FTE Networks Announces New Contracts Valued at Aggregate $85MM

FTE Networks (OTCQX:FTNW) has announced that Benchmark Builders, a subsidiary of FTE, has won five new infrastructure projects from 3 different customers valued at $85 million in aggregate.
As quoted in the press release:

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

Click here to read the full press release.