FORT MYERS, Fla., June 2, 2004 (PRIMEZONE) -- Hy-Tech Technology Group, Inc. (OTCBB:HYTT) (the "Company") announced today that its Board of Directors has unanimously agreed to change the name of the Company to Innova Holdings, in support of its announced change of strategy and has secured the necessary shareholder votes to implement the change.
The new company name is expected to become effective in July following the required filing with the SEC and the State of Delaware. This change in name will be accompanied by an application for a new trading symbol and will also include a change in the authorized shares of the company. Martin Nielson, Chairman of the Company confirmed that this change is in keeping with HYTT's plans to grow by acquisition and to differentiate the Company.
"The name change is important, especially with our announced plans to divest the Hy-Tech Computer Systems subsidiary. It did not make sense to retain the Hy-Tech name, so this new name better supports our evolving plans. We have registered the name and we have secured the website address. With our new strategy, we intend to begin using the new name immediately, and expect to begin work on a new website shortly," said Nielson.
The Company will announce the new trading symbol as soon as the NASD assign it and subsequent press releases are expected to use the new name for the Company.
The Company also announced that in order to complete the year-end audit. It has filed an automatic extension for filing its annual report
Headquartered in Fort Myers, Florida the Company has historically been a custom systems builder and reseller of computer components and peripherals, but has announced several steps to transform its business and to depart from its legacy business.
Certain statements here are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "expect", "future", "may", "will", "should", "plan", "projected", "intend", etc. identify forward-looking statements. These are based on HYTT's beliefs and assumptions it made using information currently available to it and reflect current views concerning those future events. These statements involve risks, uncertainties and assumptions, and the actual results could differ materially from those discussed in the forward-looking statements, therefore undue reliance should not be placed on any forward-looking statements, as they apply only as of today's date. Accordingly, reference should be made to HYTT's periodic filings with the SEC.