FTE NETWORKS ANNOUNCES NEW CONTRACTS VALUED AT AGGREGATE
$85MM
FTE Networks Wholly Owned Subsidiary, Benchmark Builders,
Awarded Multiple New Contracts
NAPLES, Fla. (June 5, 2017) FTE Networks, Inc. (OTCQX:FTNW)
(FTE or the company), a leading network infrastructure solutions
provider in the technology and communications industries, today
announced that Benchmark Builders, Inc. (Benchmark), a wholly owned
subsidiary of FTE, has won five new infrastructure projects from
three different customers that are valued at approximately $85
million in the aggregate.
Previously announced, Benchmark was recently ranked No. 6 among
the top general contractors for alteration and renovation projects
based on initial estimated costs listed in New York City Department
of Building permits filed between January 2012 and March 2017. To
see the complete rankings in the May issue of The Real Deal,
considered the leading source of New York real estate news, please
click here.
The projects are each located in midtown Manhattan. Work has
already begun and all of the projects are expected to be completed
throughout 2017. In total, the new assignments represent
approximately 450,000 square feet of build outs. The new contracts
support the combined nine-month backlog of $261MM that FTE and
Benchmark had as of April 20, 2017.
"Since completing the acquisition of privately-held Benchmark in
April of this year, we have already seen a flurry of activity and
new contract wins that strengthen our backlog and strong position
within the New York City market," said Michael Palleschi, President
and CEO of FTE Networks.
Highlights of Benchmarks Recent Contract Wins
- The new projects are valued up to $85 million combined
- The projects represent approximately 450,000 square feet of
build outs combined
- All of the new projects are located in Manhattan and its
surrounding boroughs
- The projects are expected to be completed throughout 2017
FTE Networks completed the acquisition of privately-held
Benchmark for $75MM on April 20, 2017 and is already realizing
benefits from the transaction. Benchmark has an Unaudited
Independent Valuation of Quality of Earnings top independent
registered accounting firm, which verifies full-year 2016 revenue
of $389 million for full-year 2016. As of April 20, 2017, FTE and
Benchmark had a combined nine-month backlog of $261MM. The company
expects this backlog to increase significantly as it progresses
with its growth strategy. The completion of the transaction and the
strength of the combined entity create an immediate platform for
"uplisting" to a more senior exchange.
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 8 Lines of
Business, 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. 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 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