TAMPA, Fla., March 4, 2005 (PRIMEZONE) -- FTS Wireless, Inc., a subsidiary of FTS Group, Inc. (OTCBB:FLIP), an operator of retail wireless locations that market and sell next-generation wireless products and services and operates Wi-Fi Hot Spots, today announced that it expects to report 2004 top-line revenue in the range of $700,000 to $730,000 when the company files its form 10K with the Securities and Exchange Commission later this month. FTS also reported today that the company extinguished 100% of its convertible debt during the first quarter of 2005.
FTS Chairman and Chief Executive Officer Scott Gallagher commented, "We're proud to announce the following major developments within our company. FTS has now extinguished 100% of our outstanding convertible debt. Our wireless sales have grown over 550% from $108,655 in 2003 to surpass $700,000 for 2004.FTS recently announced record sales for the month of February and expects to surpass that number in March." Mr. Gallagher went on to say, "We continue to effectively execute our operating plans for FTS, eliminating our convertible debt is a major milestone for our company that all shareholders should be pleased with. We expect to continually improve and grow our operating results through out 2005 towards achieving our ultimate goal of profitability."
About FTS Wireless, Inc.
FTS Wireless Inc., a wholly owned 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 operates Wi-Fi HotSpots. FTS Wireless currently operates a chain of retail wireless locations in the Florida Gulf Coast region and the Philadelphia suburban market. The company markets and sells products worldwide through its e-commerce sites http://www.CellularDeals.com and www.CellChannel.com. For additional information about FTS Group, Inc. or its subsidiary, please visit our web site at http://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.