FTE Networks Expands Infrastructure Services Business in New
York City via $10 Million Contract
Initial phase will be complete during current fiscal year
NAPLES, FL -- November 17, 2016 -- 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 was awarded a $1.2 million contract with a
leading Northeast broadband communications company to provide
network infrastructure services for Multi-Dwelling Units (MDUs) in
New York City. This initial project is part of a larger opportunity
with a total estimated value of $10 million over the next 12
months. FTE will leverage its new multi-edge computing expertise to
provide an enhanced connected experience for residents and
visitors.
This contract coupled with our current backlog of $55M in
annualized revenues and $166 million pipeline over the next three
years will continue to improve our bottom-line, as we strive to
reach our ultimate goal of improved shareholder value, said Mr.
Michael Palleschi, CEO of FTE. Management is focused on meeting the
diverse needs of developers, network operators and businesses in
New York City by bringing together more connectivity options that
deliver a better experience for customers, while offering more
opportunities for network owners or operators to create value-added
services with revenue potential.
Mr. Anthony Sirotka, Chief Business Development Officer of FTE,
added, This contract is testament to the high-quality work and
comprehensive customer service approach that is the hallmark of the
way that FTE conducts business. With infrastructural spending
expected to reach record levels in the foreseeable future, FTE is
committed to establishing itself as a leader in this emerging
marketplace. Most notably, the greater New York City market
represents a tremendous opportunity for FTE, and we intend to build
our presence throughout the region in the coming years.
Overall construction spending in New York City is on track in
2016 surpass the record set prior to 2008. The New York Building
Congress forecast construction spending in 2016 will reach $43.1
billion, a 26% increase from 2015 and the first time the metric
will have eclipsed the $40 billion mark in the city. The
association projects spending of $42.1 billion in 2017 and $42.3
billion the year after as the biggest building boom since the
1980s.
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.
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