Contact Information: Contact: FTS Group, Inc. www.FTSGroup.com Scott Gallagher CEO 727-417-7807
FTS Group Closes Largest Acquisition in Its 10-Year History; Company Expects 2008 Revenue of Between $30 to $32 Million; Expects to Generate 2008 Cash-Flow of $1.5 to $2 Million
Company Forms New Subsidiary OTG Technologies Group, Inc. to Facilitate Acquisition
| Source: FTS Group, Inc.
TAMPA, FL--(Marketwire - March 18, 2008) - FTS Group, Inc. (OTCBB : FLIP ), an acquisition and
development Company with over $7 Million in annual sales, today announced
that it has closed the non-dilutive asset purchase of roughly the 26th
largest Canadian Based IT solutions provider for $4 Million in debt
assumption and note issuances, no shares either common or preferred were
issued.
FTS Chairman and CEO Scott Gallagher commented, "Today is an exciting day
for our Company and its stockholders. Since I acquired control of FTS in
2002 when sales were zero, my goal has been to build a profitable,
sustainable high growth Company, pay-off our debt and create wealth for our
partners which are our stockholders. Today we take a huge step forward in
that process by acquiring the 26th largest IT solutions provider in
Canada." Gallagher went on to say, "We also today announce the appointment
of David Rasmussen, an officer and director of FTS Group, as the new
Chairman and CEO of OTG Technologies Group, Inc. Dave's leadership,
contacts and career experience in the IT field while at GE and other
leading Fortune 500 Companies will be an invaluable asset to the future
growth of the new Company."
OTG Technologies Group, Inc. Chairman and CEO and FTS COO David Rasmussen
commented, "This is a very exciting time and opportunity for FTS Group and
the shareholders of FTS stock. As we continue to execute on our overall
strategy, this acquisition will be integral in helping establish FTS as a
key player in the technology space and allow for us to realize one of our
key successes of providing shareholder value. This acquisition will also
allow us to continue to build a company that will be in a solid position
for future growth." Rasmussen continued, "I am very pleased to have been
selected by Scott to lead this venture. Since we began due diligence on
OTG I have been getting more excited about the opportunities that it will
bring to FTS and its shareholders. There is a very strong team in place at
OTG which will allow for future growth and provide excellent service to its
client base."
Gallagher continued, "In addition to today's acquisition announcement we're
nearing completion of the liquidity event transaction between our Internet
Company Elysium Internet, Inc. and publicly traded US Biodefense, Inc.
(OTCBB : USBF ). I firmly believe this transaction will, at a minimum, double
our stockholders' equity and dramatically increase shareholder value. We
expect Elysium to capitalize on the huge opportunity in the direct
navigation/Internet media space by accelerating the development of its
valuable domain portfolio as a stand alone public Company."
About FTS Group, Inc.
FTS Group, Inc. (www.FTSGroup.com) (OTCBB : FLIP ) is a publicly traded
acquisition and development Company focused on acquiring, developing and
investing in cash flow positive businesses and viable business ventures,
primarily those in the Technology, 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 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.