FORT MYERS, Fla., Oct 15, 2003 (PRIMEZONE) -- Hy-Tech Technology Group, Inc. (OTCBB:HYTT), announced that the private equity fund that provided financing to the Company has converted the last of its $1M debenture. The transaction on October 7, 2003 was the final conversion of the debentures issued in April 2003.
CEO of the Company, Martin Nielson stated, "We believe that this marks another milestone for the Company by eliminating debt and therefore further strengthening our balance sheet. Over the past six months, we have significantly reduced our debt to where substantially all of our remaining liabilities are now trade payables. Furthermore, with this final conversion now complete, we believe we are better able to negotiate the next wave of financing so we can implement our plans for acquisitions and for the transformation of the company to a solutions provider."
About Hy-Tech Technology Group, Inc.
Hy-Tech is transforming itself from a custom systems builder and an authorized distributor of the world's leading computer system and components to a solutions provider offering an expanding range of services and software to its client base. Founded in 1992, it has operations in Florida, Alabama, Tennessee, Kentucky, Wisconsin and Colorado. Hy-Tech presently supplies a full line of computer components and peripherals and has technicians capable of building and servicing systems that range in scope from basic desktop systems to very sophisticated server applications. The Company has adopted an aggressive growth strategy designed to leverage these existing operations through strategic acquisitions, by expanding into new commercial growth areas in software and services, by adding e-commerce channels of distribution, and by differentiating itself with proprietary technologies. Throughout its history, the Company has demonstrated its technical capability as an award-winning reseller of the industry's leading technology products and by earning a variety of accreditations such as Intel Premier Provider, Microsoft System Builder Gold Member, Symantec Authorized Education Reseller, and Iomega Premier Partner. For more information, please visit our website at www.e-hytech.com.
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