LEVITTOWN, Pa., June 18, 2004 (PRIMEZONE) -- FTS Wireless, Inc., a wholly owned subsidiary of FTS Group, Inc. (OTCBB:FLIP), an operator of retail wireless locations that market and sell next generation wireless and VoIP products and services, and operates Wi-Fi HotSpots, today announced it has closed the scheduled acquisition of Tampa, Florida based Wireless Unlimited.
FTS Chairman and CEO Mr. Scott Gallagher commented, "We continue to execute our roll-up strategy with the closing of our sixth wireless acquisition. FTS hopes to become a leader in the distribution of next generation wireless devices, products and services." Mr. Gallagher continued, "With this deal completed, we can focus 100% of our attention on closing our previously announced acquisition of a prepaid company projecting 2004 revenue of approximately $13 million US."
FTS has not set a closing date for its previously announced acquisition of an unnamed prepaid company that posted 2003 revenue of $11.7 million but will disclose details as soon as the agreements allow.
About FTS Wireless, Inc.
FTS Wireless Inc. is an emerging regional operator of retail wireless locations that market and sell next generation wireless products and services, and operates Wi-Fi HotSpots. FTS Wireless currently operates five retail locations in the Florida Gulf Coast region and one location in the Philadelphia suburban market. Through its e-commerce sites, http://www.SatPhoneCenter.com and http://www.CellularDeals.com, FTS Wireless markets to customers worldwide. For additional information about FTS Group, Inc. or its subsidiary, please visit our website at http://www.FTSWireless.com or review our periodic filings with the Securities and Exchange Commission at http://www.sec.gov.
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 as filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.