NAPLES, FL -- (Marketwired) -- 05/06/16 -- FTE Networks, Inc. (OTCQB: FTNW) ("FTE" or the "Company"), a leading network infrastructure solutions provider in the technology and telecommunications vertical, announced today that the company has expanded its service offerings under a master services agreement to support a leading network integrator and equipment manufacturer with their global equipment rollout initiative for Distributed Antenna Systems (DAS). The additional services will add significant growth to FTE's wireless services line of business.
Under the terms of the agreement, FTE will be performing field engineering and installation services, such as small cell installation, site surveys and structured cabling, in order to support the client's equipment rollout and site maintenance. The engagement that FTE has with its client is open-ended with the potential for additional work in 50+ regional markets. The DAS marketplace is an extensive one, as growth is expected to reach USD 9.18 Billion by 2020, at a CAGR of 7.11% between 2015 and 2020*.
"FTE is excited to partner with this global leader to answer the demand for quality high-speed wireless service, which creates a massive need for superior infrastructure, while generating additional revenue for FTE in this growing marketplace," said Mr. Anthony Sirotka, Chief Business Development Officer of FTE Networks. "With wireless carriers earmarking billions of dollars towards infrastructure and development, the rapidly emerging DAS market presents a huge opportunity for us going forward."
Michael Palleschi, CEO and Chairman of the Board of FTE Networks said, "We are very pleased to continue to strengthen our relationship with this leading network integrator while broadening our regional and national footprint." He added, "This endeavor supports the Company's strategic initiatives by growing the Company's wireless services line of business, contributing to higher margins, extending existing services offered within current markets and supports our ability to enter into new national markets. Each contract and strong client relationship enables us to continue on our path to profitability in 2016."
"FTE Networks, Inc. currently has approximately $24.5 million dollars in customer backlogs for 2016," said David Lethem, the Company's Chief Financial Officer. "We continue to attract high quality customers, provide them with a high quality service and anticipate growing our revenues with higher margin, accretive business opportunities that continue to create shareholder value."
*Source: "DAS Market." https://www.daspedia.com. Ed. John Hayes. DASpedia, n.d. Web.
About FTE Networks, Inc.
FTE Networks, Inc., and its wholly owned subsidiaries, is a leading international networking infrastructure 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
ir@ftenet.com
Investor Relations
Porter, LeVay & Rose
Michael Porter or Matthew Abenante
(212) 564-4700
matthew@plrinvest.com
Source: FTE Networks, Inc.
Released May 6, 2016
