NAPLES, FL --(Marketwired - September 26, 2016) - FTE Networks, Inc. (OTCQX: FTNW) a leading network infrastructure solutions provider in the technology and telecommunications vertical, today announced it has been awarded a contract by a global telecommunications network integrator to support a fiber network build out of approximately 750 miles of fiber to enable a 5G rollout for a major U.S. wireless company in Seattle and Tacoma, Washington. The contract is valued up to $12 million over the next 12 months and will commence in November 2016.
"This agreement is a significant milestone for our company, in addition to providing significant revenue, it also bolsters our existing relationship with a leading network integrator," stated Mr. Michael Palleschi, Chief Executive Officer and President of FTE Networks. "We are extremely pleased that our best in class offerings were selected to serve at the forefront of the 5th generation wireless systems movement. Over the next 10 years it is projected that wireless carriers will spend over $104 billion to upgrade their existing LTE networks and build out their 5G-network infrastructure. This increase in capital spending will significantly drive demand for our infrastructure services. Going forward, we intend to partner with similar companies on parallel projects in order to further establish FTE as a market leader and enhance our overall shareholder value."
5G (5th generation mobile networks or 5th generation wireless systems) denotes the next major phase of mobile telecommunications standards beyond the current 4G/IMT-Advanced standards. 5G planning includes Internet connection speeds faster than current 4G, and other improvements. The Next Generation Mobile Networks Alliance feels that 5G should be rolled out by 2020 to meet business and consumer demands.
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.
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.