YARDLEY, Pa., Jan. 9, 2004 (PRIMEZONE) -- FTS Wireless, Inc. (OTCBB:FLIP), an operator of retail wireless locations that markets and sells next generation wireless products, services and provider of Wi-Fi HotSpots, today released an update for its operating activities for the fourth quarter ending December 31, 2003.
FTS Chairman and Chief Executive Officer Mr. Scott Gallagher issued the following statement, "It has been a year of dramatic change for our Company. 2003 saw FTS Wireless establish four new locations, attain nearly $500,000 in financing and enter into strategic partnership agreements with many of the nation's leading wireless service providers. During the fourth Quarter of 2003 FTS Wireless generated approximately $75,000 in total revenue and nearly $37,000 for the month of December. As a result, FTS will exit 2003 with an annual run rate of over $400,000. However, due to our revenue recognition policies, we actually only record revenue when received in our public filings with the S.E.C."
About FTS Wireless, Inc.
FTS Wireless Inc. is an operator of retail wireless locations that markets and sells next generation wireless products, services and provider of Wi-Fi HotSpot's. FTS Wireless currently maintains operations 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.
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.