NAPLES, Fla., Jan. 08, 2019 (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, and a Deloitte 2018 Technology Fast 500 Winner (#95), today announced that its CrossLayer, Inc. subsidiary enters 2019 with significant momentum after exceeding expectations in 2018. In 2018, CrossLayer has 31 buildings, where services can be offered through its advanced data network. Last year, CrossLayer also put in place a solid pipeline of opportunities and expects to grow revenue exponentially in 2019.
The CrossLayer™ patent-pending, edge compute platform, which delivers new digital technology services to tenants, is being deployed in iconic commercial real estate properties including New York’s Industry City, and in multi-tenant buildings in New York, Chicago, Phoenix, Naples and Toronto. In first half of 2018, CrossLayer also announced that it would be partnering with one of the largest global commercial real estate firms as one of its key technology service providers. Thanks in part to this technology partnership, CrossLayer expects to bring advanced network solutions to hundreds of commercial buildings across the United States.
“2018 has been an exceptional year for the Company and, in particular, CrossLayer,” commented Michael Palleschi, President and Chief Executive Officer of FTE Networks. “FTE launched CrossLayer just over a year ago, deploying a disruptive technology that addresses the market’s demand for faster, better and less expensive Internet and cloud services. Exceeding our 2018 guidance with 31 buildings and having built a solid pipeline of opportunities is a strong indicator of the scalability of CrossLayer’s technology.”
“Each new building that is lit delivers another new source of recurring revenue for the Company,” added Mr. Palleschi. “FTE’s businesses strengthen our strategic vision of creating and maintaining the entire in-building ecosystem, from design of the physical space to implementation of data systems and intelligent networks. I am excited at the Company’s outlook for 2019 and look forward to continuing market adoption and expansion in 2019.”
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: “expects” “expectations,” “opportunities,” “momentum,” “indicator” “vision,” “outlook,” and similar references to future periods. Examples of forward-looking statements in this release may include, without limitation, statements and forecasts regarding our ability to perform as anticipated, including the successful integration of our technology and services, the successful implementation of our strategy and our ability to realize the benefits of this strategy, and other matters that involve known or unknown 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, risk 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 release 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, where as a result of new information, future developments or otherwise.
Phone: (949) 259-4988
FTE Networks, Inc.
999 Vanderbilt Beach Rd., Suite 601
Naples, FL 23108
Released January 8, 2019