FTS Group, Inc. (OTCBB: FLIP) has closed on their largest acquisition to date. FTS announced that it has purchased a large Canadian based IT solutions provider. The company expects to generate up to $32 million in revenue and create cash flow close to $2 million in 2008.
FTS Chairman and CEO Scott Gallagher stated, “Today is an exciting day for our Company and its stockholders. Since I acquired control of FTS in 2002 when sales were zero, my goal has been to build a profitable, sustainable high growth Company, pay-off our debt and create wealth for our partners which are our stockholders. Today we take a huge step forward in that process by acquiring the 26th largest IT solutions provider in Canada.”
Gallagher continued to say, “We also today announce the appointment of David Rasmussen, an officer and director of FTS Group, as the new Chairman and CEO of OTG Technologies Group, Inc. Dave’s leadership, contacts and career experience in the IT field while at GE and other leading Fortune 500 Companies will be an invaluable asset to the future growth of the new Company.”
Gallagher commented, “In addition to today’s acquisition announcement we’re nearing completion of the liquidity event transaction between our Internet Company Elysium Internet, Inc. and publicly traded US Biodefense, Inc. (OTCBB: USBF). I firmly believe this transaction will, at a minimum, double our stockholders’ equity and dramatically increase shareholder value. We expect Elysium to capitalize on the huge opportunity in the direct navigation/Internet media space by accelerating the development of its valuable domain portfolio as a stand alone public Company.”
Let us hear your thoughts below:
