February 12, 2008
Internet Holdings Corp Agrees to Acquire Elysium Internet, Inc. In Stock for Stock Liquidity Event Transaction
US Biodefense, Inc. dba Internet Holdings Corp, traded on the over the counter market (OTCBB: USBF), today announced that it has agreed on terms to acquire 100% of the shares of Elysium Internet, Inc. a profitable direct navigation Internet Media Company and wholly owned subsidiary of FTS Group, Inc. (OTCBB: FLIP).
US Biodefense, Inc. doing business as 'Internet Holdings Corp' and FTS Group CEO Scott Gallagher commented, "We have entered into a liquidity event transaction that I firmly believe will benefit the shareholders of both Internet Holdings Corp and FTS Group. The transaction will result in Elysium Internet becoming an independently operated publicly traded direct navigation Internet Media Company, while creating a tremendous growth opportunity for the stockholders of both Companies. We expect the transaction to close in 30 to 45 days pending completion of certain filings and other routine transactional issues."
Below are some of the details of the proposed transaction:
-- FTS Group will receive shares of a new class of convertible preferred stock that converts into 60% of the outstanding shares of USBF. -- FTS Group will issue USBF an interest bearing note of between $1 Million and $1.5 Million (pending final valuation) in exchange for its domain portfolio. -- US Biodefense, Inc. (dba Internet Holdings Corp) will change its name to Elysium Internet, Inc.
Gallagher went on to say, "As the founder of Elysium Internet I'm very excited by the prospect of unlocking the future growth potential of Elysium as a stand alone Company in the very exciting Internet Domain/Media Space. We expect to close several high level domain purchases in the near term as well as begin the roll out of our domain monetization platform developed by our subsidiary Dice Ventures, Inc. Judging from the recent activities of the leading Internet Media players It's going to be an exciting year for our Company and for the industry in general."
About Elysium Internet, Inc.
Elysium Internet, Inc. is an emerging direct navigation online media Company. Its domain assets include; TheDirectoy.com, Therapists.net, SecuritiesAttorney.net, NevadaLawyer.com, Passenger.net, eBoxing.com, TheFund.net and many others. The Company is in the process of developing several proprietary direct navigation ad platforms. Elysium is a wholly owned subsidiary of FTS Group, Inc. (OTCBB: FLIP) a publicly traded acquisition and development Company. The holding Company generates revenue through its three wholly owned subsidiaries; See World Satellites, Inc., FTS Wireless, Inc. and Elysium Internet, Inc. For additional information about FTS Group, Inc. or any of its wholly owned subsidiaries please review the Company's quarterly, annual and other filings with the Securities and Exchange Commission at http://www.SEC.gov or contact the Company at the e-mail or phone number below.
About US Biodefense, Inc.
(doing business as Internet Holdings Corp)
Internet Holdings Corp (OTCBB: USBF) is an emerging Internet media Company focused on acquiring and developing domain related Internet media assets and businesses. The Company currently owns a portfolio of domain names that it is developing. For additional information on the Company please review the Company's quarterly, annual and other filings with the Securities and Exchange Commission at http://www.SEC.gov or contact the Company at the e-mail or phone number below.
Included in this release are certain "forward-looking" statements, involving risks and uncertainties, which are covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's financial performance. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual future results may differ materially from those anticipated, depending on a variety of factors, sales and earnings growth, general economic conditions affecting consumer spending, including uncertainties relating to global political conditions. Information with respect to important factors that should be considered is contained in the Company's Annual Report on Form 10-K and 10-K/A as filed with the Securities and Exchange Commission. Readers are cautioned not to place reliance on these forward-looking statements, which speak only as of the date hereof.
Internet Holdings Corp/ Elysium Internet, Inc. Contact: Scott Gallagher CEO 727-417-7807 Email Contact
SOURCE: FTS Group, Inc.