has been shown in the field to materially decrease installation costs and is being embraced globally by clients as their preferred last mile solution.”
The technology was developed to carry out rapid last mile deployments in the most cost effective and least intrusive manner possible.
It means homeowners can receive high speed internet connection with the least amount of impact to their surroundings.
Lite Access has deployed thousands of kilometres of Microduct networks throughout North and South America, the UK, the Caribbean, Australia and Asia.
Its products have been deployed in many high profile communication networks including the Whistler 2010 Winter Olympic facilities, the Las Vegas strip and surrounding areas of Nevada.
Earlier this month, the firm said it had closed its private placement financing, raising C$3.53mln.
In total the world leader in microduct and air-blown fibre optic technologies issued a total of 3.1mln shares at a price of C$1.15 per share.
The proceeds will be used, it said, to finance the expansion of the company’s newly launched UK operations office, working capital, and to accelerate near-term and longer-term growth initiatives.
Story by ProactiveInvestors