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Lite Access Technologies names Arun Gupta as new finance chief

Lite Access is at the forefront of innovative and proven microtrenching/narrow trenching technologies

The firm has deployed or enabled thousands of kilometres of broadband networks

Lite Access Technologies Inc (CVE:LTE), the fibre optic trenching firm, said it had appointed Arun Gupta as its chief financial officer, replacing Scott MacEachern, who is stepping down.

Gupta has more than 15 years' experience in finance, and recently ran the accounting and administration department for Glentel Inc, one of Canada's largest multicarrier mobile retailers.

Carlo Shimoon, chief executive at Lite Access, said: "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 organisations 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."

Shimoon also thanked MacEachern for his "dedication and contributions" to Lite Access, which included facilitating the transition from a private company to a public company, and wished him well for the future.

Gupta added: "Lite Access is a massive and exciting opportunity. I am looking forward to working alongside Lite Access's 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.

Last month, the group said it had been awarded a C$29mln rural fibre optic deployment contract by Gigaclear PLC.

The company will carry out all the civil engineering work and installation of fibre cables using its innovative techniques, including its narrow trenching technology which speeds up installation and minimises the impact of work on the local community and the environment.

The project will see ultrafast, full-fibre broadband being connected to up to 10,000 homes in West Oxfordshire in the UK.

Lite Access shares in Toronto  were unchanged at C$1.05.

Quick facts: Lite Access Technologies

Price: 0.73 CAD

Market: TSX-V
Market Cap: $43.71 m

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on 06/20/2016

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