Agreement adds to growing portfolio of New York buildings that will feature innovative data network developed and installed by CrossLayer
NAPLES, Fla., Dec. 11, 2018 (GLOBE NEWSWIRE) -- FTE Networks, Inc. (NYSE American: FTNW) (“FTE” or the “Company”), a leading provider of innovative technology solutions for smart platforms, network infrastructure and intelligent buildings, today announced that its subsidiary, CrossLayer, Inc., has signed an agreement to install the company’s advanced data network in two multi-tenant office buildings in Midtown Manhattan. The CrossLayer edge compute platform delivers new digital technology services to tenants, while generating an ongoing revenue stream to building owners/managers.
The two buildings include a modern 40-story office tower located near well-known landmarks, including Grand Central Station and Rockefeller Center, and a 15-story pre-war building with an enviable Garment District address. CrossLayer will install and operate a direct fiber-to-wireless platform in the two buildings, and serve as a provider of data, internet, voice and advanced communications services.
“The strong and continued momentum of installations of the CrossLayer™ network reflects the significant value proposition that it delivers to both property owners and their tenants,” said Mr. Michael Palleschi, President and CEO of FTE Networks. “Each installation will also generate revenue for both the property owner and for FTE, and we’re pleased with the current rate of growth as we work toward our goal of having 30 buildings on-net by year-end.”
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.
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: “will,” “momentum,” “growth,” “goal” and similar references to future periods. Examples of forward-looking statements in this release may include, without limitation, statements and forecasts regarding our ability to perform as anticipated, including the successful integration of our technology and services in these two buildings, the successful implementation of our short and long-term strategy and our ability to realize the benefits of this strategy, and other matters that involve known or unknown 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, risk 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 release 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, where as a result of new information, future developments or otherwise.
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