Leading Northeast Broadband Company Retains FTE Networks for Major Network Infrastructure Project
NAPLES, Fla.--(BUSINESS WIRE)-- FTE Networks, Inc. (OTCQX:FTNW) ("FTE" or the "Company"), a leading network infrastructure solutions provider in the technology and communications industries, today announced that it has received a $1.2 Million Purchase Order for the first phase of a $10 million opportunity with a leading Northeast broadband communications company.
In the initial phase of the project, FTE is providing network infrastructure services for Multi-Dwelling Units (MDUs) in New York City. The work is part of a larger opportunity with a total estimated value of $10 million over 12 months.
"We anticipate that the first quarter of 2017 will be more than double the revenue of the same period last year as a result of the significant new projects underway. Most importantly, our gross margins on this opportunity are substantially higher than our typical project,” said FTE Chairman and CEO Michael Palleschi. “This is the beginning of what we expect to be a long and rewarding relationship. This revenue is one piece of our $52 million backlog for this year. This is just one example of how we continue to execute towards our $170 million pipeline over the next three years.”
Anthony Sirotka, Chief Business Development Officer of FTE, added: “Infrastructure spending is rising dramatically and will continue to do so for the foreseeable future. We have been successful in establishing FTE Networks as a leader in this marketplace. The New York City area represents a great opportunity for us, and we intend to take full advantage by continuing to build our pipeline. Developers, network operators, and businesses in New York all appreciate the high-quality work and customer service that are FTE’s hallmark.”
Overall construction spending in New York City for 2016 is on track to surpass the record set before 2008. The New York Building Congress forecasted that construction spending in 2016 would reach $43.1 billion, a 26 percent increase from 2015. It would be the first time that construction spending in the city has eclipsed $40 billion. The association projects spending of $42.1 billion in 2017 and $42.3 billion in 2018 in what would be the biggest building boom since the 1980s.
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.
877-850-4308
ir@ftenet.com
or
Investors:
MBS
Value Partners
Robert Goetze, 212-897-9667
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or
Media:
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Value Partners
Jon Elsen, 914-305-6981
Jon.elsen@mbsvalue.com
Source: FTE Networks, Inc.
Released January 19, 2017
