New Offices and Purchase Order Follow Planned Acquisition of
Benchmark Builders, Inc.
NAPLES, FL. -- March 14, 2017 -- InvestorsHub NewsWire -- FTE
Networks, Inc. (OTCQX:FTNW)
("FTE" or the "Company"), a leading network infrastructure
solutions provider in the technology and communications industries,
today announced that it has received an additional purchase order
towards a project with a leading Northeast broadband communications
company and it has expanded its New York City presence by opening
new offices.
The developments come after FTEs announcement last week that it
has signed a definitive agreement to join forces with a privately
held Benchmark Builders, a leading provider of construction
management services in New York.
FTE also received another in a series of expected purchase
orders that are part of Midtown Manhattan project that could have a
value of $10 million over 12 months. The addition of these projects
continues to support the companys strategic focus of growing its
inside plant (ISP) line of business and maintaining or improving
its gross margins of 41% and driving profitability, said FTE
Chairman and CEO Michael Palleschi. FTE will be taking new offices
in New York at 237 West 35th Street, Suite 801 to expand the
companys presence in the area to handle the additional business and
anticipated growth.
The Benchmark transaction will enable FTE to deliver integrated
network services, cutting-edge technology, and construction
management services on the largest and most complex projects, from
conception to completion. Benchmark has a powerful industry brand
and strong presence in the New York City metropolitan market.
New York city is a great opportunity for FTE Networks, as we
continue to execute toward our $170 million backlog over the next
three years, Palleschi added. The pending transaction with
Benchmark, combined with the FTE anticipated hyper-growth enables
us to continue to build our powerful presence in New York.
Developers, network operators, and other businesses in New York
seek out FTE for its high-quality work and customer service.
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.
About Benchmark Builders, Inc.
Benchmark is a New York-based construction manager and general
contractor serving a diverse and sophisticated client base in the
telecommunications, commercial, industrial, broadcast, technology,
infrastructure, healthcare, and education industries. The company
delivers unique project solutions in the complex New York
marketplace. It emphasizes the ability of its experienced staff to
become an integral part of a clients project team, responding to
every client need and request. Benchmark excels at technologically
complex work building broadcast studios and infrastructure, as well
as large projects from $30 million to $100 million. Benchmark
maintains its strong reputation by consistently delivering on the
quality, budget, and schedule expectations of some of the industrys
most demanding clients. For more information, please visit:
http://www.benchmark-ny.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.
FTE Networks, Inc.
877-850-4308
ir@ftenet.com
or
Investors:
MBS Value Partners
Robert Goetze, 212-897-9667
Robert.goetze@mbsvalue.com
or
Media:
MBS Value Partners
Jon Elsen, 914-305-6981
Jon.elsen@mbsvalue.com