New Contract Awards of Approximately $133 Million Year-to-Date
NAPLES, Fla., April 11, 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 new projects totaling approximately $24.3 million, bringing its year-to-date total to approximately $133 million. These new contracts further strengthen the Company’s upward growth trajectory, and are expected to have a positive impact on earnings.
The newly acquired customer project portfolio includes companies in the communications, technology, REIT, and hedge fund industries. Additionally, the Company continues to be awarded re-occurring infrastructure projects in strategic markets across the United States under existing master service agreements, through which FTE helps create intelligent workplaces by providing state-of-the-art technology, infrastructure and fit-out services. Several of these new and re-occurring awards are with marquee customers in the coveted New York City metro region, bolstering the Company’s market presence, visibility, and enhancing its prospects for further expansion. FTE expects to complete these projects over the next 12 months.
Michael Palleschi, President and CEO of FTE Networks, stated, “Year-to-date, FTE has continued to secure new contract awards from an increasingly prestigious client base, including global, tier one clients, Fortune 100/500 companies and top-ranking REITs. Our recently announced preliminary backlog of approximately $434 million at December 31, 2017 underscores the underlying strength of our business and further validates the market’s adoption of FTE’s product and service suite that spans multiple growth market segments. By offering our complementary services that provide state-of-the-art technology and infrastructure solutions that enable the edge, we are well positioned to meet the increasing demands for intelligent work spaces.”
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.
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: “expected,” “prospects,” “well positioned,” 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 new projects will be completed by and they impact they will have on the Company’s financials; our perceived reception and acceptance by the market of our products/services, and our ability to leverage these newly awarded contracts to increase our market share and enhance our visibility in New York City 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.
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FTE Networks, Inc.
999 Vanderbilt Beach Rd., Suite 601
Naples, FL 23108
Released April 11, 2018