FTS Wireless plans $5 million private placement of stock

By Sheri Kasprzak

New York, Oct. 13 - FTS Group, Inc. said it has arranged a $5 million private placement on behalf of subsidiary FTS Wireless.

The precise details of the offering could not be determined by press time Thursday, but the company did note that 5 million shares will be set aside for the offering. There was no word as to whether warrants would be issued in the offering.

The offering is part of FTS' plan to acquire a privately held wireless company and spin off FTS Wireless into a separate, publicly traded company.

Of the proceeds, $4 million will be used to close the acquisition and $1 million will be used for acquisition-related expenses and working capital.

Based in Tampa, Fla., FTS is a holding company for retail wireless locations.

On Thursday, the company's stock gained 5.26% to close at $0.04.

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