FTE Networks Awarded Contract Valued Up to $12 Million by a
Global Telecommunications Company
The Agreement is Part of a Massive 5G Rollout for a Major U.S.
Wireless Company
NAPLES, FL -- September 26, 2016 -- InvestorsHub NewsWire
-- FTE Networks, Inc. (FTNW)
a leading network infrastructure solutions provider in the
technology and telecommunications vertical, today announced it has
been awarded a contract by a global telecommunications network
integrator to support a fiber network build out of approximately
750 miles of fiber to enable a 5G rollout for a major U.S. wireless
company in Seattle and Tacoma, Washington. The contract is valued
up to $12 million over the next 12 months and will commence in
November 2016.
This agreement is a significant milestone for our company, in
addition to providing significant revenue, it also bolsters our
existing relationship with a leading network integrator, stated Mr.
Michael Palleschi, Chief Executive Officer and President of FTE
Networks. We are extremely pleased that our best in class offerings
were selected to serve at the forefront of the 5th generation
wireless systems movement. Over the next 10 years it is projected
that wireless carriers will spend over $104 billion to upgrade
their existing LTE networks and build out their 5G-network
infrastructure. This increase in capital spending will
significantly drive demand for our infrastructure services. Going
forward, we intend to partner with similar companies on parallel
projects in order to further establish FTE as a market leader and
enhance our overall shareholder value.
5G (5th generation mobile networks or 5th generation wireless
systems) denotes the next major phase of mobile telecommunications
standards beyond the current 4G/IMT-Advanced standards. 5G planning
includes Internet connection speeds faster than current 4G, and
other improvements. The Next Generation Mobile Networks Alliance
feels that 5G should be rolled out by 2020 to meet business and
consumer demands.
About FTE Networks, Inc.
FTE Networks is on the leading edge of network transformation
helping communications service providers, government and enterprise
customers evolve their networks to meet advancing technology
requirements via network infrastructure, and edge computing
solutions to quickly enhance service innovation and deliver new
revenue streams. With a focus on smart design, open architectures
and consistent standards, along with expertise in building,
operating, and maintaining networks, FTE solves complex network and
system challenges that reduce costs and deployment time to
accelerate delivery and optimize performance of network
infrastructure. Operating five (5) industry segments; Data Center
Infrastructure, Fiber Optics, and Wireless Integration, Network
Engineering, Compute to the Edge, FTE Networks is headquartered in
Naples, Florida, with offices throughout the United States and
Europe. For more information, please visit: www.ftenet.com.
Forward Looking Statements
This release may contain forward-looking statements relating to
the business of FTE. 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 FTE's current expectations and beliefs concerning
future developments and their potential effects on FTE. There is no
assurance that future developments affecting FTE will be those
anticipated by FTE. FTE 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.
Contacts:
FTE Networks, Inc.
Kirstin Gooldy, CCO & IR
999 Vanderbilt Beach Rd., Suite 601
Naples, FL 23108
(877) 850-4308
ir@ftenet.com
OTCQX:FTNW
Investor Relations:
Natalya Rudman
Crescendo Communications, LLC
(212) 671-1020, Ext: 304
ftnw@crescendo-ir.com