NEW YORK, Jan. 23, 2020 (GLOBE NEWSWIRE) -- FTE Networks, Inc. (NYSE American: FTNW), today announced that it has completed the sale of CrossLayer, Inc., to Wyoming-based special management company CBFA Corporation. The transaction closed on January 16th and marks a reaffirming step forward in FTE’s strategic plans to stimulate revenue growth and shareholder value in 2020.
As outlined in an FTE shareholder letter and release distributed earlier this month, a new board of directors and management team has been in place since October 2019. They have been tasked with exploring strategic alternatives that will improve the Company’s long-term financial health and operational effectiveness. This team determined that this transaction enables leadership to create value for all shareholders, improve business operations, and promote sustainable growth in revenues and profitability.
About FTE Networks, Inc.
FTE Networks, Inc. (“FTE”) through its subsidiary US Home Rentals, owns, operates and invests in affordable rental housing in tier 3 and 4 markets. Single family home rentals (SFR) is large, growing and attractive market. Nationally, home rentals are growing faster than home ownership. With a portfolio of more than 3,000 affordable rental homes across several states, FTE is one of the few companies that has a strong and established portfolio of assets for
the affordable rental housing market.
