FTE Networks Acquires Assets of Midwest Underground Solutions to
help fill $52 Million Backlog
Acquisition Expands Position & Business Opportunity in St.
Louis Market
NAPLES, Fla. (January 17, 2017 - InvestorsHub NewsWire) - FTE
Networks, Inc. (OTCQX:FTNW) ("FTE" or the "Company"), a leading
network infrastructure solutions provider to the technology and
communications service provider industries, today announced that it
has acquired specific assets of Midwest Underground Solutions, a
company specializing in directional boring and fiber optic
installations.
This transaction demonstrates FTEs continued efforts to
consolidate complementary services that not only build scale, but
more importantly increase opportunities to compete for the best
projects in the markets we serve. Michael Palleschi, Chairman and
CEO of FTE Networks commented. As part of our strategy to grow
organically and through accretive acquisitions, this transaction
enables us to execute on our order backlog of approximately $52
Million for 2017 and improves our margin profile, both of which
will allow us to generate additional value for our
shareholders.
These new assets enable FTE to further expand its position in
the St. Louis market with consolidated opportunities for fiber
optic cabling and system integration services and brings an
additional pipeline opportunity in the first quarter of
2017.
The acquisition of Midwest Underground assets strengthens the
comprehensive offering that FTE brings to communications companies,
said Lynn Martin, COO of FTE Networks, Inc. It also brings
additional staffing and revenue potential as we integrate these
assets into our business."
FTEs acquisition of Midwest Underground, includes construction
equipment, as well as key personnel.
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, Wireless Integration,
Network Engineering, and 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.
999 Vanderbilt Beach Rd., Suite 601
Naples, FL 23108
(877) 850-4308
ir@ftenet.com
OTCQX:FTNW
Investor Relations:
Robert Goetze
MBS Value Partners
(212) 897-9667
Robert.goetze@mbsvalue.com
Media:
Jon Elsen
MBS Value Partners
(914) 305-6981
Jon.elsen@mbsvalue.com