FTE Networks Provides 12-Month Revenue Guidance of $55 Million, Reports Current Contract Pipeline of $166 Million
October 03 2016 - 10:21AM
InvestorsHub NewsWire
FTE Networks Provides 12-Month Revenue Guidance
of $55 Million, Reports
Current Contract Pipeline of $166
Million
NAPLES, FL -- October 3, 2016 -- InvestorsHub
NewsWire -- FTE Networks, Inc. (OTCQX:FTNW),
a leading network infrastructure solutions
provider in the technology and telecommunications vertical, today
announced that the company secured contracts valued at
approximately $166 million during the last nine months. These
projects alone are expected to generate in excess of $55 million in
annualized revenue from 2017 to 2019.
2016 Contract Awards:
- Signed Letter of Intent with Edge Communications to support
Edge on a multi-state network expansion project valued up to $100
million dollars over the next 36 months;
- Secured Fiber Optic Infrastructure Services contract valued at
over $53 million dollars over the next three years with Fortune 500
telecommunications carrier;
- Granted seven multi-dwelling unit projects in Texas with
leading Fortune 100 company valued at approximately $1.0
million;
- Awarded contract valued up to $12 million by a global
telecommunications company over the next 12 months.
Mr. Michael Palleschi, Chairman and Chief
Executive Officer of FTE Networks, stated, “The Company’s revenue
pipeline continues to increase quarter after quarter, driven by a
series of organic growth initiatives launched last year. We expect
to record more than $55 million in annualized revenue during 2017
to 2019 as a result of the contracts awarded during the first nine
months of 2016. This dramatic year-over-year increase in
total revenue will significantly improve FTE’s bottom-line
earnings. Going forward, management will continue to leverage
our relationships with Fortune 100 companies while providing
best-in-class service offerings in order to secure additional
contracts and achieve our ultimate goal of enhanced shareholder
value.”
“FTE expects to see a significant increase in
revenue leading into 2017 as we continue to execute on our project
pipeline valued at approximately $166 million,” said
Mr. Anthony Sirotka, Chief Business Development
Officer of FTE Networks. “We will
continue to see a ramp up in revenues as we head into 2017 and
beyond as our new management team works on a number of new higher
margin initiatives such as Compute-to-the-Edge which is the next
wave of telecom. We are currently engaged in negotiations for
several large scale projects and expect to continue our growth
trajectory. The insatiable demand for wireless capability
coupled with the projected $100 billion 5G marketplace has
positioned FTE Networks to become an industry leader in the network
infrastructure marketplace.”
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, and Wireless Integration,
Network Engineering, 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.
Kirstin Gooldy, CCO
999 Vanderbilt Beach Rd., Suite 601
Naples, FL 23108
(877) 850-4308
ir@ftenet.com
Investor Relations:
Natalya Rudman
Crescendo Communications, LLC
(212) 671-1020, Ext: 304
ftnw@crescendo-ir.com
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