FTE Networks Announces Additional Insider Purchases
December 14 2018 - 8:30AM
FTE Networks, Inc. (NYSE American: FTNW) ("FTE" or the "Company"),
a leading provider of innovative technology solutions for smart
platforms, network infrastructure and intelligent buildings, and a
Deloitte 2018 Technology Fast 500 Winner (#95), announced today
that four members of its Board of Directors, the Chief Executive
Officer and Chief Financial Officer made open market purchases of
FTE common stock between November 27th, 2018 and December 12th ,
2018.
In total, 25,763 additional shares were
purchased at an average price of approximately $4.39 per
share. Fred Sacramone, President of FTE’s wholly owned
subsidiary, Benchmark Builders and FTE director, purchased 3,000
shares, Patrick O’Hare, chair of FTE’s Nominating and Corporate
Governance Committee, purchased 2,350 shares, Brad Mitchell, FTE
director, purchased 2,515 shares, Christopher Ferguson, chair of
FTE’s Compensation Committee, purchased 3,000 shares, Michael
Palleschi, FTE’s President and Chief Executive Officer purchased an
additional 10,898 shares, adding to his earlier purchase of 35,000
shares and David Lethem, FTE’s Chief Financial Officer purchased
5,000 shares, adding to his earlier purchase of 21,000 shares.
“We continue to remain optimistic and confident
in the growth trajectory of FTE. Both our technology and
infrastructure segments are seeing excellent momentum as we
progress into 2019,” said Michael Palleschi, President and Chief
Executive Officer of FTE. “We are experiencing an accelerated rate
of CrossLayer-related contract activity, and we continue to work on
improving our balance sheet. Participation in this stock purchase
by members of our team and Board of Directors is a vote of
confidence for our overall business strategy. We are in an
excellent position as we begin 2019, and we look forward to
building value for our loyal shareholders.”
About FTE Networks, Inc.
FTE Networks, Inc. ("FTNW"), FTE Networks, Inc.
("FTNW") is a leading provider of innovation technology. We enable
adaptive and efficient smart network connectivity platforms,
infrastructure and buildings. FTE provides end-to-end design,
build, and support solutions for state-of-the-art networks, data
centers, residential and commercial properties. We create
transformative smart platforms and buildings. FTE's services are
predicated on smart design and consistent standards that reduce
deployment costs and accelerate delivery of leading-edge projects
and services. The Company works with Fortune 100/500 companies,
including some of the world's leading Telecommunications and IT
Services Providers as well as REITs and Media Providers.
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.
Forward-looking statements can be identified by words such as:
“optimistic,” “confident,” “momentum,” “strategy,” and similar
references to future periods. Examples of forward-looking
statements in this release may include, without limitation,
statements, approximations, and forecasts FTE makes regarding the
Company’s balance sheet, operating performance; strategies for
growth; expectations for its infrastructure and technology
segments; market demand for the FTE’s services; and other matters
that involve known or unknown risks, uncertainties and other
factors that may cause FTE’s 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 FTE’s current beliefs, expectations, and
assumptions regarding the future of its business, future plans and
strategies, projections, approximations, 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 FTE’s
control, such as changing market conditions for FTE’s services and
the risk that FTE fails to capitalize on its strategic initiatives.
These risk factors and others are included from time to time in
documents FTE files with the Securities and Exchange Commission,
including but not limited to, its Form 10-K's, Form 10-Q's and Form
8-K's. FTE’s 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
FTE in this release is based only on information currently
available to it and speaks only as of the date on which it is made.
FTE undertakes 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:
Investor Contact:
Ted HaberfieldMZ Group North AmericaPresidentPhone:
760-755-2716Email: thaberfield@mzgroup.usWeb:
www.mzgroup.us
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