FTE Networks, Inc. (NYSE: FTNW) is a leading provider of innovation technology solutions for smart platforms, network infrastructure and intelligent buildings. Shares rallied 24% through early trading on Wednesday, November 28, 2018. Over the past three months, FTE has seen an average daily volume of 64,660 shares. However, through Wednesday morning, already 244,732 shares have traded hands, equating to $1.37 million in dollar volume.
Shares surged Wednesday morning after FTE Networks, Inc. announced that on November 27, 2018, members of their executive management made open market purchases of FTE common stock. Approximately $242,000 worth of stock was purchased for an average price of $4.32 per share. In the announcement, Michael Palleschi, President and CEO of FTE, expressed great confidence in his company’s financial health going forward, “We are actively working towards a strategy that we believe will improve the overall balance sheet and will be beneficial to all shareholders.”
FTE Networks, Inc. Press Release:
NAPLES, Fla., Nov. 28, 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, and a Deloitte 2018 Technology Fast 500 Winner (#95), announced today that members of its executive management made open market purchases of FTE common stock on November 27, 2018. In total, approximately $242,000 worth of stock was purchased at an average price of about $4.32 per share. FTE’s President and Chief Executive Officer, Michael Palleschi, purchased 35,000 shares and David Lethem, Chief Financial Officer, purchased 21,000 shares.
“We remain confident in our future, and business operations continue to progress ahead of expectations in both our infrastructure and technology segments,” said Michael Palleschi, President and Chief Executive Officer of FTE. “We believe future cash flow from operations will help provide the resources necessary to expand our CrossLayer footprint. We are actively working towards a strategy that we believe will improve the overall balance sheet and will be beneficial to all shareholders. We believe we are in a great position as we head into 2019.”
About FTE Networks, Inc.
FTE Networks, Inc. (“FTNW”), 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: “confident,” “believe,” “will,” “expectations,” “strategy,” and similar references to future periods. Examples of forward-looking statements in this release may include, without limitation, statements, approximations, and forecasts FTE makes regarding the Company’s balance sheet, operating performance; strategies for growth; expectations for its infrastructure and technology segments; market demand for the FTE’s services; and other matters that involve known or unknown risks, uncertainties and other factors that may cause FTE’s results, levels of activity, 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 FTE’s current beliefs, expectations, and assumptions regarding the future of its business, future plans and strategies, projections, approximations, 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, risks and changes in circumstances that are difficult to predict and many of which are outside of FTE’s control, such as changing market conditions for FTE’s services and the risk that FTE fails to capitalize on its strategic initiatives. These risk factors and others are included from time to time in documents FTE files with the Securities and Exchange Commission, including but not limited to, its Form 10-K’s, Form 10-Q’s and Form 8-K’s. FTE’s 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 FTE in this release is based only on information currently available to it and speaks only as of the date on which it is made. FTE undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.
Article By: Andrew Rego