ON THE GO ELIMINATES $500,000 CONVERTIBLE NOTE OVER 10 MONTHS EARLY
ONGO – Stock Guru Profile – On the Go
Talk about focused. Management’s plan provides proven results!
ONGO made up its mind to reduce debt and reduce overhead while increasing sales.
If there was any doubt management could pull that off — it’s resolved and these last two days are proof positive!
In the last year, ONGO cut its staff in half and has chosen to focus exclusively on high revenue value added reseller technology niches (letting the other guys fight over the low revenue market.)
What a month ONGO has had. What a two days ONGO has had. The last two days represent ONGO’s new management technique in a nutshell — reduced overhead and increased sales!
Yesterday Up Three Percent on Seven Million Shares
Yesterday, On The Go Technologies Group was up 3% percent on 7 million shares after completing negotiations with an industry leader in breakthrough software technology in the field of 2D/3D medical diagnostics, to be their exclusive distribution partner in Canada AND further access to the product in the United States.* A crucial fact to be noted here is that healthcare technology represents a high revenue niche in the technology field.
Today Paid Half Million USD Note over Ten Months Early
Today, ONGO announced the full payment of a $500,000 Secured Convertible Note 10 ½ months in advance of the Note’s due date, July 2008. On The Go has effectively eliminated payments on $3.39M of outside debt in the past six month period, and all in advance of each respective due and/or conversion date.
Reducing debt, reducing overhead, targeting the most profitable niches and increasing revenue has helped to strengthen ONGO’s balance sheet and has afforded ONGO a better position to ultimately operate as a profitable entity. By targeting the most profitable Value Added Reseller niches and professional service revenue mix, ONGO transactions have generated more substantial margins.
Recent Accomplishments:
The recent accomplishments of ONGO reflect an incredible turnaround for the company AND all this is underscored with home run after home run, particularly in the high revenue niche market of health care.
* Revenues for the 2007 fiscal year are estimated to be over $27.5 Million CDN.
* This year ONGO has filled many orders in the $100K + range for both long term and new clientele and has expanded its list of (annual) million dollar customers.
* OTG Healthcare represents a growing roster of medical facilities, and diagnostic delivery and administrative clientele.
* ONGO delivered an unprecedented turnkey DICOM archive solution, the first of its kind in the nation and poised to become an industry standard.
* ONGO maintained a diligent debt reduction plan in 2007.
* ONGO continues to streamline all overhead-related costs and expenditures, reaching a staff level of 40, down from over 80 just over a year ago.
* ONGO’s reduced staff has not impacted revenue which remains strong and unaffected by the reductions.
* Viatronix
The Viatronix V3D-Calcium Scoring is a noninvasive method to determine the amount of calcified plaque within the coronary arteries and provides conclusive information about patients that can predict their risk for a coronary artery event.
The Viatronix V3D-Colon is the market leader in virtual colonoscopy software
ONGO’s broad spectrum healthcare division is a high revenue value added niche. This agreement comes on the heels of OTG Healthcare’s order for a turnkey DICOM archive solution to be deployed within Saskatchewan’s Provincial healthcare region. The order is significant and unprecedented as it represents the first of its kind in Canada.
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.
Source: On the Go, Knobias
Stuart Turk, CEO
On The Go Technologies Group
85 Corstate Avenue
Concord, Ontario L4K 4Y2
Canada
Phone: (905) 669-7979
Toll Free: (800) 295-5877
Fax: (905) 660-5738
Email: info@otgtech.com
This 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.
Pentony Enterprises LLC has been compensated a total of 3,209,220 restricted 144 shares of stock and $23,500. Pentony Enterprises LLC is not a registered investment adviser or broker/dealer. Pentony Enterprises LLC makes no recommendation that the purchase of securities of companies profiled in this web site are suitable or advisable for any person or that an investment in such securities will be profitable. In general, given the nature of the companies profiled and the lack of an active trading market for their securities, investing in such securities is highly speculative and carries a high degree of risk.
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