LEVITTOWN, Pa., Feb. 23, 2004 (PRIMEZONE) -- FTS Wireless, Inc., (OTCBB:FLIP), an operator of retail wireless locations that market and sell next generation wireless products and services and operate Wi-Fi HotSpot's, today announced the signing of a binding letter of intent to acquire the assets of Tampa, Florida based wireless distributor Wireless Unlimited, Inc.
FTS Wireless CEO Scott Gallagher commented, "With the addition of Wireless Unlimited, Inc. we expect to nearly double sales of T-Mobile products and services. T-Mobile is the fastest growing U.S. Wireless carrier and added more than 1 million net subscribers in the 4th quarter. We hope to close the deal in the next 30 days." Mr. Gallagher went on to say, "When the two recently announced acquisitions are closed, we expect FTS to be on pace to achieve an annual revenue run rate of nearly $1.5 million with 7 locations."
Last week FTS announced plans to acquire its 6th retail location by purchasing the assets of Florida-based All Clear Wireless, Inc., that deal is expected to triple sales of NEXTEL (Nasdaq:NXTL) wireless products and services. The company has closed 4 acquisitions in the last 12-months.
About FTS Wireless, Inc.
FTS Wireless Inc., a wholly owned subsidiary of FTS Group, Inc., is an operator of 5 retail wireless locations that market and sell next generation wireless products and services and operate Wi-Fi HotSpot's. FTS Wireless currently operates four retail wireless locations in the Florida Gulf Coast region and one location in the Philadelphia suburban market and through its e-commerce site's, www.SatPhoneCenter.com, www.CellularDeals.com 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.