FORT MYERS, Fla., July 29, 2004 (PRIMEZONE) -- Hy-Tech Technology Group, Inc. (OTCBB:HYTT), 'The Company', today provides an update to shareholders involving its name change, an update on its filings, and the continuing implementation of its strategic plan.
Effective today, the new name of the Company becomes Innova Holdings, Inc. (OTCBB:IVHG). Filings with the SEC and with the State of Delaware have been made, following approval by the Board of Directors and by a majority of shareholders, which authorized the changes, including an increase in the authorized shares of the Company. The new trading symbol will now be "IVHG". All of these steps were required for the Company to implement its strategic plan.
"We are excited about these changes for several important reasons. The change in authorized shares allows us to complete our announced plans to acquire Robotic Workspace Technologies, Inc. ('RWT') and to divest the Hy-Tech Computer Systems subsidiary. And, the name Innova Holdings, Inc. better supports our previously announced direction," said Martin Nielson, until recently CEO and now the board member in charge of acquisitions.
The Company will launch a new website in the near future, which will include much more information for its shareholders. Also, last week the Company filed its annual and quarterly reports with the SEC.
Finally, the Company announced that the board of directors of Robotic Workspace Technologies, Inc. ('RWT') has approved the acquisition of RWT by Innova Holdings, and both companies have signed the definitive agreement regarding the acquisition. RWT shareholders are expected to vote in favor of this acquisition at the shareholders meeting scheduled for August 9, 2004.
About Innova
Headquartered in Fort Myers, Florida, Innova Holdings' plan is to grow through the development and marketing of the products and intellectual properties of RWT, as well as through the strategic acquisitions of companies which meet previously announced parameters regarding growth and profit potential.
Contact: Ronald L. Garner, Equitilink, LLC 877-788-1940
Forward-looking statements such as "anticipate", "believe", "expect", "future", "may", "will", "should", "plan", "projected", "intend", etc. contained herein are within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties and are based on the Company's beliefs and assumptions it made using information currently available to it and which reflect current views concerning those future events. Actual results could differ materially. Therefore, undue reliance should not be placed on any forward-looking statements, since they apply only as of today's date, and accordingly, reference should be made to the Company's periodic filings with the SEC.