Contact Information: Contact: FTS Group, Inc. www.FTSGroup.com Scott Gallagher CEO 727-417-7807
FTS Takes First Step in Development of Patent-Pending Cell Phone Translation Technology
Company Announces Ninety-Percent Ownership of New Subsidiary "Version Ventures Corp"
| Source: FTS Group, Inc.
TAMPA, FL--(Marketwire - November 27, 2007) - FTS Group, Inc. (OTCBB : FLIP ), today announced
that it has formed a new subsidiary called "Version Ventures Corp" to
facilitate the development and funding of a working prototype for its
recently acquired patent-pending cell phone translation technology.
FTS Group CEO Scott Gallagher commented, "Today we have taken the first
step in developing our recently acquired patent-pending cell phone
translation technology. FTS now owns 90% of the new subsidiary called
"Version Ventures Corp." VVC owns 100% of the rights to the patent-pending
cell phone translation technology. The inventor of our patent-pending cell
phone translation technology owns the remaining 10% of the Company."
Gallagher continued, "We're currently in discussions with several engineers
and patent experts relating to the development of a working prototype and
the filing of a utility patent underlying the technology. Upon completion
of the requirements list and filing of the utility patent we'll immediately
begin development of a working prototype. We expect to have a firm
development timeline laid out by the end of the year."
Investors are invited to visit the new FTS Group IR Hub at
www.agoracom.com/ir/ftsgroup where they can post questions and receive
answers or review questions and answers already posted by other investors.
Alternatively, investors are able to e-mail all questions and
correspondence to FTS@agoracom.com where they can also request to be added
to the investor e-mail list in order to receive all future press releases
and updates in real time.
About FTS Group, Inc.
FTS Group, Inc. (OTCBB : FLIP ) is a publicly traded acquisition and
development Company. The Company generated profitable sales of $6.6 million
during 2006, an increase of 409% from the previous year. FTS is focused on
acquiring, developing and investing in cash flow positive businesses and
viable business ventures primarily those in the wireless and Internet
space. The Company generates revenue through its three wholly owned
subsidiaries; See World Satellites, Inc., FTS Wireless, Inc. and Elysium
Internet, Inc. For additional information about FTS Group, Inc. or any of
its wholly owned subsidiaries go to www.FTSGroup.com and please review the
Company's quarterly, annual and other filings with the Securities and
Exchange Commission at http://www.SEC.gov or contact the Company at the
e-mail or phone number below.
Forward-Looking Statements
Included in this release are certain "forward-looking" statements,
involving risks and uncertainties, which are covered by the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
including statements regarding the Company's financial performance. Such
statements are based on management's current expectations and are subject
to certain factors, risks and uncertainties that may cause actual results,
events and performance to differ materially from those referred to or
implied by such statements. In addition, actual future results may differ
materially from those anticipated, depending on a variety of factors, sales
and earnings growth, general economic conditions affecting consumer
spending, including uncertainties relating to global political conditions.
Information with respect to important factors that should be considered is
contained in the Company's Annual Report on Form 10-K and 10-K/A as filed
with the Securities and Exchange Commission. Readers are cautioned not to
place reliance on these forward-looking statements, which speak only as of
the date hereof.