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Hy-Tech Announces Letter of Intent to Purchase 100% of Genesis TechnologyGroup, Inc.
FORT MYERS, Fla., Feb 19, 2003 /PRNewswire-FirstCall via COMTEX/ -- Hy-Tech Technology Group, Inc. (OTC Bulletin Board: HYTT), a custom manufacturer of quality computer systems and a distributor of computer components and peripherals, announced today that it has executed a Letter of Intent to purchase all of the outstanding shares of Genesis Technology Group, Inc. (OTC Bulletin Board: GTEC).

The proposed transaction shall take place no later than April 30, 2003 and is subject to shareholder approval. Upon approval, Genesis will become a fully owned subsidiary of Hy-Tech and will exchange all of its 31,522,353 shares for newly issued Hy-Tech shares valued at $15 million. The transaction is subject to closing conditions and the execution of a definitive purchase agreement.

Gary McNear, the Chief Executive Officer of Hy-Tech Technology Group, stated, "We are extremely pleased to announce this Letter of Intent with Genesis. Adding Genesis to the Hy-Tech family should add an additional $40 million in revenue this calendar year based on the information provided to us by Genesis. We feel strongly that Genesis's connections in the Asian manufacturing arena will help reduce our manufacturing costs and significantly add to our bottom line. This strategic acquisition should put us ahead of our goal to reach combined revenues of $65 million this year. We are committed to increasing shareholder value through continued organic growth and strategic acquisitions similar to this one."

"Hy-Tech's aggressive acquisition strategy and management style are a perfect fit for our Company. We are truly excited to become part of this growing technology company," said Gary Wolfson, CEO of Genesis Technology Group.

About Genesis Technology Group, Inc

Genesis (OTC Bulletin Board: GTEC) is a business development firm that fosters bilateral commerce between companies in the United States and Europe with those in China. Genesis has created successful profit centers in product development, manufacturing, distribution, joint ventures and operational services. Genesis has established effective working relationships with various governmental agencies, public institutions, and private industries in China at both national and provincial levels. The Company also aims to play a key role in assisting small to mid-size Chinese private companies that desire growth, to expand their business with the financial and operational support of the Genesis.

About Hy-Tech Technology Group, Inc.

Hy-Tech (OTC Bulletin Board: HYTT) is a custom manufacturer of quality computer systems and a distributor of computer components and peripherals. The Company is headquartered in Fort Myers, Florida, where it began operations in November 1992. It has seventeen local store operations in Florida, Alabama, Tennessee, Kentucky, Wisconsin and Colorado. In all of its locations, Hy-Tech stocks a full line of computer components and peripherals and has technicians capable of building and servicing systems that range in scope from a basic desktop system to very sophisticated server applications. The Company has an aggressive growth strategy based on leveraging existing operations through rentals, ecommerce, franchising, and through strategic acquisitions. The Company has established strong relationships with some of the most outstanding companies in the computer industry, such as Microsoft Direct OEM, Intel Premier Provider, Microsoft System Builder Gold Member, Symantec Authorized Education Reseller, Microsoft Authorized Education Reseller, and Iomega Premier Partner.

Statements contained in this release, which are not historical facts, including statements about plans and expectations regarding business areas and opportunities, demand and acceptance of new or existing businesses, capital resources and future financial results are "forward-looking" statements as contemplated by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, including, but not limited to, government regulation, taxation, spending, competition, general economic conditions and other risk factors which could cause actual results to differ materially from those projected or implied in the forward- looking statements. There may be other factors not mentioned above that may cause actual results to differ materially from any forward-looking information. The Company takes no obligation to update or correct forward- looking statements.




Investor Relations Contact:

David Zazoff/Harvey Goralnick
FOCUS Partners LLC
[phone]
[e-mail]
www.focuspartners.com

SOURCE Hy-Tech Technology Group, Inc.


CONTACT: David Zazoff of Harvey Goralnick, both of FOCUS Partners LLC,

[phone], or [e-mail], for Hy-Tech Technology Group,
Inc.

URL: http://www.e-hytech.com
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