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NAPLES, Fla., March 01, 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, today announced its subsidiary, CrossLayer, Inc., has signed a three-year, monthly recurring revenue contract with an entertainment production company supporting multi-billion-dollar media outlets. The contract follows FTE’s recent announcement that Industry City chose FTE’s CrossLayer to build and manage an ultra-fast, compute-to-the-edge network to deliver advanced and secure communications connectivity across its 35-acre campus on the waterfront in Brooklyn, New York. Industry City is home to more than 450 commercial tenants.
“As a tenant and part of the Industry City community, we are proud to have been selected by a premier production company to provide smart technology solutions to an increasingly innovative ecosystem of real estate and technology. This award further validates FTE’s strategy of strengthening its fundamentals with a steady flow of contract and project awards that consist of monthly recurring revenue, re-occurring revenue and/or new customer one-time project awards. FTE is delivering on its vision of providing state-of-the-art technology and infrastructure solutions that enable the edge to meet the increasing tenant demands for intelligent work spaces,” said Mr. Michael Palleschi, President and CEO of FTE Networks.
With its multi-gigabit connectivity, businesses at Industry City will benefit from the scalability, and always available capabilities of CrossLayer’s Compute-to-the Edge network that provides future-ready communications solutions. “The implementation of CrossLayer’s platform enables a fully integrated, real-time, connected experience—a critical element in the media, production, and engineering industries that operate at Industry City to reduce latency and increase productivity,” said Lynn Martin, President of CrossLayer.
Supported by FTE’s comprehensive suite of services, and as a result of its combined entities – the Company provides end-to-end design, installation, and support solutions for state-of-the-art networks and commercial properties that enable its clients to transform their technology infrastructure and maximize the functionality of their facilities. With this recent Industry City installation, the Company is excited to provide the opportunity to more of its tenants that seek to take advantage of the cutting-edge technology that CrossLayer offers.
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.
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: “will,” “strategy,” “vision,” “opportunity” 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, the successful implementation of our strategy and our ability to realize the benefits of this strategy, 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.
For more information, please contact:
FTE Networks, Inc.
999 Vanderbilt Beach Rd., Suite 601
Naples, FL 23108
NYSE American: FTNW
Released March 1, 2018