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March 6, 2008 - 9:41 AM EST FTS Group Signs Letter of Intent to Acquire $25 Million IT Solutions Provider
TAMPA, FL, Mar 06, 2008 (MARKET WIRE via COMTEX) -- 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.
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Dang I won't have funds till Tuesday next week I probably won't have a chance to buy in on this one Posts: 795 | From: Brown Deer, WI 53223 | Registered: Feb 2004
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TAMPA, FL--(MARKET WIRE)--Mar 18, 2008 -- FTS Group, Inc. (OTC BB:FLIP.OB - News), 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. ADVERTISEMENT
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. (OTC BB:USBF.OB - News). 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."
Posts: 100 | From: Michigan | Registered: Dec 2005
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