FTE Subsidiary, Benchmark Builders, Contracts Three Projects with 370,000 square feet of Interior Build-out
NAPLES, FL--(Marketwired - September 05, 2017) - FTE Networks, Inc. (
Benchmark was recently ranked No. 6 among the top general contractors for alteration and renovation projects. This ranking was based on initial estimated costs listed in New York City Department of Building permits filed between January 2012 and March 2017. The ranking appears in the May issue of The Real Deal, which is considered the leading source of New York real estate news.
FTE is leveraging Benchmark's position in the New York City market to maintain its strong growth momentum and realize synergies between the companies. The combined FTE/Benchmark enterprise is a leading provider of corporate interior build-out solutions. The three new contracts add roughly $61.6MM to the combined backlog of $346.7MM that FTE and Benchmark had as of June 30, 2017.
Highlights of Benchmark's Recent Contract Wins
"We believe these three new contracts add significant value and validate our strategy to combine our businesses to create a major force within the interior fit-out sector," said Michael Palleschi, President and CEO of FTE Networks. "Our recently reported second quarter results represent continued organic revenue growth. With Benchmark, we expect to dramatically expand even beyond this impressive upward trajectory."
About FTE Networks, Inc.
FTE Networks, Inc. (
Forward-Looking Statements
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. Specifically, the statements: "We believe these three new contracts add significant value and validate our strategy to combine our businesses to create a major force within the interior fit-out sector" and "With Benchmark, we expect to dramatically expand even beyond this impressive upward trajectory." These and other similar statements depend on a successful integration between FTE and Benchmark and the Company's ability to successfully execute its business strategy and generate increased business momentum. These statements also 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.
Contact Information:
Media and Investor Relations:
FTE Networks, Inc.
999 Vanderbilt Beach Rd., Suite 601
Naples, FL 23108
(877) 850-4308
ir@ftenet.com
OTCQX: FTNW