LEVITTOWN, Pa., Feb. 17, 2004 (PRIMEZONE) -- FTS Wireless, Inc., (OTCBB:FLIP) an operator of retail wireless locations that markets and sells next generation wireless products, services and operates Wi-Fi HotSpots today announced the signing of a binding letter of intent to acquire the assets of Florida-based All Clear Wireless, Inc. (ACW).
Scott Gallagher, FTS Wireless CEO commented, "With the addition of ACW, we expect to increase our total monthly unit sales by more than 50% by the second quarter this year and immediately triple our current monthly NEXTEL sales." Mr. Gallagher added, "When the acquisition is completely integrated into our sales channel, we expect to achieve an annual revenue run rate of nearly $1 million."
The acquisition is scheduled to close on or about March 15, 2004 and will become the sixth retail location in the "Flip The Switch Wireless" chain. FTS Chief Operating Officer Mr. Robert Lewis stated, "Having integrated the previous acquisitions into our existing operations seamlessly, we can now look forward to continuing our growth." Mr. Lewis joined FTS as COO in November 2003 after more than 30 years of service with Verizon (NYSE:VZ) and brings with him a high level of experience in product development and governmental affairs.
About FTS Wireless, Inc.
FTS Wireless Inc., a wholly owned subsidiary of FTS Group, Inc., is an operator of five retail wireless locations that markets and sells next generation wireless products, services and operator of 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 sites, 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.