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NAPLES, FL -- (Marketwired) -- 03/14/17 -- 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 an additional purchase order towards a project with a leading Northeast broadband communications company and it has expanded its New York City presence by opening new offices.
The developments come after FTE's announcement last week that it has signed a definitive agreement to join forces with privately held Benchmark Builders, Inc., a leading provider of construction management services in New York.
FTE also received another in a series of expected purchase orders that are part of Midtown Manhattan project that could have a value of $10 million over 12 months. "The addition of these projects continues to support the company's strategic focus of growing its inside plant (ISP) line of business and maintaining or improving its gross margins of 41% and driving profitability," said FTE Chairman and CEO Michael Palleschi. FTE will be taking new offices in New York at 237 West 35th Street, Suite 801, to expand the company's presence in the area to handle the additional business and anticipated growth.
The Benchmark transaction will enable FTE to deliver integrated network services, cutting-edge technology, and construction management services on the largest and most complex projects, from conception to completion. Benchmark has a powerful industry brand and strong presence in the New York City metropolitan market.
"New York City is a great opportunity for FTE Networks, as we continue to execute toward our $170 million backlog over the next three years," Palleschi added. "The pending transaction with Benchmark, combined with the FTE anticipated hyper-growth, enables us to continue to build our powerful presence in New York. Developers, network operators, and other businesses in New York seek out FTE for its high-quality work and customer service."
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.
About Benchmark Builders, Inc.
Benchmark is a New York-based construction manager and general contractor serving a diverse and sophisticated client base in the telecommunications, commercial, industrial, broadcast, technology, infrastructure, healthcare, and education industries. The company delivers unique project solutions in the complex New York marketplace. It emphasizes the ability of its experienced staff to become an integral part of a client's project team, responding to every client need and request. Benchmark excels at technologically complex work building broadcast studios and infrastructure, as well as large projects from $30 million to $100 million. Benchmark maintains its strong reputation by consistently delivering on the quality, budget, and schedule expectations of some of the industry's most demanding clients. For more information, please visit: http://www.benchmark-ny.com/.
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.
Source: FTE Networks, Inc.
Released March 14, 2017