New Contract Awards Exceed $108.5 Million Year-to-Date
NAPLES, Fla., Feb. 21, 2018 (GLOBE NEWSWIRE) — FTE Networks, Inc. (NYSE American:FTNW) (“FTE” or the “Company”), a leading provider of innovative technology-oriented solutions for smart platforms, network infrastructure and intelligent buildings, today announced that it has been awarded two new projects totaling $27.5 Million.
FTE has been awarded two projects with high-profile customers. The awards include a new customer project with a $100+ Billion multinational technology company valued at approximately $17.5 Million. This company employs approximately 75,000 employees globally, with a sizable portion working in the Manhattan markets. Additionally, a leading television broadcasting company with revenues of approximately $28.5 Billion and a large presence in Manhattan has awarded us a project valued at approximately $10 Million. The services include the creation of intelligent workplaces by providing state-of-the-art technology, infrastructure and fit-out services. The projects are expected to begin in Manhattan in the 1st Quarter and projected to be completed over the next 18 months.
Michael Palleschi, President and CEO of FTE Networks, stated, “I am extremely pleased with our steady flow of contract awards and the strengthening of our customer portfolio from both our existing customer base and new customer contracts. The continued expansion of FTE’s project portfolio with esteemed companies signals the market’s growing enthusiasm for FTE. Our visionary combination of technology and infrastructure supports the increasing demand for intelligent buildings by offering a comprehensive set of innovative solutions. Our dynamic product suite and services ensure tenants, workforces, and buildings are utilizing state-of-the-art facilities that provide faster and better compute to the edge solutions.”
About FTE Networks, Inc.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.
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: “projected,” “expected,” “signals,” and similar references to future periods. Examples of forward-looking statements in this release may include, without limitation, statements and forecasts regarding the estimated timeframe these projects will be completed by, our perceived reception and acceptance by the market of our products, and our ability to leverage these newly awarded contracts to increase our market share in New York City Markets; our strategies for continued growth and strategic expansion in select markets; 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.