SOURCE: FTE Networks, Inc.

FTE Networks, Inc.

November 02, 2017 08:30 ET

FTE Networks Announces New Contracts, Valued at $61MM, in the New York Metropolitan Market

Company Strengthens Market Position with Additional 372,000 Square Feet of Premier Interior Buildout

NAPLES, FL--(Marketwired - November 02, 2017) - FTE Networks, Inc. (OTCQX: FTNW) ("FTE" or the "Company"), a leading provider of innovative, technology-oriented solutions for smart platforms, network infrastructure and buildings, today announced that Benchmark Builders, Inc. ("Benchmark"), a wholly owned subsidiary of FTE, has secured approximately $61.0 million in new contract awards. The projects are located in New York City and the surrounding boroughs and are expected to be completed throughout the next 18 months.

In the aggregate, the projects represent approximately 372,000 square feet of interior and infrastructure build-outs. The new business reflects a combination of new projects for existing customers and contract awards from new clients. FTE continues to maintain and strengthen its backlog through its new business development and sales initiatives.

Highlights of Benchmark's Recent Contract Wins

  • Benchmark continues to expand its reach in the New York City market
  • The eight new interior construction projects are valued up to $61.0 million combined
  • In total, the projects represent approximately 372,000 square feet of build-outs combined
  • All eight projects are located in New York City and its surrounding boroughs
  • The projects are expected to be completed throughout the next 18 months
  • Projects comprised of both new and existing customers

"We continue to strengthen our position in the New York City market and the surrounding boroughs. The contracts further support our position as a leading innovative interior and infrastructure build out firm," said Michael Palleschi, President and CEO of FTE Networks.

"The contract wins emphasize Benchmark's unmatched commitment to our customers and the ability of our experienced staff to become an integral part of a client's project team. It is our priority to respond to each of our client's needs to deliver high quality, in budget and in schedule expectations of some of the industry's most demanding clients," said Fred Sacramone, President of Benchmark Builders, Inc.

About FTE Networks, Inc.

FTE Networks, Inc. ("FTNW"), is a leading provider of innovative technology-oriented solutions for smart platforms, network infrastructure and buildings. FTE's three complementary businesses are FTE Network Services, CrossLayer, Inc. and Benchmark Builders, Inc. Together they provide 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. FTE's 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 world's leading communications services providers. FTE Networks and its subsidiaries support multiple services, including Data Center Infrastructure, Fiber Optics, Wireless Integration, Network Engineering, Internet Service Provider, General Contracting Management and General Contracting. For more information, please visit www.ftenet.com.

Note on 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: "believe," "expected" and similar references to future periods. Examples of forward-looking statements in this release may include, without limitation, statements we make regarding the anticipated completion date for these new projects and the impact they will have on our operating results, plans for growth and other 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 update 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.

Contact Information

  • Media and Investor Relations:
    FTE Networks, Inc.
    999 Vanderbilt Beach Rd., Suite 601
    Naples, FL 23108
    (877) 850-4308
    ir@ftenet.com