FORT MYERS, Fla., June 2, 2004 (PRIMEZONE) -- Innova Holdings, Inc. (the intended new name of Hy-Tech Technology Group, Inc.) (OTCBB:HYTT) (the "Company"), today announced that it has executed a definitive agreement with Advanced Communications Technologies, Inc. (OTCBB:ADVC) ("ACT") to remove $503,500 in secured convertible debentures from its balance sheet, and has restructured its management team.
The deal with ACT involves the elimination of secured debt in return for perpetual licenses for ACT to market to the Company's Hy-Tech Computer Systems ("HTCS") customers and to use certain websites addresses of the Company, plus certain other benefits which will be detailed in the Company's public filings.
Martin Nielson, Chairman of the Company prior to this transaction, confirmed that this agreement is consistent with announced plans to acquire Robotic Workspace Technologies, Inc. (RWT) and to divest its legacy businesses, HTCS, and satisfies important requirements for both.
"This transaction helps paves the way for us to conclude the other deals," said Nielson. "In conjunction with the ACT deal, we will make changes to the management and board. Our shareholders know of our intent to acquire and grow high potential companies, starting with RWT, and at the same time, we must reduce our cost of doing business. I will therefore remain a director and will head the newly formed acquisition and finance committees, to preserve our focus on acquisitions. At the same time, we will create an office of the chief executive consisting of other current members of the board, to replace me and reduce our cost. The combined result of reduction in debt and restructuring of the management team should allow us to retain our focus on growing the business."
Gary McNear, CFO, and member of the new office of the CEO, added, "We are very pleased that Martin will remain on our board and will continue to drive our growth and acquisition strategy. We value his contributions and look forward to our future together."
Historically a custom systems builder and reseller of computer components and peripherals, the Company has announced several steps in its transformation and departure from its legacy business. The Company headquarters remain in Fort Myers, Florida.
More announcements are expected to follow.
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 the Company'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 the Company's periodic filings with the SEC.