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BRIEF-FTE Networks Says Seeing Higher Levels Of Compliance And Payment From Renters Than Anticipated
2020-06-09 20:53
June 9 (Reuters) - FTE Networks Inc :
* FTE NETWORKS - CURRENTLY SEEING HIGHER LEVELS OF COMPLIANCE AND PAYMENT FROM RENTERS THAN ANTICIPATED
* FTE NETWORKS - ON AVERAGE 11% CUT IN COLLECTIONS OF RENTAL REVENUE ON SEQUENTIAL MONTHLY BASIS (MARCH-APRIL 2020 VERSUS JAN-FEB 2020) OCCURRED SINCE START OF COVID-19
* FTE NETWORKS INC - REDUCED STAFF AND OPTIMIZED AND RESTRUCTURED INTERNAL WORKFLOWS
* FTE NETWORKS - PURSUING MULTIPLE PATHS TO RAISE CAPITAL BUT CONTINUE TO FACE SIGNIFICANT CASH SHORTFALLS IN FUNDING OPERATIONS
* FTE NETWORKS - NEGOTIATING PAYMENT PLANS & FORBEARANCES WITH MAJOR LENDERS, INCLUDING PROMISSORY NOTES DUE TO VISION SELLERS
* FTE NETWORKS INC - CO'S LISTING WILL INITIALLY BE ON OTC MARKETS AND PLAN TO SEEK A PLACE ON OTCQX MARKETPLACE
* FTE NETWORKS INC - BELIEVE WE ARE ON TRACK TO FILE OUTSTANDING SEC FILINGS BY Q3 2020
* FTE NETWORKS - ON JUNE 4, 2020, LEARNED THAT ARBITRATOR, GRANTED ST. GEORGE'S MOTION AND REQUESTED RELIEF OF ABOUT $2.7 MILLION
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