LEVITTOWN, Pa., Aug. 3, 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 operate Wi-Fi Hot Spots today announced the closing of its 7th acquisition in only 16 months.
FTS CEO Scott Gallagher commented, "With the closing of our seventh retail wireless location, we can now project that our company will turn cash-flow positive by the fourth Quarter of this year, well ahead of schedule. We have a very strong deal pipeline and anticipate continuing our aggressive roll-up of profitable wireless businesses as outlined to our shareholders in the past." Gallagher went on to say, "With the University of South Florida and its 41,000 students only a short distance from the new location, we plan to light this Wi-Fi Hot Spot as soon as possible and further leverage this high-growth market."
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 operate Wi-Fi HotSpot's. FTS Wireless currently operates a chain of retail wireless locations in the Florida Gulf Coast region and the Philadelphia suburban market. The company markets and sells products worldwide through its e-commerce site's http://www.CellularDeals.com and http://www.SatPhoneCenter.com. 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.