FORT MYERS, Fla., Feb. 23, 2004 (PRIMEZONE) -- In an interview conducted February 20, 2004, Martin Nielson, Chairman and CEO of Hy-Tech Technology Group, Inc. (OTCBB:HYTT), discussed with Wall Street Reporter some of the changes underway following the announcements of the planned acquisition of Robotic Workspace Technologies (RWT) and the intended divestiture of Hy-Tech Computer Systems (HTCS). The interview, in its entirety, can be downloaded at www. wallstreetreporter.com.
Asked about the company's recent past and its future plans, Mr. Nielson confirmed that recent announcements were in keeping with HYTT's plans to grow by acquisition-to differentiate the company by adding unique technologies, by converting to e-commerce selling and distribution techniques and by adding complementary, higher margin services.
"Acquisitions enable us to effect significant growth in a shorter period of time," said Nielson. "There are several keys to making acquisitions work. First, the cultures of the companies must complement each other and the teams must be willing and excited about working together. Second, they must be 'win-win' deals where every party believes they received excellent value. Third, for repetitive acquisitions to work, they must become a core competency of the company. And very importantly, each deal must be accretive for shareholders," he continued.
Under his direction, a program for this type of execution is currently being implemented.
Nielson added, "RWT is an exciting example of the technology differentiation it is possible for us to achieve. We gain visionary talent in technology development, plus the proven expertise of its management in bringing products to market. With RWT's extraordinary microcomputer and software patents, the licensing and patent-related revenue prospects for the group are very high. When we own such proprietary technology, and when it cannot be obtained elsewhere, then the market has to obtain it from us. We intend to exploit that opportunity to the fullest while we target other technologies and companies with extraordinary potential."
HYTT remains in discussion with various financing sources to allow it access to the financing needed to complement the use of its stock in achieving these plans. "Securing the necessary financing is absolutely critical to our overall plans and remains our highest priority," Nielson added.
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.