FTE NETWORKS ANNOUNCES REVERSE
STOCK SPLIT
Split Being Implemented to Meet Listing Requirements for a
National Exchange
NAPLES, FL -- November 6, 2017 -- InvestorsHub NewsWire --
FTE
Networks, Inc. (OTCQX:
FTNW and OTCQX:
FTNWD) ("FTE" or the "Company"), a leading provider of
innovative technology-oriented solutions for smart platforms,
network infrastructure and buildings, announced today that its
Board of Directors (the "Board") has approved a reverse stock split
of its outstanding common stock at a ratio of 1-for-25 effective at
market open on Monday, November 6, 2017. The Company's trading
symbol will temporarily change to "FTNWD" on November 6, 2017 and
continue for a period of 20 business days from that date, after
such time, the symbol will revert to the original symbol of
"FTNW."
Pursuant to the Nevada Revised Statutes, the Board is authorized
to effectuate a reverse stock split without stockholder approval
where such split is accomplished with a concurrent proportional
decrease in the Company's authorized common stock. The reverse
split was implemented to help the Company meet the share price
requirements to list on a national exchange.
"We are pleased to complete the reverse split and proceed with
our preparations to list on a national securities exchange. This is
a logical next step for the Company, as we continue to forward our
growth strategy. From combining companies with Benchmark Builders,
to our growing footprint nationwide, and launch of our patent
pending CrossLayer TM technology, we continue to strengthen our
Company," said Michael Palleschi, President and CEO of FTE
Networks.
At the effective time of the reverse stock split, every 25
shares of the Company's issued and outstanding common stock will be
automatically converted into 1 newly issued share of the Company's
common stock, with no change in par value. The reverse stock split
will reduce the number of shares of the Company's outstanding
common stock from 139,653,741 to approximately 5,586,150 shares.
Proportional adjustments will be made to the Company's outstanding
stock options and warrants. The number of authorized shares of the
Company's common stock will be reduced from 200,000,000 to
8,000,000. A new CUSIP number of 30283R 402 has been assigned to
the Company's common stock as a result of the reverse split.
Holders of shares of common stock held in book-entry form or
through a bank, broker or other nominee do not need to take any
action in connection with the reverse split, and will see the
impact of the reverse split automatically reflected in their
accounts. Stockholders holding paper certificates may (but are not
required to) send the certificates to the Company's transfer agent
and registrar, ClearTrust, LLC. ClearTrust, LLC, will provide
instructions, upon request, to stockholders of record regarding the
process for exchanging share certificates and all book-entry or
other electronic positions representing issued and outstanding
shares of the common stock will be automatically adjusted.
Stockholders should direct any questions concerning the reverse
split to their broker or the Company's transfer agent, ClearTrust,
LLC, at 813.235.4490.
About FTE Networks, Inc.
FTE Networks, Inc. ("FTNW"),
is a leading provider of innovative technology-oriented solutions
for smart platforms, network infrastructure and buildings. FTE's
three complementary businesses are FTE Network Services,
CrossLayer, Inc. and Benchmark Builders, Inc. Together they provide
end-to-end design, build and support solutions for state-of-the-art
networks and commercial properties to create the most
transformative smart platforms and buildings. FTE's businesses are
predicated on smart design and consistent standards that reduce
deployment costs and accelerate delivery of innovative projects and
services. The company works with Fortune 100/500 companies,
including some of the world's leading communications services
providers. FTE Networks and its subsidiaries support multiple
services, including Data Center Infrastructure, Fiber Optics,
Wireless Integration, Network Engineering, Internet Service
Provider, General Contracting Management and General Contracting.
For more information, please visit www.ftenet.com.
Note on Forward-Looking Statements
This release may contain "forward-looking statements" within the
meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as: "outlook," "intend,"
"plan," "believe," "expect," "strategy," "future," "estimate,"
"anticipate," "will," "should," "may," and similar references to
future periods. Examples of forward-looking statements include,
among others, statements we make regarding our plans to list on a
national exchange. The Company can provide no assurance that the
up-listing will occur and, even if it does, that the expected
benefits of up-listing will be realized.
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, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control. Factors that would cause actual
results to differ materially from those currently anticipated
include, but are not limited to: risks related to our growth
strategy; our ability to secure listing on a national exchange and
others that 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.
Accordingly, you should not place undue reliance on these
forward-looking statements. Any forward-looking statement made by
us in this update 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, whether as a result of new information, future
developments or otherwise.
Media and Investor Relations:
FTE Networks, Inc.
999 Vanderbilt Beach Rd., Suite 601
Naples, FL 23108
(877) 850-4308
ir@ftenet.com
OTCQX: FTNW