On The Go Technologies Group
(OTCBB: ONGO)
On The Go Eliminates Solutions in Computing Promissory Note Moving the Company Closer to Positive Cash Flow
CEO Invests $1 Million in Company
CONCORD, Ontario, July 25 — On The Go Technologies Group (OTCBB: ONGO; ‘OTG’ ‘the Company’), a leading multi- industry computer hardware, software and systems integrator, announced today that the Company has paid in full the promissory note between the company and Mr. Val Silva, associated with the 2006 acquisition of Solutions In Computing Inc.
On January 31, 2006, On The Go entered into an agreement to purchase certain assets of Solutions In Computing, Inc. in exchange for US $280,000. The acquisition price consisted of a combination of 700,000 shares of restricted stock, CDN $100,000 in cash and a promissory note for CDN $95,000 bearing an interest rate of 5% per annum. The note has now been paid in full over 1 year in advance of the August 1, 2008 deadline.
President and CEO Stuart Turk commented, “The elimination of this debt is a milestone, as we have now effectively gotten rid of all of the Promissory Notes related to our acquisitions over the past few years. As President and CEO, I am committed to eliminating the Company’s debt and, as such, have converted $1 million dollars of debt owed to The Cellular Connection Ltd., a private company I own, into equity as reported in an 8k filed July 24, 2007. The combined eradication of debt over the past year has helped to strengthen our balance sheet and, once the remaining debt is eliminated, we will be in a much better position to operate as a profitable entity.”
About On The Go Technologies Group
On The Go Technologies Group is a North American corporation focused on acquiring versatile and profitable companies in the IT sector. OTG and its divisions: OTG Enterprise, catering to Fortune 1000 and SME clientele and vendors such as HP, Apple, IBM, Extreme Networks and Adobe; OTG Digital Media & OTG Creative, prominent systems integrators in the U.S. and Canadian digital entertainment industry; OTG Healthcare, compiling digital solutions and networks for the diagnostic medical community; OTG Research, providing solutions to the education, funding and research communities; and in-house multimedia studio Go Motion + Design, have established themselves as a respected and sought after industry competitors. The Company’s intention is to maintain sustained growth in the years to come via continued organic development in its existing divisions and an aggressive acquisition schedule.
For more information, visit http://www.otgtech.com or http://www.otgtech.com/video..
To view a company profile, visit http://www.otgtech.com/pp.pdf.. To be added to On The Go Technologies Group’s e-mail list for company news, visit http://www.otgtech.com/new_site/inv_pkg_form.htm..
This press release contains forward-looking statements that involve a number of risks and uncertainties. These forward-looking statements contain words such as ‘expects,’ ‘believes,’ ‘anticipates’ and ‘intends.’ Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, but are not limited to, economic conditions affecting the B2B environment; continued ability to obtain hardware, software and peripherals at competitive costs; the company’s ability to finance its planned expansion efforts; the company’s ability to manage its planned growth; and changes in regulations affecting the company’s business and such other risks disclosed from time to time in the company’s reports filed with the Securities and Exchange Commission. The company does not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in management’s expectations, except as required by law.
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