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Agreement marks entrance into Arizona market; Company remains on pace for 30 buildings-on-net by year end 2018
NAPLES, Fla., Oct. 16, 2018 (GLOBE NEWSWIRE) -- FTE Networks, Inc. (NYSE American: FTNW) (“FTE” or the “Company”), a leading provider of innovative technology solutions for smart platforms, network infrastructure and intelligent buildings, today announced that its subsidiary, CrossLayer, Inc., will install and manage its future-ready, edge compute platform in a multi-story, multi-tenant office building in the upscale Phoenix suburb of Scottsdale, Arizona.
The Mixed-Use Commercial Property, which is more than 80 percent leased and marks FTE’s entrance into the greater-Phoenix market, is located in a high-traffic area near retail and restaurants, and adjacent to the Scottsdale Airport. The CrossLayer™ edge compute platform will deliver new enhanced digital technology services to the building and its tenants.
“I am very pleased to announce yet another CrossLayer™ contract award and our expansion into the Arizona market. The compelling value proposition of the CrossLayer™ platform is leading to sales in new markets across the United States and this is a trend we expect to continue,” said Michael Palleschi, President and CEO of FTE Networks. “With our dedicated and expanded sales team, the pace of new contract wins is accelerating, and our pipeline is robust and growing. CrossLayer™ technology brings the prospect of multi-year, recurring revenue with increased gross margins which is a growth driver for our business.”
CrossLayer will install and operate a direct fiber-to-wireless platform in the property, and serve as a provider of data, internet, voice and advanced communications services. Additionally, CrossLayer’s Campus Private Network solution will enable tenants to work anywhere securely within the building, without losing connectivity to their private wireless network.
“We are seeing a rapid adoption of the CrossLayer™ platform which reinforces our belief that our new model for operating a data and voice network in commercial properties is the wave of the future,” said Lynn Martin, President of CrossLayer. “With our first-mover advantage and our strategic approach to national marketing and sales efforts, we are confident that owners and managers of all types of commercial properties will continue to select CrossLayer™ recognizing the advantages that the CrossLayer™ platform can deliver to their tenants – and to their bottom line.”
About FTE Networks, Inc.
FTE Networks, Inc. (“FTE”) is a leading provider of innovation technology. We enable adaptive and efficient network connectivity solutions for smart platforms, network infrastructure and intelligent 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,” “expected,” “expect,” “prospect,” “belief,” “confident,” “recognizing” and similar references to future periods. Examples of forward-looking statements in this release may include, without limitation, statements and forecasts regarding our ability to perform as anticipated, including the successful integration of our technology and services at this location/building, the successful implementation of our strategy and our ability to realize the benefits of this strategy, and other matters that involve known or unknown performance or achievements that may differ materially from results expressed or implied. 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 our business, future plans and strategies, projections, anticipated events and market trends, the economy and other conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risk 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 as a result of new information, future developments or otherwise.
For more information, please contact:
Corporate Contact:
Kirstin Gooldy
FTE Networks, Inc.
Phone: (877) 850-4308
Email: ir@ftenet.com
Investor Contact:
Ted Haberfield
MZ Group
Phone: (760) 755-2716
Email: thaberfield@mzgroup.us
Released October 16, 2018