Thanks Glassy,Will keep an eye on ongo.Maybe the long tumble down the hill is over and reversing.CONCORD, Ontario, Feb. 22 /PRNewswire-FirstCall/ -- On The Go Technologies Group (OTC Bulletin Board: ONGO; 'OTG' 'the Company'), a leading multi-industry computer hardware, software and systems integrator, announced today that the Company has paid in full the promissory note attached to the acquisition of healthcare and medical diagnostic division Island Corporation.
On January 10, 2006, the Company entered into an agreement to purchase all of the issued and outstanding shares of Island Corporation stock in exchange for CDN $2,311,536. The purchase price was paid in a combination of ONGO common shares, $1,100,000 in cash and a promissory note for $400,000. The promissory note bore no interest and was paid as follows: $100,000 January 2006 and the remaining $300,000 was paid in twelve equal payments starting on March 31, 2006 and continued monthly until paid in full yesterday, over four weeks early.
President and CEO Stuart Turk commented, "As outlined in our most recent update, it's the Company's intention to eliminate outside debt in a quick and efficient manner, and this is certainly true of any internal debt remaining from our acquisitions. The quicker this process is completed, the closer we get to producing positive cash flows."
About On The Go Technologies Group
On The Go Technologies Group is a North American corporation focused on acquiring versatile and profitable companies in the IT sector. OTG and its divisions: OTG Enterprise, catering to Fortune 1000 and SME clientele and vendors such as HP, Apple, IBM, SGI, Extreme Networks and Adobe; OTG Digital Media & OTG Creative, prominent systems integrators in the U.S. and Canadian digital entertainment industry; OTG Healthcare, compiling digital solutions and networks for the diagnostic medical community; OTG Research, providing solutions to the education, funding and research communities; and in-house multimedia studio Go Motion + Design, have established themselves as a respected and sought after industry competitors. The Company's intention is to maintain sustained growth in the years to come via continued organic development in its existing divisions and an aggressive acquisition schedule.
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