FORT MYERS, Fla., Feb. 17, 2004 (PRIMEZONE) -- Hy-Tech Technology Group, Inc. (OTCBB:HYTT) ("HYTT"), today announced it has entered into a letter of intent to acquire Robotic Workspace Technologies ("RWT"), a privately held Fort Myers-based company.
RWT holds a rich portfolio of patents related to PC-based robotic technologies that are currently deployed in numerous industries. RWT's client list includes Fortune 500 companies in the aerospace, automotive, defense, electronics, and R&D industries.
RWT is the developer of the Universal Robot Controller ("URC") and RobotScript software, a PC-based system for automation. By using PC-based robotic technologies to control robot motion, the URC eliminates the need for a proprietary robot controller. The URC can be retrofitted to any manufacturer's robot and can control up to four different robots simultaneously. Robots controlled by the PC-based URC are programmed with RobotScript, a standardized robot programming language. But the user doesn't have to be a programmer to modify robot tasks. The URC's touch screen interface simplifies robot routine and motion changes.
"This acquisition enables us to further develop and provide advanced PC-based robotic technologies that enhance the use of a wide range of industrial robots," said Walter Weisel, chairman and CEO of RWT.
Martin Nielson, chairman and CEO of HYTT, said, "RWT will serve as the first step in the transformation of HYTT, which is now focused on identifying high growth technology-differentiated opportunities in exciting new markets which have the potential to add significant value to our stakeholders."
HYTT also announced that it intends to divest itself of its subsidiary, Hy-Tech Computer Systems. Further detail will follow.
These transactions will result in the issuance of a mix of common and convertible preferred shares. Very importantly, these transactions are expected to enhance HYTT's ability to close additional financing transactions, which remains a critical priority for HYTT.
"I am confident that the deal with RWT and the divestiture will support our stated goal of building a profitable company with substantial growth potential. This complements and enhances discussions with companies already identified for our new growth platform company. Securing the necessary financing is the final step to this process," Nielson added.
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