Tailwinds’ Take: there’s really no reason that a company wouldn’t enable CrossLayer when updating a building, which means there will be recurring revenue associated with most, if not all, contracts going forward for FTNW. It appears these announced contracts fit this bill.
NEW YORK and NAPLES, Fla., Feb. 08, 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 that it was awarded several new technology and infrastructure contracts valued at approximately $45 Million.
The contracts awarded in January allow for enablement of innovative future-ready intelligent buildings and campuses. The awards include a new customer project with a global trade book publishing company valued at approximately $34 Million. In addition, one existing customer, a leading Fortune 100 global technology company, has awarded us two additional projects valued at approximately $11 Million. All three contracts are in Manhattan. Work is anticipated to begin shortly and anticipated to complete over a period of approximately 18 months.
Michael Palleschi, President and CEO of FTE Networks, stated, “I am excited to begin 2018 with strong momentum and a solid foothold in the coveted premier New York market. We continue to be awarded prestigious contracts with Fortune 100/500 companies as a result of our reputation for being a leader in the technology and infrastructure markets. These awards further validate the market’s adoption of our unique solutions that provide disruptive innovative technology-oriented solutions for smart platforms, network infrastructure and commercial buildings.”
Mr. Palleschi further adds, “We believe we are changing the needs of the connectivity industry by developing and providing smart technology solutions that are making platforms, network infrastructure and buildings more intelligent. We aim to continue to be the top choice for our valued customers that have placed trust in our ability to deliver great results and offer leading-edge technology solutions.”
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.
Note on Forward-Looking Statements
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: “believe,” “aim,” “anticipate,” “momentum,” and similar references to future periods. Examples of forward-looking statements in this release may include, without limitation, statements and forecasts we make regarding our financial performance and operating results, including statements regarding the effect we believe these newly awarded contracts will have on our operating results; our strategies for continued growth and strategic expansion in select markets; 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.
Media and Investor Relations:
FTE Networks, Inc.
999 Vanderbilt Beach Rd.,
Suite 601 Naples, FL 34108
NYSE American: FTNW
Disclaimers & Disclosures: For a full list of disclaimers and disclosures, please visit: www.tailwindsresearch.com/disclaimer/Tailwinds' Disclaimers & Disclosures: For a full list of disclaimers and disclosures, please visit http://