TAMPA, Fla., Dec. 28, 2004 (PRIMEZONE) -- FTS Group, Inc. a publicly traded strategic holding company operating in the wireless space through its wholly owned subsidiary FTS Wireless, 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 discussed its operating results for 2004 while announcing several strategic initiatives for fiscal 2005.
FTS Chairman and Chief Executive Officer Scott Gallagher commented, "2004 was a critical year in building a sound platform for FTS to create long term value for both the company and its shareholders. During the year we increased our 2003 top-line revenue by more then five times during just the first 9-months of 2004. We reduced our convertible debt by approx. $400,000 in 2004 and anticipate eliminating it entirely during the first quarter of '05. The year saw FTS Wireless close 4 acquisitions and generate positive cash-flow. FTS has closed an acquisition or opened a new location for 8 consecutive quarters dating all the way back to the first quarter of 2003. We secured several strategic partnerships during the year, including one with www.MyPhoneFiles.com, that should be accretive to 2005 earnings."
Mr. Gallagher went on to discuss 2005 by stating "Our deal pipeline for 2005 looks very strong and we're confident in continuing our current pace of closing one acquisition per quarter. Our most important goal heading into 2005 is to achieve profitability. With our new retail superstore and call center now scheduled to open in the first quarter, our updated business plan calls for FTS Wireless to turn profitable during the second half of 2005. We plan to keep stockholders updated regarding this information as it changes during our quarterly conference calls over the next 12-months."
About FTS Wireless, Inc.
FTS Wireless Inc., a wholly owned subsidiary of FTS Group, Inc. (OTCBB:FLIP) 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 www.CellularDeals.com and www.SatPhoneCenter.com . For additional information about FTS Group, 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, 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.