FTE NETWORKS, INC. (OTCMKTS:FTNW) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On April 11, 2019, FTE Networks, Inc. (the Company) delivered written notice of non-renewal to Michael Palleschi in respect of his employment agreement.
On April 9, 2019, the Company received a demand for arbitration, which was filed with the American Arbitration Association (AAA) on behalf of Mr. Palleschi, alleging a breach of Mr. Palleschis employment agreement and seeking $11,300,000 in damages. The Company is reviewing the allegations contained in the demand for arbitration and intends to vigorously defend its interests in this matter.
About FTE NETWORKS, INC. (OTCMKTS:FTNW)
FTE Networks, Inc., (FTE Networks) is a provider of international and regional telecommunications and technology systems, and infrastructure services. The Company’s segments are Telecommunications and Staffing. It also offers managed information technology, telecommunications services, subscriber-based services and staffing solutions through its subsidiaries, Jus-Com, Inc. (doing business as FTE Network Services), FTE Wireless, LLC and Focus Venture Partners, Inc. (doing business as FVP Worx). Its services include engineering consulting, design, installation, maintenance and emergency response in various categories, including cabling, equipment installation and configuration, rack and stack, wiring build-outs, infrastructure build-outs, direct current power installation, online service provider/Internet service provider fiber placement, fiber cable splicing and testing. In the wireless space, it provides engineering, design, installation and upgrade of wireless communications networks.