CROSSLAYER ENDS YEAR POSITIONED TO CONTINUE MOMENTUM IN 2019 WITH NEW BUILDING CONTRACTS AND TENANT SIGNINGS
NAPLES, Fla., Jan. 08, 2019 (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, and a Deloitte 2018 Technology Fast 500 Winner (#95), today announced that its CrossLayer, Inc. subsidiary enters 2019 with significant momentum after exceeding expectations in 2018. In 2018, CrossLayer has 31 buildings, where services can be offered through its advanced data network. Last year, CrossLayer also put in place a solid pipeline of opportunities and expects to grow revenue exponentially in 2019.
The CrossLayer™ patent-pending, edge compute platform, which delivers new digital technology services to tenants, is being deployed in iconic commercial real estate properties including New York’s Industry City, and in multi-tenant buildings in New York, Chicago, Phoenix, Naples and Toronto. In first half of 2018, CrossLayer also announced that it would be partnering with one of the largest global commercial real estate firms as one of its key technology service providers. Thanks in part to this technology partnership, CrossLayer expects to bring advanced network solutions to hundreds of commercial buildings across the United States.
“2018 has been an exceptional year for the Company and, in particular, CrossLayer,” commented Michael Palleschi, President and Chief Executive Officer of FTE Networks. “FTE launched CrossLayer just over a year ago, deploying a disruptive technology that addresses the market’s demand for faster, better and less expensive Internet and cloud services. Exceeding our 2018 guidance with 31 buildings and having built a solid pipeline of opportunities is a strong indicator of the scalability of CrossLayer’s technology.”
“Each new building that is lit delivers another new source of recurring revenue for the Company,” added Mr. Palleschi. “FTE’s businesses strengthen our strategic vision of creating and maintaining the entire in-building ecosystem, from design of the physical space to implementation of data systems and intelligent networks. I am excited at the Company’s outlook for 2019 and look forward to continuing market adoption and expansion in 2019.”
CrossLayer a division of CBFA Corporation is a managed network services company with a new business model for connecting large-scale, state-of-the-art campuses and multi-use developments.
CrossLayer delivers technology solutions via a single, software-driven, edge compute platform enabling property owners and developers to directly deliver cutting-edge technology solutions to tenants and guests that differentiates their properties and provides cost savings. This converged network allows tenants, vendors, building management systems and smart technologies to run over one integrated onsite fiber backbone.
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.