Contact Information: Contact: www.FTSGroup.com Scott Gallagher CEO 727-417-7807
FTS Group Signs Letter of Intent to Acquire $25 Million IT Solutions Provider
| Source: FTS Group, Inc.
TAMPA, FL--(Marketwire - March 6, 2008) - FTS Group, Inc. (OTCBB : FLIP ), an acquisition and
development Company generating positive cash-flow on over $7 Million in
annual sales for 2007, today announced that it has entered into a letter of
intent to acquire a leading IT Solutions provider on pace to generate over
$25 Million in profitable sales for 2008. FTS Management expects the deal
to close in the next week.
FTS Chairman and CEO Scott Gallagher commented, "We've been working on this
deal for over two months and now expect it to close in the next week or so.
The deal turns FTS into a Company with over $30 Million in annual sales
overnight. Shortly after closing the acquisition we'll be providing our
stockholders with financial guidance for 2008 in both top line sales and
cash flow for the consolidated Company. The deal will be immediately
accretive to earnings and the most exciting piece to me, is that the deal
is virtually non-dilutive to the current stockholders. We'll be assuming
non convertible debt and are finalizing a $3.5 to $5 Million revolving note
with our lead fund required to close the transaction."
FTS will host an investor conference call shortly after closing to discuss
its fiscal 2008 expectations.
About FTS Group, Inc.
FTS Group, Inc. (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.
FTS Group, Inc.