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 acknowl
|SOURCE On The Go Technologies Group; FTS Group, Inc.|
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