FTS Group Closes Acquisition of Patent Pending Cell Phone Translation Technology
Company Will Form New Subsidiary and Begin Development of Product Prototype Immediately
TAMPA, FL--(Marketwire - October 24, 2007) - FTS Group,
Inc. (OTCBB: FLIP), an acquisition and development Company operating in
the Internet, Wireless and Technology space, today announced that it has
closed the previously announced acquisition of a revolutionary
patent-pending cell phone translation technology.
FTS Group Chairman and Chief Executive Officer Scott Gallagher commented,
"We're very excited to close the acquisition of this revolutionary patent
pending cell phone translation technology more than a week ahead of
schedule. We're now planning to meet with the engineers involved in the
project since it's beginning within the next two weeks to immediately begin
development of the prototype." Gallagher continued, "The market opportunity
for this product, once fully developed, is obviously dramatic and has the
potential to make a major impact in wireless markets globally. We'll be
forming a new subsidiary Company to begin the development process whereby
FTS Group will own 90% of the outstanding shares and the inventor of the
patent pending cell translator technology will own the other 10% of the
Company. Our initial plans for the prototype will be to prove the
technology works between English and Spanish wireless users. With some 16%
(or 23.95 Million Users) of the 148 million or more cell phone users in the
US being of Hispanic origin, we believe a significant penetration rate
within this Initial target market can be achieved in the shortest time
frame and generate the most value to our Company."
About FTS Group, Inc.
FTS Group, Inc. (OTCBB: FLIP) is a
publicly traded acquisition and development Company. The Company generated
profitable sales of $6.6 million during 2006, an increase of 409% from the
previous year. FTS is focused on acquiring, developing and investing in
cash flow positive businesses and viable business ventures primarily those
in the wireless and Internet space. The Company generates revenue through
its three wholly owned subsidiaries; See
World Satellites, Inc., FTS
Wireless, Inc. and Elysium
Internet, Inc. 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.
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 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.
Contact Information: Contact:
FTS Group, Inc.