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NAPLES, FL -- (Marketwired) -- 03/10/16 -- FTE Networks, Inc. (OTCQB: FTNW) ("FTE" or the "Company"), a leading networking infrastructure service solutions provider in the technology and telecommunications vertical, announced today that it has filed a Preliminary Information Statement (form 14C). The Company's Board of Directors (the "Board") and a majority of the Shareholders have approved a 1-for-20 reverse split of its common stock (the "Reverse Split"), as well as an increase in the total authorized share count from 70,000,000 to 200,000,000 shares of common stock (the "Share Increase"). The Reverse Split must be approved by the Financial Industry Regulatory Authority (FINRA) and a new CUSIP number obtained.
Upon consummation of the Reverse Split, every twenty shares of the Company's issued and outstanding common stock will be automatically converted into one issued and outstanding share of common stock, with no change in par value per share. As part of the reverse merger agreement dated June 19, 2013, upon effectuation of a reverse split, each one share of the Preferred Series D and F stock will convert into twenty shares of common stock. The Preferred Series A and A1 do not convert and will remain with it's preferred preferences unchanged. No fractional shares will be issued following the Reverse Split.
"By completing this reverse stock split, we are continuing to strengthen our Company and its position in the capital markets. We expect to gain broader access to the institutional investment community, as we continue to expand our business in a strategic and accretive fashion. Our new capital structure will provide the availability of common stock necessary for our future fundraising efforts, enabling us to become a more diversified network infrastructure services company." said Michael Palleschi, CEO and Chairman of the Board of FTE Networks.
Additional information about the reverse stock split can be found in the Company's Preliminary Information Statement filed with the Securities and Exchange Commission on March 9, 2013, a copy of which is available at www.sec.gov and the Company's website www.ftenet.com.
About FTE Networks, Inc.
FTE Networks, Inc., and its wholly owned subsidiaries, is a leading international networking infrastructure service solutions company. We design, build, and support telecommunications and technology systems and infrastructure services for Fortune 500 companies operating four (4) industry segments: Data Center Infrastructure, Fiber Optics, Wireless Integration, and Surveillance & Security. FTE Networks is headquartered in Naples, Florida, with offices throughout the United States and Europe.
Forward Looking Statements
This release may contain forward-looking statements relating to the business of FTNW. All statements other than historical facts are forward-looking statements, which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. These statements involve risks and uncertainties that may cause actual results to differ materially from those anticipated, believed, estimated or expected. These risks and uncertainties are described in detail in our filings with the Securities and Exchange Commission. Forward-looking statements are based on FTNW's current expectations and beliefs concerning future developments and their potential effects on FTNW. There is no assurance that future developments affecting FTNW will be those anticipated by FTNW. FTNW undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
Contact:
FTE Networks, Inc.
999 Vanderbilt Beach Rd., Suite 601
Naples, FL 23108
(877) 850-4308
Email: ir@ftenet.com
Investor Relations
Porter, LeVay & Rose
Michael Porter or Matthew Abenante
(212) 564-4700
Email: matthew@plrinvest.com
Source: FTE Networks, Inc.
Released March 10, 2016