On The Go Wraps Up 2007 Fiscal Year with Strong Sales of Over $27.5 Million CDN and Continued Debt Reduction
On The Go Technologies Group
(OTCBB: ONGO)
CONCORD, Ontario, Aug. 1 /PRNewswire-FirstCall/ — On The Go Technologies Group (OTC Bulletin Board: ONGO – News; ‘OTG’ ‘the Company’), a leading multi- industry computer hardware, software and systems integrator, announced today a Year End review from its CEO, Mr. Stuart Turk.
A few of the Company’s more prominent highlights follow:
– Revenues for the 2007 fiscal year are estimated to be over $27.5 Million
CDN
– OTG filled many orders in the $100K + range for both long term and new
clientele over the past year and has added to its list of (annual)
million dollar customers.
– OTG Healthcare’s growing roster of medical facilities, and diagnostic
delivery and administrative clientele, inclusive of an unprecedented
turnkey DICOM archive solution, the first of its kind in the nation and
poised to become an industry standard, is representative of not only the
Company’s entrepreneurial spirit, but also its solid industry
reputation.
According to Datamonitor, healthcare providers will spend as much as
$39.5 Billion on diagnostic and software technologies by 2008,
representing a 7.4% five-year compound annual growth rate from 2003. OTG
clients, the likes of larger hospitals and diagnostic centers, have
been, and will continue to be, the catalysts of this growing IT
adoption.
– OTG continues to focus on niche market sales and professional service
revenue mix transactions, generating more substantial margins; the
average Gross Profit stands at approximately 20% for the year.
– OTG maintained a diligent debt reduction plan in 2007 and has now
eliminated all of the Promissory Notes related to divisional
acquisitions and outside suppliers. Most have been eliminated well in
advance of each due date.
– As President and CEO, I 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 debt reduction over the past year has helped to strengthen
our balance sheet and has afforded the Company a much better position to
ultimately operate as a profitable entity.
– We continue to streamline all overhead-related costs and expenditures,
reaching a staff level of 40, down from over 80 just over a year ago.
Revenues remain strong and unaffected by the reductions.
– For a record 6th consecutive quarter, OTG was the recipient of HP’s
prestigious Service Excellence Award for Q1 2007.
Mr. Turk continued, “OTG has transitioned and grown significantly from its first acquisitions in 2003. The Company continues to demonstrate its resiliency and will continue to use all opportunities to benefit our fundamental growth. The refinement of our sales and service targets, the continued elimination of our debt and making all operational costs and expenditures more efficient have served well in establishing the 2007 fiscal year as our greatest consolidation to date. We look forward to an even stronger 2008.”
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.
Source: On The Go Technologies Group
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