LEVITTOWN, Pa., May 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 products and services and operate Wi-Fi HotSpot's, today announced preliminary revenue for the first quarter of 2004. The Company's form 10-QSB will be filed with the Securities and Exchange Commission during the week of May 10th, 2004 or earlier.
For the quarter ending March 30, 2004, FTS generated preliminary revenue of approximately $185,051 compared to reported revenue of $2,449 for the quarter ending March 30, 2003 and compared to sequential revenue of $65,544 for the fourth quarter of 2003.
FTS Chairman and CEO Mr. Scott Gallagher commented, "FTS Wireless generated record revenue during the first quarter of 2004, making it 5 consecutive quarters of top-line growth in excess of 100%." Mr. Gallagher continued, "With a solid platform in place we are now setting our sights on larger acquisitions and laying out a specific time line to profitability."
About FTS
FTS Wireless Inc. a 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 7 retail wireless locations strategically located along the eastern seaboard market and worldwide through its e-commerce site's, www.SatPhoneCenter.com, www.CellularDeals.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, 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.