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NAPLES, Fla., June 19, 2018 (GLOBE NEWSWIRE) -- FTE Networks, Inc. (NYSE American:FTNW) ("FTE" or the "Company"), a leading provider of innovative technology-oriented solutions for smart platforms, network infrastructure and intelligent buildings, announced today that the Company’s Infrastructure Segment has been awarded a contract expanding its Inside Plant (ISP) line of business footprint in five markets. FTE was awarded the contract by a Fortune 100 global telecommunications company due to FTE's consistent high-quality work performance.
"This contract is significant because it represents an increase in the scope and size of work performed for this customer,” said Mr. Anthony Sirotka, Chief Administrative Officer and Head of FTE's Infrastructure Segment. "We are excited to again be rewarded for our excellent service with some of the largest telecommunications carriers in the industry.”
"We are pleased to announce this new multi-year, multi-million dollar expansion with our globally recognized strategic partner and further strengthen our presence in the markets we serve,” said Mr. Michael Palleschi, Chairman and Chief Executive Officer of FTE. “Our ISP business is high-margin in nature and the relationships we build and maintain with these customers will serve to facilitate the growth of all segments of our business.”
The commercial-based projects will deliver critical state-of-the-art customer driven infrastructure services. Under the terms of the Master Service Agreement, FTE will manage five turf markets and perform EF&I (engineer, furnish, install) services. The markets include the states of Kansas, Missouri, Arkansas, Oklahoma and Texas. The engagement is slated to begin in July and extend through the end of 2019.
About FTE Networks, Inc.
FTE Networks, Inc. ("FTNW") is a leading provider of innovation technology. We enable adaptive and efficient smart network connectivity platforms, infrastructure and buildings. FTE provides end-to-end design, build, and support solutions for state-of-the-art networks, data centers, residential and commercial properties. We create transformative smart platforms and buildings. FTE's services are predicated on smart design and consistent standards that reduce deployment costs and accelerate delivery of leading edge projects and services. The Company works with Fortune 100/500 companies, including some of the world's leading Telecommunications and IT Services Providers as well as REITs and Media Providers.
Forward-Looking Statements
This release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “will,” “growth,” and similar references to future periods. Examples of forward-looking statements in this release may include, without limitation, statements and forecasts regarding how this new contract award signals greater and continued market acceptance of our products and service offerings; our ability to successfully leverage this newly awarded contract to increase our market share; and other matters that involve known or unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to differ materially from results expressed or implied by this release. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and market trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. These risk factors and others are included from time to time in documents we file with the Securities and Exchange Commission, including but not limited to, our Form 10-K’s, Form 10-Q’s and Form 8-K’s. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Accordingly, you should not place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.
For more information, please contact:
Investor Contact:
Ted Haberfield
MZ Group
Phone: (760) 755-2716
Email: thaberfield@mzgroup.us
Corporate Contact:
FTE Networks, Inc.
999 Vanderbilt Beach Rd., Suite 601
Naples, FL 23108
(877) 850-4308
ir@ftenet.com
Released June 19, 2018