Acquisition Expands Position & Business Opportunity in St. Louis Market
NAPLES, Fla.--(BUSINESS WIRE)-- FTE Networks, Inc. (OTCQX:FTNW) ("FTE" or the "Company"), a leading network infrastructure solutions provider to the technology and communications service provider industries, today announced that it has acquired specific assets of Midwest Underground Solutions, a company specializing in directional boring and fiber optic installations.
“This transaction demonstrates FTE’s continued efforts to consolidate complementary services that not only build scale, but more importantly increase opportunities to compete for the best projects in the markets we serve.” Michael Palleschi, Chairman and CEO of FTE Networks commented. “As part of our strategy to grow organically and through accretive acquisitions, this transaction enables us to execute on our order backlog of approximately $52 Million for 2017 and improves our margin profile, both of which will allow us to generate additional value for our shareholders.”
These new assets enable FTE to further expand its position in the St. Louis market with consolidated opportunities for fiber optic cabling and system integration services and brings an additional pipeline opportunity in the first quarter of 2017.
“The acquisition of Midwest Underground assets strengthens the comprehensive offering that FTE brings to communications companies,” said Lynn Martin, COO of FTE Networks, Inc. “It also brings additional staffing and revenue potential as we integrate these assets into our business."
FTE’s acquisition of Midwest Underground, includes construction equipment, as well as key personnel.
About FTE Networks, Inc.
FTE Networks is on the leading edge of network transformation, helping communications service providers, government and enterprise customers evolve their networks to meet advancing technology requirements via network infrastructure, and edge computing solutions to quickly enhance service innovation and deliver new revenue streams. With a focus on smart design, open architectures and consistent standards, along with expertise in building, operating, and maintaining networks, FTE solves complex network and system challenges that reduce costs and deployment time to accelerate delivery and optimize performance of network infrastructure. Operating five (5) industry segments; Data Center Infrastructure, Fiber Optics, Wireless Integration, Network Engineering, and Compute to the Edge, 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.
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FTE Networks, Inc.
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Source: FTE Networks, Inc.
Released January 17, 2017
