By Sheri Kasprzak
New York, Jan. 26 - FTS Group, Inc. closed a $1 million portion of a planned $3.5 million private placement of promissory notes.
The 20% notes were issued to four investors - Alpha Capital Anstalt, Ellis International Ltd., Platinum Long Term Growth V and Whalehaven Capital Fund Ltd. - as part of the purchase price of See World Satellites, Inc., a Pennsylvania-based company FTS recently acquired back in January 2005.
The notes issued recently are part of an agreement made during the acquisition to issue a promissory note in principal of $3.5 million.
The notes are due April 3, 2008 and include 15 million common shares distributed among the four investors.
Based in Tampa, Fla., FTS acquires and develops wireless retail stores.
| Issuer: | FTS Group, Inc.
|
| Issue: | Promissory notes
|
| Amount: | $1 million
|
| Maturity: | April 3, 2008
|
| Coupon: | 20%
|
| Price: | Par
|
| Yield: | 20%
|
| Shares: | 15 million
|
| Investors: | Alpha Capital Anstalt, Ellis International Ltd., Platinum Long Term Growth V and Whalehaven Capital Fund Ltd.
|
| Settlement date: | Jan. 22
|
| Stock symbol: | OTCBB: FLIP
|
| Stock price: | $0.03 at close Jan. 22
|
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