CONCORD, Ontario, March 18 /PRNewswire-FirstCall/ -- On The Go Healthcare, Inc. (OTC Bulletin Board: OGOH; 'OTG' 'the Company'), a leading multi-industry computer hardware, software and systems integrator, announced today that after more than four industry award-winning and revenue-rich years, the Company has sold its Value Added Reseller ('VAR') business unit to Tampa, FL based FTS Group (OTC Bulletin Board: FLIP). The terms of the sale, in the amount of $4 Million, consist of the assumption of OTG supplier debt as well as a Note receivable from FTS.
During the next 90 day period, On The Go intends to clear its Accounts Receivable line with Laurus Funds in full from the collection of all its corporate receivables, and eliminate all other outstanding debt obligations, re-establishing the Company as debt-free. On The Go will be moving forward in a new business venture, to be announced at a later date as the business plan is more fully developed.
Since 2002, FTS Group has been focused on acquiring, developing and investing in cash flow positive businesses and viable business ventures, primarily those in the technology, wireless and Internet space. The Company functions as a holding Company and has built its revenue stream during this period from just over $100K in 2003 to over $7 Million in 2007. FTS generates revenue through its three wholly owned subsidiaries; See World Satellites, inc., Elysium Internet, Inc. and FTS Wireless, Inc. The Company has formed a new subsidiary Company called OTG Technologies Group, Inc. to facilitate the asset purchase. Additionally FTS Group has named its current COO and director Mr. David Rasmussen to lead up the new venture. Effective immediately Dave will become the Chairman and CEO of OTG Technologies Group, Inc.
The sale is of mutual benefit. Since October, 2003, On The Go has built a business that has grown substantially in product offering, customer service that has been consistently and widely acknowledged by the IT industry, and year-over-year revenue. The transition will not only allow the Company to build another business platform as strongly and as effectively as that of OTG, but do so with a higher-margined product focus and in a debt-free fashion. In turn, FTS Group is able to provide the existing hardware and software solution packages ample US distribution -- via its strategic partnerships -- a geographical and professional market that OTG has worked diligently to establish, particularly in the healthcare diagnostic arena.
OTG CEO Stuart Turk commented, "On The Go, its business directive and strength of growth over the past number of years, has brought me and my team much satisfaction. We learned and haven taken a great deal of acumen away with us ... and it's that which we plan to instill into the new business venture. We look forward to re-launching with a clean slate, and a solid new opportunity for strong shareholder appreciation."
FTS Group CEO Scott Gallagher added, "I've watched Stuart Turk build OTG into an IT powerhouse over recent years in what has been at times a very trying environment for micro-cap public Companies both from a funding and regulatory perspective. We plan to build on the tremendous team and overall organization Stuart has put together to create a high growth, profitable, multinational IT Company." Gallagher continued, "Dave's career experience in the IT space at GE and other leading fortune 500 Companies will be an invaluable asset to the future growth of the new Company. Together with the experienced team I'm confident OTG will become the successful, profitable Company we all want it to be.
About FTS Group, Inc.
FTS Group, Inc. (OTC Bulletin Board: FLIP) is a publicly traded acquisition and development Company focused on acquiring, developing and investing in cash flow positive businesses and viable business ventures primarily those in the Technology, Wireless and Internet space. The Company generates revenue through its three wholly owned subsidiaries; See World Satellites, Inc., FTS Wireless, Inc. and Elysium Internet, Inc. For additional information about FTS Group, Inc. or any of its wholly owned subsidiaries please review the Company's quarterly, annual and other filings with the Securities and Exchange Commission at http://www.SEC.gov or contact the Company at the e-mail or phone number below.
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, Viatronix, 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.
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
Investor Relations Contact Information
(888) 795-3166 (California)
FTS Group, Inc.
Scott Gallagher, CEO
|SOURCE On The Go Technologies Group; FTS Group, Inc.|
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