Advanced Communications Acquires Licensing and Other Intangible Property Rights from Hy-Tech Technology Group E-mail or Print this story
28 June 2004, 09:16am ET
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.
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