Medindia

X

On The Go Healthcare Sells VAR Business to Wireless and Internet Space Development Leader FTS Group

Wednesday, March 19, 2008 General News J E 4
Advertisement
CONCORD, Ontario, March 18 On The Go Healthcare,Inc. (OTC Bulletin Board: OGOH; 'OTG' 'the Company'), a leading multi-industrycomputer hardware, software and systems integrator, announced today that aftermore than four industry award-winning and revenue-rich years, the Company hassold its Value Added Reseller ('VAR') business unit to Tampa, FL based FTSGroup (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 Notereceivable from FTS.

During the next 90 day period, On The Go intends to clear its AccountsReceivable line with Laurus Funds in full from the collection of all itscorporate receivables, and eliminate all other outstanding debt obligations,re-establishing the Company as debt-free. On The Go will be moving forward ina new business venture, to be announced at a later date as the business planis more fully developed.

Since 2002, FTS Group has been focused on acquiring, developing andinvesting in cash flow positive businesses and viable business ventures,primarily those in the technology, wireless and Internet space. The Companyfunctions as a holding Company and has built its revenue stream during thisperiod from just over $100K in 2003 to over $7 Million in 2007. FTS generatesrevenue through its three wholly owned subsidiaries; See World Satellites,inc., Elysium Internet, Inc. and FTS Wireless, Inc. The Company has formed anew subsidiary Company called OTG Technologies Group, Inc. to facilitate theasset purchase. Additionally FTS Group has named its current COO and directorMr. David Rasmussen to lead up the new venture. Effective immediately Davewill become the Chairman and CEO of OTG Technologies Group, Inc.

The sale is of mutual benefit. Since October, 2003, On The Go has built abusiness that has grown substantially in product offering, customer servicethat has been consistently and widely acknowledged by the IT industry, andyear-over-year revenue. The transition will not only allow the Company tobuild 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. Inturn, FTS Group is able to provide the existing hardware and software solutionpackages ample US distribution -- via its strategic partnerships -- ageographical and professional market that OTG has worked diligently toestablish, particularly in the healthcare diagnostic arena.

OTG CEO Stuart Turk commented, "On The Go, its business directive andstrength of growth over the past number of years, has brought me and my teammuch satisfaction. We learned and haven taken a great deal of acumen away withus ... 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 newopportunity for strong shareholder appreciation."

FTS Group CEO Scott Gallagher added, "I've watched Stuart Turk build OTGinto an IT powerhouse over recent years in what has been at times a verytrying environment for micro-cap public Companies both from a funding andregulatory perspective. We plan to build on the tremendous team and overallorganization Stuart has put together to create a high growth, profitable,multinational IT Company." Gallagher continued, "Dave's career experience inthe IT space at GE and other leading fortune 500 Companies will be aninvaluable asset to the future growth of the new Company. Together with theexperienced team I'm confident OTG will become the successful, profitableCompany we all want it to be.

About FTS Group, Inc.

FTS Group, Inc. (OTC Bulletin Board: FLIP) is a publicly tradedacquisition and development Company focused on acquiring, developing andinvesting in cash flow positive businesses and viable business venturesprimarily those in the Technology, Wireless and Internet space. The Companygenerates revenue
Advertisement


Advertisement

You May Also Like

Advertisement
View All

Post your Comments

Comments should be on the topic and should not be abusive. The editorial team reserves the right to review and moderate the comments posted on the site.
User Avatar
* Your comment can be maximum of 2500 characters
I agree to the terms and conditions
s
Alert to Women: What Your Doctor Prescribed for Ho...
S
St. John Health Hospitals Honored as Nation's Top ...