TAMPA, Fla., May 26, 2005 (PRIMEZONE) -- FTS Group, Inc. (OTCBB:FLIP) a publicly traded holding company operating in the wireless industry through its wholly owned subsidiary FTS Wireless, Inc., today announced its Chairman and Chief Executive Officer has purchased additional shares in the open market.
FTS CEO Scott Gallagher commented, "Despite our significant progress over the past 12 months, our stock continues to be under pressure. Our year over year revenue is growing at record levels, we have virtually no debt and expect to reach profitability this year. Our stock however, is less then half of what it was this time last year. Based on the investment opportunity, our improved operating conditions and my confidence in the long term success of FTS, I have purchased 165,000 additional shares in the open market."
Mr. Gallagher will immediately update his ownership disclosure as required by the Securities and Exchange Commission.
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 operate Wi-Fi HotSpot's. 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 site's www.CellularDeals.com and www.CellChannel.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, 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.