Advanced Communications Acquires Ownership Interest in Investment Management Firm
Thursday January 22, 8:30 am ET

NEW YORK, Jan. 22, 2004 (PRIMEZONE) -- Advanced Communications Technologies, Inc. (OTC BB:ADVC.OB - News) (``ACT'' or the ``Company'') announced today that on January 14, 2004, Hudson Street Investments, LLC (``Hudson Street Investments''), a newly formed special purpose business entity owned by the Company, acquired a minority interest in Yorkville Advisors Management, LLC (``Yorkville Advisors''), the portfolio manager of Cornell Capital Partners, LP.
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The formation of Hudson Street Investments is consistent with management's restructuring plan to reconfigure ACT into a business enterprise that consists of multiple minority investments in established private and public operating companies, as well as the acquisition of a core operating business. The Company's overall restructure has been designed to diversify its business interests to create various opportunities to generate net income and value for ACT shareholders.

``Our ownership interest will entitle us to receive a pro rata share of Yorkville Advisors' net profits from asset management, investment banking and financial advisory fees,'' said Wayne I. Danson, ACT's President and CFO.

Danson continued, ``This strategic business move (the acquired interest in Yorkville Advisors), when coupled with our restructured debt and creditor settlements, has stabilized the Company's financial picture, and is anticipated by management to create positive cash flow with enough annual profits to put the Company in a long-term, financially sound position.''

When asked about the projected income for 2004 to the Company from this investment Danson replied, ``We anticipate that Hudson Street Investment's cash flow from its share of the net profits will be more than enough to cover our consolidated annual operating expenses.''

The Company projects that it will report net income of approximately $300,000 for fiscal 2004, as compared with a net loss of $1,869,031 for fiscal 2003.

Danson closed with, ``For the first time in ACT's history, we will have sufficient liquidity to operate and grow. Our stronger financial position will also enable us to acquire and/or invest in a core operating business with a proven and successful product, part of our reorganization strategy.''

Management is currently in discussion with a business enterprise that it believes is a qualified candidate for future investment or acquisition.

In addition, ACT has formed SpectruCell, Inc., a wholly-owned subsidiary of ACT, to hold the Company's North and South America marketing and distribution rights to SpectruCell, a software-defined radio (SDR) multiple protocol wireless system, which were acquired in 1999.

About Cornell Capital Partners, LP

Cornell Capital Partners, LP (``Cornell Capital''), who has a $30 million equity line of credit commitment to Advanced Communications Technologies, Inc., is a domestic private investment fund that makes direct investments in viable, growing small to mid-size public companies with a market capitalization of $1 billion or less. Cornell Capital provides various types of funding to companies, including bridge financing, debt placement and various types of equity securities.

About Advanced Communications Technologies Inc.

Advanced Communications Technologies Inc. (``ACT'') owns a minority interest in Yorkville Advisors Management, LLC, an investment management firm, through its wholly-owned subsidiary Hudson Street Investments, Inc. ACT also owns the exclusive marketing and distribution rights throughout the North and South American markets to SpectruCell, a software-defined radio (SDR) multiple protocol wireless system.

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.