FTE Networks Announces Strategic Sale of CrossLayer, Inc.
January 23 2020 - 5:00PM
FTE Networks, Inc. (NYSE American: FTNW) (“FTE” or the “Company”),
today announced that it has completed the sale of CrossLayer, Inc.,
to Wyoming-based special management company CBFA Corporation. The
transaction closed on January 16th and marks a reaffirming step
forward in FTE’s strategic plans to stimulate revenue growth and
shareholder value in 2020.
As outlined in an FTE shareholder letter and
release distributed earlier this month, a new board of directors
and management team has been in place since October 2019. They have
been tasked with exploring strategic alternatives that will improve
the Company’s long-term financial health and operational
effectiveness. This team determined that this transaction enables
leadership to create value for all shareholders, improve business
operations, and promote sustainable growth in revenues and
profitability.
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.
About FTE Networks, Inc.
FTE Networks, Inc. (“FTE”) through its
subsidiary US Home Rentals, owns, operates and invests in
affordable rental housing in tier 3 and 4 markets. Single family
home rentals (SFR) is large, growing and attractive market.
Nationally, home rentals are growing faster than home ownership.
With a portfolio of more than 3,000 affordable rental homes across
several states, FTE is one of the few companies that has a strong
and established portfolio of assets forthe affordable rental
housing market.
For more information, please
contact:
Doug Hesney,
Makovskydhesney@makovsky.com
Corporate Contact:FTE
Networks, Inc.237 W. 35th Street, Suite 601New York,
NY 10001(877) 850-4308ir@ftenet.com
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