VANCOUVER, April 17, 2018 /CNW/ - LITE ACCESS TECHNOLOGIES INC. (the "Company") (TSX VENTURE: LTE) (PINK: LTCCF), a world leader in the use of innovative and proven micro/narrow trenching technologies, alternate methods of deployment and specialist products which transform the cost of fibre optic network deployment for telecommunications operators, is pleased to announce the appointment of Mr. Arun Gupta as Chief Financial Officer ("CFO") of the Company. Mr. Gupta will replace Mr. Scott MacEachern who will be stepping down.
Mr. Gupta has over 15 years of experience in finance, and recently ran the Accounting & Administration department for Glentel Inc., one of Canada's largest multi-carrier mobile retailer. Mr. Gupta has been involved in several large transactions and is experienced in a multi-location and international environment. He is a Chartered Professional Accountant (CPA, CA), and graduated from the University of Victoria with a Bachelor of Commerce degree, majoring in Entrepreneurship.
As CFO at Lite Access, Mr. Gupta will be responsible for ensuring the finance department can enable the Company to continue to drive growth, capitalizing on the growing demand for the Company's construction services. He brings intimate knowledge of the telecommunications sector and his considerable experience in entities with international operations has provided him with the skills necessary to effectively manage multi-jurisdictional and cross-cultural finance teams, to implement effective and efficient corporate and tax structures and to ensure effective communication with senior management and the Board of Directors.
"Firstly, on behalf of our entire team and the Board of Directors, I would like to thank Scott MacEachern for his dedication and contributions to the Company during his tenure, including facilitating the transition from a private company to a public company. We wish him all the best for the future," said Carlo Shimoon, CEO of Lite Access. Mr. Shimoon continued, "We are delighted to welcome Arun to LAT, and very happy we were able to attract an individual of his caliber to our management team. Arun brings a strong background to our finance team from his experience at other companies where he was instrumental in providing the financial strategy and leadership to help the organizations get to the next level of growth. His extensive knowledge and experience with reporting for over 350 retail locations compliments our strategy to improve tracking of our multiple crews in various geographical regions. I'm confident we'll be well positioned to meet our objectives concerning our capital planning as we accelerate growth and build a leadership position for our construction services moving forward."
Mr. Gupta stated, "Lite Access is a massive and exciting opportunity. I am looking forward to working alongside Lite Access' talented management team where I can provide financial leadership to assist the Company with its continued growth and rapid expansion while simultaneously driving shareholder value."
In connection with Mr. Gupta's appointment, the Company has granted Mr. Gupta 100,000 stock options. Each Option entitles Mr. Gupta to purchase one common share in the capital of the Company at a price of $1.15 per share for a period of 5 years from the date of grant and is subject to certain vesting requirements.
About Lite Access
Lite Access Technologies Inc. is a world leader in the use of innovative and proven micro/narrow trenching technologies, alternate methods of deployment and specialist products which transform the cost the network deployment for telecommunications operators. Lite Access has successfully deployed or enabled deployment of thousands of kilometres of broadband networks throughout North America and the United Kingdom as well as South America, Africa, Australia and Asia.
As part of its suite of services, Lite Access provides clients with integrated solutions or select components for the design and implementation of fibre optic networks. Lite Access' products have been deployed in many high-profile communication networks including Olympic facilities, military and government, numerous communities throughout the United Kingdom, the USA and Canada as well as global telecommunications companies that have adopted Lite Access as the "solution of choice" for the least invasive, most cost effective and future-proof fibre optic connectivity available.
Lite Access' installation technology and proprietary products extend a network provider's ability to deliver true broadband connectivity directly to end-users, such as homes, businesses, government and educational institutions, and emergency response facilities. Lite Access remains flexible and innovative in its commitment to provide global clients and partners with the most cost effective and proven fibre connectivity solutions available.
Forward Looking Information
This news release contains statements that, to the extent they are not recitations of historical fact, may constitute "forward-looking statements" within the meaning of applicable Canadian securities laws. Lite Access uses words such as "may", "would", "could", "will", "likely", "expect", "believe", "intend" and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by Lite Access in light of its experience and its perception of historical trends, current conditions and expected future developments. However, whether actual results and developments will conform to Lite Access' expectations and predictions is subject to any number of risks, assumptions and uncertainties. Many factors could cause Lite Access' actual results to differ materially from those expressed or implied by the forward-looking statements contained in this news release. Such factors include, among other things: the projected value of the contract award from Gigaclear, and risks and uncertainties described in Lite Access's most recent Management Discussion & Analysis (MD&A) for the period ended December 31, 2017 which can be accessed at www.sedar.com. The "forward-looking statements" contained herein speak only as of the date of this press release and, unless required by applicable law, Lite Access undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Lite Access Technologies Inc
For further information: Lite Access Technologies Inc., Carlo Shimoon, CEO, Phone: 1-604-247-4704, Unit 5 - 20678 Duncan Way, Langley, BC, V3A 7A3, www.liteaccess.com; For investor relations please contact: Rob Gamley, Phone: 1-604-689-7422, Email: [email protected], Contact Financial Corp., 810 - 609 Granville St., Vancouver, BC, V7Y 1G5