FTE Networks Provides Shareholder Update
September 12 2019 - 10:26AM
FTE Networks, Inc. (NYSE American: FTNW) ("FTE" or the
"Company"), today issued a letter to FTE shareholders regarding the
Company’s efforts and progress since the completion of its debt
restructuring in July 2019. The full text of the letter from
President and Interim CEO Fred Sacramone follows.
Dear Fellow Shareholders:
The Company has been expending significant
efforts on many fronts to bring the Company current in its filings
under the Securities Exchange Act of 1934, as amended.
Management has been assisting outside counsel and consultants with
the internal investigation of certain actions that was
requisitioned by our Board of Directors and announced in a Form 8-K
on March 22, 2019, preparing the restated financial statements for
our 2016 and 2017 fiscal years and the financial statements for our
2018 fiscal year, and working with our outside auditors in their
audit of such financial statements. Most importantly, we have
been preparing the amended and most recent annual reports on Form
10-K and quarterly reports on Form 10-Q that will be filed with the
Securities and Exchange Commission (the “SEC”) to make those
financial statements available to the public and to include other
disclosures that are required by the applicable federal securities
laws. This has been a major effort on the part of management
and we currently expect to make those filings with the SEC
in the fourth quarter of this year.
Additionally, the Company is currently exploring
various strategic alternatives that would improve the Company's
long-term financial health and operational effectiveness and
address important legal issues resulting from certain actions taken
by prior management, including but not limited to, additional
financial and operational restructurings, sale or disposition of
assets, and reviewing our legal remedies to recover funds and
assets.
We appreciate the support and patience of all of
the Company’s stakeholders as we continue our efforts to bring FTE
Networks in full compliance with its required filings and improve
our operating performance. We believe the completion of those
filings will be the start of a more robust communications effort on
the part of the Company and will continue to share pertinent
information as we work towards improving and streamlining our
business operations to promote growth in our revenues and
profitability.
Sincerely,
Fred SacramonePresident & Interim CEO
About FTE Networks, Inc.
FTE Networks, Inc. ("FTNW") is a full-service
provider of construction management and general contracting
services to the interior construction market through its Benchmark
Builders subsidiary. Benchmark provides innovative solutions
to the construction process and strives to achieve high-quality and
timely delivery of projects for its clients. FTE’s Crosslayer
and Juscom divisions provide technology solutions for smart
building platforms, edge computing and network infrastructure
solutions for residential and commercial properties.
Forward-Looking Statements
This release may contain “forward-looking
statements” within the meaning of the safe harbor provisions of the
United States Private Securities Litigation Reform Act of 1995.
Generally, forward‐looking statements can be identified by the use
of forward‐looking terminology such as “believe,” “will,”
“intends,” “expects,” and may include statements regarding matters
that involve known or unknown risks, uncertainties and other
factors that may cause our results, levels of activity, performance
or achievements to differ materially from results expressed or
implied by this release. Forward-looking statements are
neither historical facts nor assurances of future
performance. Instead, they are based only on our current
beliefs, expectations, and assumptions regarding the future of our
business, future plans and strategies, projections, anticipated
events and market trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control. These risk factors and
others are included from time to time in documents we file with the
Securities and Exchange Commission, including but not limited to,
our Form 10-K’s, Form 10-Q’s and Form 8-K’s. Our actual
results and financial condition may differ materially from those
indicated in the forward-looking statements. Accordingly, you
should not place undue reliance on these forward-looking
statements. Any forward-looking statement made by us in this
release is based only on information currently available to us and
speaks only as of the date on which it is made. We undertake no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future developments or
otherwise.
For more information, please contact:
Corporate Contact:FTE Networks,
Inc.237 W. 35th Street, Suite 601New York, NY
10001(877) 850-4308ir@ftenet.comNYSE American: FTNW
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