NEW YORK, June 28, 2004 (PRIMEZONE) -- Advanced Communications Technologies, Inc. (OTCBB:ADVC) (the "Company") announced today that it has closed the Hy-Tech Technology Group, Inc. (OTCBB:HYTT) ("Hy-Tech") transaction, acquiring certain licensing rights to Hy-Tech's customers and website addresses, and the right to hire its former Chief Executive Officer, Mr. Martin Nielson, as Chief Executive Officer of Encompass Group Affiliates, Inc. ("Encompass Group"), the Company's wholly owned subsidiary that will hold these acquired rights, and as Senior Vice President-Acquisitions of the Company.
Wayne Danson, the Company's President and Chief Financial Officer said, "The licensing rights we acquired from Hy-Tech today represents another step towards fulfilling management's plan of establishing a vertically-integrated service and technology business." Danson continued, "We are pleased with the direction the company is heading."
Hy-Tech has been a custom systems builder and authorized distributor of computer components and peripherals. Under the terms of the agreement between Hy-Tech and Encompass Group, Encompass Group will have, among other benefits, an exclusive, perpetual worldwide license to market to Hy-Tech's customer base. The consideration paid for these rights consists solely of the retirement of certain of Hy-Tech's Senior Secured Convertible Debentures by the payment of $203,000 and the issuance of the Company's Series B Convertible Preferred Stock with a liquidation preference of $300,000.
About Advanced Communications Technologies, Inc.
Advanced Communications Technologies, Inc. (the "Company") is a holding company that, through its wholly owned subsidiary Encompass Group Affiliates, Inc., owns Cyber-Test, Inc., an established electronic equipment repair company based in Longwood, Florida. The Company also owns a minority interest in Yorkville Advisors Management, LLC, an investment management partnership, through its wholly owned subsidiary Hudson Street Investments, Inc, and owns through SpectruCell, Inc., the rights to market and distribute in North and South America, SpectruCell, an in-development wireless-based telecommunications technology. This release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934. Although the Company believes that the expectations reflected in such statements are reasonable, no assurances can be given that they will prove correct. The Company remains exposed to risk factors outlined in the Company's Registration Statement as filed with the Securities and Exchange Commission on July 16, 2003. Statements made herein are not a guarantee of future corporate or stock performance.