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NAPLES, FL -- (Marketwired) -- 06/21/17 --
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 secured master services agreements ("MSAs") with three multibillion-dollar telecommunications network integrators to support fiber network and inside plant build-outs in the Denver market. One MSA is new and two are expanding under existing MSAs. These agreements extend the Company's footprint in the Denver region, strengthen its regional dominance, and add to the Company's ISP (inside plant) line of business, which is the Company's higher-margin operation.
Two of the network integrators are multibillion-dollar U.S. corporations that provide infrastructure for broadcasting, mobile telephones, and wireless broadband including small cell, traditional cell sites, rooftop sites and indoor/outdoor distributed antenna systems. They provide mobile telephone coverage to all of the top 100 markets in the U.S. on behalf of service providers such as Verizon, AT&T Mobility, Sprint, and T-Mobile. The other corporation is a global telecommunications company that has been in operation for more than 140 years and has customers in over 180 countries.
Highlights of FTE's Recent Wins
These MSAs strengthen the six-month backlog of $234MM that FTE, combined with its recently acquired subsidiary, Benchmark Builders, Inc. ("Benchmark"), had as of June 2, 2017.
"We are delighted to continue our expansion in Denver, one of many markets where we have achieved a leading market position," said Michael Palleschi, chairman and CEO of FTE. "These agreements underscore our industry reputation and customer confidence in our experience, expertise, and ability to deliver timely services within budget limitations. In addition to potentially providing significant revenue, these MSAs also strengthen our existing relationship with three leading network integrators. With our current momentum and recently closed acquisition of Benchmark, we expect to be well-positioned for an uplisting to a major exchange in the near future."
About FTE Networks, Inc.
FTE Networks, Inc. (FTNW) is a leading network infrastructure solutions provider to the technology and communications sectors. FTE's three complementary businesses are: FTE Networks Services (network infrastructure solutions); CrossLayer, Inc. (managed network services with first-of-its-kind advanced network and cloud platform); and Benchmark Builders, Inc. (construction management), which provides end-to-end design, build and support solutions for state-of-the-art networks and commercial properties to create the most transformative smart platforms and buildings. FTE's businesses are predicated on smart design and consistent standards that reduce deployment costs and accelerate delivery of innovative projects and services. The company works with Fortune 100/500 companies, including some of the world's leading communications services providers. FTE Networks and its subsidiaries operate eight lines of business, including Data Center Infrastructure, Fiber Optics, Wireless Integration, Network Engineering, Internet Service Provider, Construction Management, General Contracting and Pre-Construction Services. With approximately 200+ employees, FTE and its entities have operations in 17 states. For more information, please visit www.ftenet.com.
This release may contain forward-looking statements, relating to the business of FTE, within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements other than historical facts are forward-looking statements, which can be identified by the use of words such as: "potentially," believes," "expect," "opportunity," "strategy," "upcoming," "intend," "plan" and similar expressions and/or references to future periods.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on FTE's current expectations, beliefs and assumptions regarding future developments and their potential effects on FTE. 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. Furthermore, 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 written or oral, that may be made from time-to-time, whether as a result of new information, future events, or otherwise, except as required under applicable securities laws.
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FTE Networks, Inc.
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Source: FTE Networks, Inc.
Released June 21, 2017