YARDLEY, Pa., Sept. 30, 2003 (PRIMEZONE) -- FTS Wireless, Inc., (OTCBB:FLIP) a full service retail wireless company, announced today that it has agreed to begin selling Virgin Mobile Pre-Paid wireless products at its Pennsylvania and Florida retail locations.
FTS CEO Scott Gallagher, commented "We are pleased to expand our pay as you go Pre-Paid product offering to include one of the country's most popular Pre-Paid wireless phones. The pay as you go wireless model has been widely accepted by the youth market, a market FTS is aggressively targeting."
On Virginmobileusa.com, Sir Richard Branson, Chairman of the Virgin Group commented on the success of the U.S. roll-out, "We are delighted with Virgin Mobiles progress so far. In fact, it is growing at a faster rate than Virgin mobile U.K. was six months after it was launched in 1999. And today, Virgin Mobile U.K. has become the fastest growing cellular business in Britain with 2.4 million subscribers and profitability a year ahead of plan."
A recent study by EuroMonitor International, the world's leading provider of global business intelligence and strategic market analysis, confirmed the opportunity in the youth market. The study found, "High penetration rates mean increasing costs for customer acquisition. One untapped market is 18 to 24-year olds, who have a higher propensity to buy phones than the population as a whole, as penetration levels in this segment are comparatively lower. The 18 to 24 group is also particular in the way they relate to their phones. They are more likely to buy on impulse, they spend more on a phone, and they are more likely to base purchase decisions on product appearance compared with older groups."
About FTS Wireless, Inc.
Tampa based FTS Wireless, Inc. is a wholly-owned subsidiary of FTS Apparel, Inc. FTS Wireless, Inc. is a diversified wireless company that markets traditional and pre-paid wireless, Wi-Fi and other related products and services through agreements with its strategic partners to customers in the Florida Gulf Coast region as well as New Jersey and Pennsylvania. Through its e-commerce site, FTS Wireless markets to customers worldwide. For additional information about FTS Apparel, Inc. or its subsidiary, please visit our website at www.FTSWireless.com or review our periodic filings with the Securities and Exchange Commission at http://www.sec.gov.
About Virgin Mobile USA, LLC:
Virgin Mobile USA, LLC is a joint venture between Sir Richard Branson's Virgin Group, and Sprint, which operates the largest all-digital, all-PCS nationwide wireless network. Established in October 2001, with its national consumer launch in July 2002, Virgin Mobile is the first mobile virtual network operator (MVNO) in the United States and the first U.S. company to create a step-down price plan with no contracts to sign and no fine print. Under the arrangement with Sprint, Virgin Mobile utilizes Sprint's wireless network to deliver service to its customers, while retaining all responsibility for customer service and subscriber maintenance.
For those customers who are perpetually plugged-in, more information about Virgin Mobile's cellular products and services are available 24/7 through the Web at www.virginmobileusa.com and Virgin Mobile's Central Intelligence number at 1-888-322-1122.
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, including continued maintenance of favorable license arrangements, success of market research identifying new product opportunities, successful introduction of new products, continued product innovation, the success of enhancements to the Company's brand image, 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.