NAPLES, Fla., March 1, 2018 (GlobeNewswire) — 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 its subsidiary, CrossLayer, Inc., has signed a three-year, monthly recurring revenue contract with an entertainment production company supporting multi-billion-dollar media outlets. The contract follows FTE’s recent announcement that Industry City chose FTE’s CrossLayer to build and manage an ultra-fast, compute-to-the-edge network to deliver advanced and secure communications connectivity across its 35-acre campus on the waterfront in Brooklyn, New York. Industry City is home to more than 450 commercial tenants.
“As a tenant and part of the Industry City community, we are proud to have been selected by a premier production company to provide smart technology solutions to an increasingly innovative ecosystem of real estate and technology. This award further validates FTE’s strategy of strengthening its fundamentals with a steady flow of contract and project awards that consist of monthly recurring revenue, re-occurring revenue and/or new customer one-time project awards. FTE is delivering on its vision of providing state-of-the-art technology and infrastructure solutions that enable the edge to meet the increasing tenant demands for intelligent work spaces.” said Mr. Michael Palleschi, President and CEO of FTE Networks.
With its multi-gigabit connectivity, businesses at Industry City will benefit from the scalability, and always available capabilities of CrossLayer’s Compute-to-the Edge network that provides future-ready communications solutions. “The implementation of CrossLayer’s platform enables a fully integrated, real-time, connected experience—a critical element in the media, production, and engineering industries that operate at Industry City to reduce latency and increase productivity,” said Lynn Martin, President of CrossLayer.
Supported by FTE’s comprehensive suite of services, and as a result of its combined entities – the Company provides end-to-end design, installation, and support solutions for state-of-the-art networks and commercial properties that enable its clients to transform their technology infrastructure and maximize the functionality of their facilities. With this recent Industry City installation, the Company is excited to provide the opportunity to more of its tenants that seek to take advantage of the cutting-edge technology that CrossLayer offers.
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.
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FTE Networks, Inc.
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NYSE American: FTNW