Company Will Form New Subsidiary and Begin Development of Product Prototype Immediately
TAMPA, FL--(October 24, 2007) - FTS Group, Inc. (OTCBB: FLIP), an acquisition and development Company operating in the Internet, Wireless and Technology space, today announced that it has closed the previously announced acquisition of a revolutionary patent-pending cell phone translation technology.
FTS Group Chairman and Chief Executive Officer Scott Gallagher commented, "We're very excited to close the acquisition of this revolutionary patent pending cell phone translation technology more than a week ahead of schedule. We're now planning to meet with the engineers involved in the project since it's beginning within the next two weeks to immediately begin development of the prototype." Gallagher continued, "The market opportunity for this product, once fully developed, is obviously dramatic and has the potential to make a major impact in wireless markets globally. We'll be forming a new subsidiary Company to begin the development process whereby FTS Group will own 90% of the outstanding shares and the inventor of the patent pending cell translator technology will own the other 10% of the Company. Our initial plans for the prototype will be to prove the technology works between English and Spanish wireless users. With some 16% (or 23.95 Million Users) of the 148 million or more cell phone users in the US being of Hispanic origin, we believe a significant penetration rate within this Initial target market can be achieved in the shortest time frame and generate the most value to our Company."
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 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, ability to attract and retain key personnel, and general economic conditions affecting consumer spending, including uncertainties relating to global political conditions, such as terrorism. 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.
Contact:
FTS Group, Inc.
www.FTSGroup.com
Scott Gallagher
CEO
727-417-7807
