Contact Information: Contact: Scott Gallagher CEO FTS Group, Inc. 727-417-7807 www.FTSGroup.com
FTS Group Completes OTG Transaction and Issues Shareholder Update
Company Amends Agreement to Complete Asset Purchase
| Source: FTS Group, Inc.
TAMPA, FL--(Marketwire - June 17, 2008) - FTS Group, Inc. (OTCBB : FLIP ), today released an
update to its stockholders regarding the recent asset purchase by its
wholly owned subsidiary OTG Technologies Group, Inc.
FTS Chairman and CEO Scott Gallagher commented, "While this transaction has
initially been more difficult than we anticipated, the resolve of the
employees involved, as well as the strength of the underlying business
model have proved to be well worth our efforts. We're currently working to
stabilize the funding side of the business and expect to have that piece of
the transaction resolved soon. With the right funding in place I believe
OTG will become the lead growth engine within FTS for years to come."
OTG Technologies Group CEO David Rasmussen commented, "Even though the
initial transaction has been slowed and more difficult than we anticipated,
the staff of OTG are primed to move the company in the direction that it is
capable of and help realize the returns that we have anticipated seeing as
a result of the operations of the company. We have a fantastic staff that
has not only market knowledge, but also the technical competence and know
how needed in today's marketplace to ensure our clients receive the best
service and support available. After spending time with the staff and
understanding their capabilities, I can say that this company is more than
capable of realizing top line double digit growth in the short term, and
also capable of becoming one of the elite VARs throughout North America."
About FTS Group, Inc.
FTS Group, Inc. (OTCBB : FLIP ) is a publicly traded acquisition and
development Company focused on acquiring, developing and investing in cash
flow positive businesses and viable business ventures primarily those in
the Technology, Wireless and Internet space. For additional information
about FTS Group, Inc. or any of its wholly owned subsidiaries please review
the Company's quarterly, annual and other filings with the Securities and
Exchange Commission at http://www.SEC.gov or contact the Company at the
e-mail or phone number below and at www.FTSGroup.com.
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, general economic conditions affecting consumer
spending, including uncertainties relating to global political conditions.
Information with respect to important factors that should be considered is
contained in the Company's Annual Report on Form 10-K and 10-K/A as filed
with the Securities and Exchange Commission. Readers are cautioned not to
place reliance on these forward-looking statements, which speak only as of
the date hereof.