Company Announces Ninety-Percent Ownership of New Subsidiary "Version Ventures Corp"
TAMPA, FL, 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.
Contact:
FTS Group, Inc.
www.FTSGroup.com
Scott Gallagher
CEO
727-417-7807
