NAPLES, FL--(Marketwired - June 05, 2017) - FTE Networks, Inc. (
Previously announced, Benchmark was recently ranked No. 6 among the top general contractors for alteration and renovation projects based on initial estimated costs listed in New York City Department of Building permits filed between January 2012 and March 2017. To see the complete rankings in the May issue of The Real Deal, considered the leading source of New York real estate news, please click here.
The projects are each located in midtown Manhattan. Work has already begun and all of the projects are expected to be completed throughout 2017. In total, the new assignments represent approximately 450,000 square feet of build outs. The new contracts support the combined nine-month backlog of $261MM that FTE and Benchmark had as of April 20, 2017.
"Since completing the acquisition of privately-held Benchmark in April of this year, we have already seen a flurry of activity and new contract wins that strengthen our backlog and strong position within the New York City market," said Michael Palleschi, President and CEO of FTE Networks.
Highlights of Benchmark's Recent Contract Wins
- The new projects are valued up to $85 million combined
- The projects represent approximately 450,000 square feet of build outs combined
- All of the new projects are located in Manhattan and its surrounding boroughs
- The projects are expected to be completed throughout 2017
FTE Networks completed the acquisition of privately-held Benchmark for $75MM on April 20, 2017 and is already realizing benefits from the transaction. Benchmark has an Unaudited Independent Valuation of Quality of Earnings top independent registered accounting firm, which verifies full-year 2016 revenue of $389 million for full-year 2016. As of April 20, 2017, FTE and Benchmark had a combined nine-month backlog of $261MM. The company expects this backlog to increase significantly as it progresses with its growth strategy. The completion of the transaction and the strength of the combined entity create an immediate platform for "uplisting" to a more senior exchange.
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. 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. 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
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