FORT MYERS, Fla., Dec. 3, 2003 (PRIMEZONE) -- Hy-Tech Technology Group, Inc. (OTCBB:HYTT), today announced it has agreed to the irrevocable terms for a $10 million line of credit, specifically and solely for the purpose of funding the company's acquisition and merger initiatives.
Martin Nielson, Chairman/CEO of Hy-Tech, stated, "We've been negotiating with a number of acquisition and joint venture targets designed to expand our service offering, add strength to our distribution capacity, and introduce new marketing and sales channels. This funding provides us with adequate capital to acquire these companies, all of which meet pre-determined parameters. These deals are intended to be the platform for our transformation from a system builder and distributor to a global solutions provider. We are confident this funding will enhance our ability to close these transactions over the upcoming months and can lead to achieving up to $100M in profitable sales."
Nielson added, "It is important to note, while this new financing provides capital for growth via acquisitions, the company requires additional financing for internal working capital, and efforts are underway to obtain this."
The company recently formalized Nielson's role as Chairman/CEO, who has been driving the company's new vision since May. Despite a challenging environment, the company has succeeded in settling the debt with SunTrust Bank, reducing liabilities and costs of operation, strengthening the company's advisory team, launching new solutions products, and introducing new e-commerce initiatives.
Martin Nielson, the Company's Chairman and CEO, is an experienced corporate builder who has been instrumental in the growth of billion dollar entities, notably The Gap, Businessland, and Corporate Express. His personal experience in over 100 mergers, acquisitions and investment transactions is vital to Hy-Tech's transformation.
About Hy-Tech Technology Group, Inc.
Founded in 1992, Hy-Tech operates in Florida, Alabama, Tennessee, Kentucky, and Colorado. The Company supplies a full line of computer components and peripherals and has technicians capable of building and servicing systems from basic desktops to sophisticated servers. Hy-Tech has demonstrated technical capability as an award-winning reseller of industry leading technology products and by earning a variety of accreditations. For more information, please visit our website at, www.e-hytech.com .
Safe Harbor Statement
Certain statements made herein are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, with words such as "anticipate," "believe," "expect," "future," "may," "will," "should," "plan," "projected," "intend," and similar expressions to identify forward-looking statements. These statements are based on Hy-Tech's beliefs and the assumptions it made using information currently available to it. Because these statements reflect Hy-Tech's current views concerning future events, these statements involve risks, uncertainties and assumptions. The actual results could differ materially from the results discussed in the forward-looking statements. In any event, undue reliance should not be placed on any forward-looking statements, which apply only as of the date of this press release. Accordingly, reference should be made to Hy-Tech's periodic filings with the Securities and Exchange Commission.