LEVITTOWN, Pa., Aug. 23, 2004 (PRIMEZONE) -- FTS Group, Inc. (OTCBB:FLIP) today announced the filing of its second quarter and six month financial statements on SEC form 10QSB.
FTS Group posted revenue of $298,122 for the period ending 6/30/2004 versus revenue of $16,313 for the period ending 6/30/2003, an increase of more than 1800%. During the second quarter of 04, FTS reduced its convertible debt by more then $120,000 while increasing assets more than $145,000. To view the full SEC form 10QSB filing go to www.sec.gov.
FTS Group Chairman and Chief Executive Officer Scott Gallagher commented, "Our acquisition based strategy continues to translate into a quickly growing revenue base. With two acquisitions closed since June 15th, we fully expect the current growth trends to accelerate heading into the second half of the year."
About FTS Group, Inc.
FTS Group, Inc., through its wholly owned subsidiary FTS Wireless Inc., 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 several key markets located on the eastern seaboard and globally through its e-commerce site's www.CellularDeals.com and www.SatPhoneCenter.com. For additional information about FTS Group, Inc. or any of its subsidiaries, 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.