TAMPA, Fla.-FTS Group Inc. provided details on its proposed share spinoff of FTS Wireless Inc.
The company said it is seeking to acquire a profitable privately held company in conjunction with the share spinoff, and it is involved in negotiations with several such companies.
FTS further said it plans to take FTS Wireless public by registering shares with the Securities and Exchange Commission on SEC form SB-2 and spinning off certain shares of the new company to FTS Group stockholders at a to-be-determined rate. And finally, FTS Wireless will seek a share listing on the American Stock Exchange or Nasdaq Small Cap market.
FTS Wireless is a regional operator of retail wireless locations.
