FTE NETWORKS ANNOUNCES THREE NEW CONTRACTS VALUED AT $61.6MM
FTE Subsidiary, Benchmark Builders, Contracts Three Projects
with 370,000 square feet of Interior Build-out
NAPLES, Fla. (September 05, 2017) FTE
Networks, Inc. (OTCQX:
FTNW) (FTE or the Company), a leading provider of innovative
technology-oriented solutions for smart platforms, network
infrastructure and buildings, today announced that Benchmark
Builders, Inc. (Benchmark), a wholly owned subsidiary of FTE, has
won three new projects that include infrastructure and technology
expansion valued at approximately a combined $61.6 million, as it
continues to expand its reach in the New York City market. In
total, the three projects represent approximately 370,000 square
feet of build-outs. All three projects are located in New York City
and are expected to be completed in 2017.
Benchmark was recently ranked No. 6 among the top general
contractors for alteration and renovation projects. This ranking
was based on initial estimated costs listed in New York City
Department of Building permits filed between January 2012 and March
2017. The ranking appears in the May issue of The Real Deal, which is
considered the leading source of New York real estate news.
FTE is leveraging Benchmarks position in the New York City
market to maintain its strong growth momentum and realize synergies
between the companies. The combined FTE/Benchmark enterprise is a
leading provider of corporate interior build-out solutions. The
three new contracts add roughly $61.6MM to the combined backlog of
$346.7MM that FTE and Benchmark had as of June 30, 2017.
Highlights of Benchmarks Recent Contract Wins
- Benchmark continues to expand its reach in the New York City
market
The three new interior construction projects are valued up to $61.6
million combined
In total, the projects represent approximately 370,000 square feet
of build-outs combined
All three projects are located in Manhattan and its surrounding
boroughs
The projects are expected to be completed in 2017
We believe these three new contracts add significant value and
validate our strategy to combine our businesses to create a major
force within the interior fit-out sector, said Michael Palleschi,
President and CEO of FTE Networks. Our recently reported second
quarter results represent continued organic revenue growth. With
Benchmark, we expect to dramatically expand even beyond this
impressive upward trajectory.
About FTE Networks, Inc.
FTE Networks, Inc. (OTCQX:
FTNW) is a leading network infrastructure solutions provider to
the technology and communications sectors. FTEs three complementary
businesses are: FTE Networks Services (network infrastructure
solutions); CrossLayer, Inc. (managed network services with
first-of-its-kind advanced network and cloud platform), and
Benchmark Builders, Inc. (construction management), which provides
end-to-end design, build and support solutions for state-of-the-art
networks and commercial properties to create the most
transformative smart platforms and buildings. FTEs businesses are
predicated on smart design and consistent standards that reduce
deployment costs and accelerate delivery of innovative projects and
services. The company works with Fortune 100/500 companies,
including some of the worlds leading communications services
providers. FTE Networks and its subsidiaries operate three lines of
business, representing multiple verticals including Data Center
Infrastructure, Fiber Optics, Wireless Integration, Network
Engineering, Internet Service Provider, Construction Management,
General Contracting, and Pre-Construction Services. With
approximately 200+ employees, FTE and its entities have operations
in 17 states. 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. Specifically, the statements: We believe these three
new contracts add significant value and validate our strategy to
combine our businesses to create a major force within the interior
fit-out sector and With Benchmark, we expect to dramatically expand
even beyond this impressive upward trajectory. These and other
similar statements depend on a successful integration between FTE
and Benchmark and the Companys ability to successfully execute its
business strategy and generate increased business momentum. These
statements also 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 FTEs 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.
Media and Investor Relations:
FTE Networks, Inc.
999 Vanderbilt Beach Rd., Suite 601
Naples, FL 23108
(877) 850-4308
ir@ftenet.com
OTCQX: FTNW