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NAPLES, FL -- (Marketwired) -- 04/26/16 -- FTE Networks, Inc. (OTCQB: FTNW) ("FTE" or the "Company"), a leading network infrastructure solutions provider in the technology and telecommunications vertical, announced today that they are strengthening their relationship with a Fortune 100 company by providing engineering and deployment services for high-speed fiber networks to Multi-Dwelling Units (MDUs).
FTE has already begun work for their client servicing both commercial and residential MDUs in the Midwest. The initial phase of this project, includes two markets and is valued up to $2 million dollars by the end of the year. Upon successful completion of the initial phase of the MDU deployment, this could lead to instant growth expanding the operations to 12.9 million users, possibly covering 21 states, by December of 2019.
"FTE's longstanding strategic relationships coupled with our best-in-class infrastructure deployment solutions has strongly positioned us to capitalize on the billions of dollars that are being spent annually delivering high speed fiber networks throughout the United States," said Mr. Anthony Sirotka, Chief Business Development Officer of FTE Networks. "FTE is a trusted infrastructure solutions partner because of our ability to meet not only the provider's service delivery needs, as well as the unique requirements of the MDU. Management intends to aggressively target similar high-margin contracts throughout the Midwest, while simultaneously bolstering our relationship with a world-renowned communications provider. Going forward, we will remain committed to our proven business model and strict cost-control methods in order to improve our financial standing and enhance overall shareholder value."
Since the beginning of the year, FTE has consistently brought in high dollar contracts worth over $150 million dollars over the next 36 months. The business development teams have strategically secured substantial new long term revenue streams with healthy margins that will positively affect the bottom line. In conjunction, proactive project management and execution is enabling these projects to run efficiently.
About FTE Networks, Inc.
FTE Networks, Inc., and its wholly owned subsidiaries, is a leading international networking infrastructure 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 April 26, 2016