NAPLES, FL -- (Marketwired) -- 08/10/16 -- FTE Networks, Inc. (OTCQX: FTNW) ("FTE" or the "Company"), a leading network infrastructure solutions provider in the technology and telecommunications vertical, announced today that it is successfully on track to attain approximately $13.5 million in revenue from just two of their various key contracts during the second half of 2016. The contracts, previously announced in the first quarter, with Edge Communications and a leading Fortune 100 telecommunications carrier respectively, offers a combined value of approximately $153 million over a three-year period.
FTE is presently in alignment with the schedule terms listed in their Edge Communications agreement by completing the execution of the engineering phase for the initial 4 markets and launching the management and infrastructure/fiber deployment phase for the Des Moines, Iowa market as of July 2016. Concurrently, FTE began OSP Infrastructure and fiber deployment in Dallas, Fort Worth and St. Louis as organized under the terms of their April 1, 2016 agreement with a Fortune 100 telecommunications carrier.
Michael Palleschi, Chairman and Chief Executive Officer of FTE Networks, stated, "We are excited to continue providing high quality execution to our customers. Management has made great strides in mobilizing the necessary teams to support aggressive fulfillment of our existing contracts. It is because of this that we look forward to a successful closing of 2016 and expect substantial growth in 2017. FTE projects that the culmination of work to date and the continued ramp up of both of these projects thru the end of the year will ensue a significant contribution to the Company's overall revenue generated in the second half of 2016."
About FTE Networks, Inc.
FTE Networks, Inc. (FTNW), 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 companies that include Fortune 500, 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. For more information please visit: www.ftenet.com.
Forward Looking Statements
This release may contain forward-looking statements relating to the business of FTE. 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 FTE's current expectations and beliefs concerning future developments and their potential effects on FTE. There is no assurance that future developments affecting FTE will be those anticipated by FTE. FTE 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.
Contacts:
FTE Networks, Inc.
Kirstin Gooldy, CCO & IR
999 Vanderbilt Beach Rd., Suite 601
Naples, FL 23108
(877) 850-4308
ir@ftenet.com
OTCQX:FTNW
Investor Relations:
Natalya Rudman
Crescendo Communications, LLC
(212) 671-1020, Ext: 304
ftnw@crescendo-ir.com
Source: FTE Networks, Inc.
Released August 10, 2016
