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NAPLES, Fla., Feb. 27, 2018 (GLOBE NEWSWIRE) -- FTE Networks, Inc. (NYSE American:FTNW) ("FTE" or the "Company"), a leading provider of innovative technology-oriented solutions for smart platforms, network infrastructure and intelligent buildings has been selected by Industry City to build and manage an ultra-fast, fiber optic network that delivers the most advanced and carrier-neutral secure internet connectivity across its 35-acre campus on the Brooklyn, New York, waterfront. Industry City, which the New York Times has dubbed “the SoHo of Sunset Park,” has more than 450 commercial tenants, including ABC Carpet, Brooklyn Kitchen, and Conde Nast. The Brooklyn Nets have announced that they will relocate their corporate office to Industry City. Its 35-acre project is located on the waterfront in Sunset Park, Brooklyn.
“With its progressive view of the state of the art multi-use real estate development as an innovation ecosystem that benefits its tenants and the wider community, we are proud to have been selected to be a part of this project. We believe it validates our services at CrossLayer and the overall consolidated Company, which strives to provide end-to-end solutions,” said Mr. Michael Palleschi, President and CEO of FTE Networks.
According to Lynn Martin, President of CrossLayer, through this agreement the Company will bring telecom carrier-like functionality across Industry City’s multiple buildings and campus, essentially building an ultra-fast, highly secure data network with unlimited connections that Industry City will own, with CrossLayer then managing the carrier-neutral network across the entire development, from sign-up to service.
“Industry City’s vision of creating a collaborative and innovate community across this truly remarkable development requires an internet experience that enables tenants and guests to connect seamlessly and securely wherever they are on campus,” Martin said. “In addition to a network that delivers among the fastest speeds available, CrossLayer’s network will give users more security and control over their WiFi service and abundant carrier diversity while providing an asset to Industry City for marketing this forward-thinking development.”
Jim Somoza, Director of Development with Industry City, added, “We selected CrossLayer for this important project based on the company’s strong understanding of in-building networks, and a holistic approach for our unique working environment. This new network will enable our tenants, many of whom are in the media, design, creative arts, production, and technology sectors, access to an always available network to operate advanced experiential multimedia systems and high-bandwidth cloud computing applications.”
Under the terms of the agreement, CrossLayer will build a gigabit fiber-optic network across the 35-acre development. Industry City, the historic shipping and warehouse complex, is today considered a preeminent creative hub for businesses, manufacturing, media, artists, and retailers in the scenic Sunset Park neighborhood.
About FTE Networks, Inc.
FTE Networks, Inc. ("FTNW") is a leading provider of innovation technology. We enable adaptive and efficient smart network connectivity platforms, infrastructure and buildings. FTE provides end-to-end design, build, and support solutions for state-of-the-art networks, data centers, residential and commercial properties. We create transformative smart platforms and buildings. FTE's services are predicated on smart design and consistent standards that reduce deployment costs and accelerate delivery of leading edge projects and services. The Company works with Fortune 100/500 companies, including some of the world's leading Telecommunications and IT Services Providers as well as REITs and Media Providers.
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This release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “believe,” “will,” and similar references to future periods. Examples of forward-looking statements in this release may include, without limitation, statements and forecasts regarding our ability to perform as anticipated, including the successful integration of our technology and services and other matters that involve known or unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to differ materially from results expressed or implied by this release. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and market trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. These risk factors and others are included from time to time in documents we file with the Securities and Exchange Commission, including but not limited to, our Form 10-K’s, Form 10-Q’s and Form 8-K’s. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Accordingly, you should not place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this update is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.
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Released February 27, 2018