TAMPA, Fla., Jan. 4, 2006 (PRIMEZONE) -- FTS Group, Inc. (OTCBB:FLIP), a publicly traded acquisition and development company, today announced the acquisition of 100% of the outstanding shares of Pennsylvania-based See World Satellites, Inc. (SWS) in a stock and cash transaction. Additional details of the purchase will be disclosed in an 8K to be filed shortly with the SEC.
-- FTS expects acquisition to increase 2006 revenue by $5.5 to $7
million.
-- Expects acquisition to contribute approximately $1.5 to
$2 million in EBITDA for fiscal 2006.
-- Acquisition expected to immediately expand FTS Wireless
operations with new markets.
-- FTS expects to file SWS' 2005 and 2004 audited financial
statements by January 30th, more then 30 days earlier than
required by the Securities and Exchange Commission.
"Today's acquisition provides FTS with a 2006 revenue run rate of around $7 million. SWS has a long track record of profitable growth. We expect SWS' 2005 audited financials to reflect an EBITDA of more then $1 million with revenue in excess of $5 million when reported in the next 30 days." FTS CEO Scott Gallagher stated, "See World Satellites, Inc. is one of the leading regional service providers (RSP) for Dish Networks in the U.S. We look forward to delivering bundled high quality wireless products and services to new and existing customers around the country during 2006."
About FTS Group, Inc.
FTS Group, Inc. (OTCBB:FLIP) is a publicly traded holding company operating in the wireless industry through its wholly owned subsidiary FTS Wireless, Inc. The Company operates eight retail wireless locations in Florida's Gulf Coast market and Globally over the Internet through its web site www.CellChannel.com and www.FTSWireless.com. For additional information about FTS Group or FTS Wireless please review the Companies quarterly and annual filings with the Securities and Exchange Commission at www.SEC.gov or contact the Company at the e-mail or phone number below.
Additional information for investors
This release may contain forward-looking statements regarding the Company's business, customer prospects, or other factors that may affect future earnings or financial results. Such statements involve risks and uncertainties which could cause actual results to vary materially from those expressed in the forward-looking statements. Investors should read and understand the risk factors detailed in the Company's 10-KSB for the fiscal year ended December 31, 2004 and in other filings with the Securities and Exchange Commission and www.SEC.gov.