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NAPLES, Fla., Dec. 14, 2018 (GLOBE NEWSWIRE) -- FTE Networks, Inc. (NYSE American: FTNW) ("FTE" or the "Company"), a leading provider of innovative technology solutions for smart platforms, network infrastructure and intelligent buildings, and a Deloitte 2018 Technology Fast 500 Winner (#95), announced today that four members of its Board of Directors, the Chief Executive Officer and Chief Financial Officer made open market purchases of FTE common stock between November 27th, 2018 and December 12th , 2018.
In total, 25,763 additional shares were purchased at an average price of approximately $4.39 per share. Fred Sacramone, President of FTE’s wholly owned subsidiary, Benchmark Builders and FTE director, purchased 3,000 shares, Patrick O’Hare, chair of FTE’s Nominating and Corporate Governance Committee, purchased 2,350 shares, Brad Mitchell, FTE director, purchased 2,515 shares, Christopher Ferguson, chair of FTE’s Compensation Committee, purchased 3,000 shares, Michael Palleschi, FTE’s President and Chief Executive Officer purchased an additional 10,898 shares, adding to his earlier purchase of 35,000 shares and David Lethem, FTE’s Chief Financial Officer purchased 5,000 shares, adding to his earlier purchase of 21,000 shares.
“We continue to remain optimistic and confident in the growth trajectory of FTE. Both our technology and infrastructure segments are seeing excellent momentum as we progress into 2019,” said Michael Palleschi, President and Chief Executive Officer of FTE. “We are experiencing an accelerated rate of CrossLayer-related contract activity, and we continue to work on improving our balance sheet. Participation in this stock purchase by members of our team and Board of Directors is a vote of confidence for our overall business strategy. We are in an excellent position as we begin 2019, and we look forward to building value for our loyal shareholders.”
About FTE Networks, Inc.
FTE Networks, Inc. ("FTNW"), 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: “optimistic,” “confident,” “momentum,” “strategy,” and similar references to future periods. Examples of forward-looking statements in this release may include, without limitation, statements, approximations, and forecasts FTE makes regarding the Company’s balance sheet, operating performance; strategies for growth; expectations for its infrastructure and technology segments; market demand for the FTE’s services; and other matters that involve known or unknown risks, uncertainties and other factors that may cause FTE’s 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 FTE’s current beliefs, expectations, and assumptions regarding the future of its business, future plans and strategies, projections, approximations, 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 FTE’s control, such as changing market conditions for FTE’s services and the risk that FTE fails to capitalize on its strategic initiatives. These risk factors and others are included from time to time in documents FTE files with the Securities and Exchange Commission, including but not limited to, its Form 10-K's, Form 10-Q's and Form 8-K's. FTE’s 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 FTE in this release is based only on information currently available to it and speaks only as of the date on which it is made. FTE undertakes 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 December 14, 2018