NAPLES, FL -- (Marketwired) -- 05/06/14 -- FTE Networks, Inc. (PINKSHEETS: FTNW), a premier provider of fiber and wireless infrastructure services in the telecommunications vertical, today announced that it has been awarded a two-year, 6 territory agreement with a US based, Fortune 500 major telecommunications carrier for the installation and maintenance of the carrier's central office and customer premise infrastructure. FTE expects total revenue under this agreement to be at least $18 million over the next two years.
Additionally, FTE has been awarded similar work related to the maintenance and upgrade of another carrier's network, covering multiple markets nationwide. This work is expected to begin in May 2014 and last for 3 years. The Company has already begun mobilization for this work, which is anticipated to generate over $6 million in revenue in 2014 from existing and new markets.
These new contracts will expand FTE's service offerings in 8 Markets (Florida, Georgia, Missouri, Kansas, New Mexico, Colorado, Wyoming and Arizona).
In the second quarter of 2014, FTE expects to incur approximately $500 thousand in incremental expenses associated with these projects including the deployment of resources and supporting infrastructure.
"We anticipate that these contract awards will play a significant role in FTNW's planned expansion initiative. Our business continues to expand and FTNW is executing on our strategy to become a leading service provider for major telecommunications carriers as they maintain and upgrade their networks nationwide," said Michael Palleschi, FTE's Chief Executive Officer. "These conversations represent our ability to compete and win large contracts with Fortune 500 telecommunications companies in greenfield and existing areas of business. As we build our brand and business, we believe our shareholder value will reflect our success and we look forward to incremental value increases as FNTW secures new contracts and recognizes existing contract revenue."
About FTE Networks, Inc.
FTE Networks is a vertically integrated company with an international footprint. Since its inception, FTE Networks has steadily advanced its management, operational and technical capabilities to become a leading provider of services to the telecommunications and wireless sector with a focus on turnkey solutions. FTE Networks provides a comprehensive array of services centered on quality, efficiency and customer service.
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.
Source: FTE Networks, Inc
Released May 6, 2014