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NAPLES, FL -- (Marketwired) -- 07/31/14 -- FTE Networks, Inc. (PINKSHEETS: FTNW), a premier provider of solutions services in the telecommunications and technology vertical, today announced that one of its subsidiaries has been awarded 2 new staffing contracts totaling over $22 Million in revenue. The revenue from these contracts will be recognized over the next 12 months.
These new contracts will expand FTE's service offerings in California, Alabama, Georgia, Mississippi, North Carolina and Tennessee.
"These contract awards are part of our first phase of our strategic expansion efforts and play a major role in jump starting our service offerings in several geographic regions. This new business will complement our ongoing strategy to become a leading multi-disciplined service provider for major telecommunications carriers and technology providers," said Michael Palleschi, FTE's Chief Executive Officer. "It will allow us to combine our staffing expertise with our telecommunications and technology core competencies to deliver superior value and service to our customers in key markets. Management believes that the increased revenue will provide us with financial stability as we continue to grow out our verticals across the telecommunications industry."
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.
Investor Contact: Capital Markets Group 914-669-0222 Email Contact
Source: FTE Networks, Inc.
Released July 31, 2014