NAPLES, FL -- (Marketwired) -- 04/13/16 -- FTE Networks, Inc. (OTCQB: FTNW) ("FTE" or the "Company"), a leading networking infrastructure service solutions provider in the technology and telecommunications vertical, announced today that it has been awarded a multi-year contract with a leading telecommunications carrier valued up to $8 million. This additional contract began on April 1, 2016 and will continue over the next three years.
FTE was awarded this ancillary contract as a follow-up to a previous engagement with the telecom leader. Under the terms of this contract, FTE will expand its operations to include Dallas/Ft. Worth and Oklahoma City. As previously announced, FTE will open offices in Texas and Oklahoma and expand its current office locations in Kansas and Missouri.
"FTE is pleased to announce that we will be expanding our scope of services with this premier telecommunications carrier," said Michael Palleschi, CEO and Chairman of the Board of FTE Networks said. "We are proud to have a very strong, long-standing relationship with this customer. Being awarded this high-margin contract is a testament to our employees, industry experience, and the high caliber of our services in the industry.
Mr. Palleschi continued, "This agreement is another major win for FTE. Since the beginning of 2016, we have successfully secured more than $150 million in new contract awards, much of which stems from industry leaders. These projects give FTE the ability to generate a long-term revenue stream, enabling us to continue on our path to profitability in 2016. We anticipate recognizing the revenue from these projects initially in the second half of 2016."
This contract is one of several which are being actively executed around the country. As business conditions warrant, additional local and regional offices will be opened to better serve existing customers and win new ones.
About FTE Networks, Inc.
FTE Networks, Inc., and its wholly owned subsidiaries, is a leading international networking infrastructure service solutions company. We design, build, and support telecommunications and technology systems and infrastructure services for Fortune 500 companies operating four (4) industry segments: Data Center Infrastructure, Fiber Optics, Wireless Integration, and Surveillance & Security. FTE Networks is headquartered in Naples, Florida, with offices throughout the United States and Europe.
Forward Looking Statements
This release may contain forward-looking statements relating to the business of FTNW. 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 FTNW's current expectations and beliefs concerning future developments and their potential effects on FTNW. There is no assurance that future developments affecting FTNW will be those anticipated by FTNW. FTNW 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.
Contact:
FTE Networks, Inc.
999 Vanderbilt Beach Rd., Suite 601
Naples, FL 23108
(877) 850-4308
Email: ir@ftenet.com
Investor Relations
Porter, LeVay & Rose
Michael Porter or Matthew Abenante
(212) 564-4700
Email: matthew@plrinvest.com
Source: FTE Networks, Inc.
Released April 13, 2016
