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ADVC ISSUED THIS PROMISING NEWSLETTER THIS MORNING
Advanced Communications Technologies, Inc. Issues Open Letter to Shareholders
8/17/2004 8:30:19 AM
NEW YORK, Aug 17, 2004 (PRIMEZONE via COMTEX) -- Advanced Communications Technologies, Inc. ( ADVC ) (the "Company") issued today the following open shareholder letter to its investors:

Dear Shareholders,

Many businesses, especially small businesses, have faced mounting challenges during the last four years. We are most pleased to be among those that have risen to the challenge. As most of you are aware, last year began the pivotal change of our Company, with the Board electing to restructure the organization including, but not limited to, cleaning up our balance sheet.

A new business strategy was initiated, designed to avoid the previous, unprofitable course. Given the present state of the economy, I along with the other members of the management team and our strategic partners, are highly optimistic due to our recent financial and business results. With the closing of our June 30, 2004 fiscal year end, I would like to make the following update on behalf of the Company for your benefit:

In January 2004, we formed Hudson Street Investments, LLC, which then acquired a minority interest in Yorkville Advisors Management, LLC, the portfolio manager of Cornell Capital Partners, LP, our financial partner. This not only gives us a very good investment, but by acquiring part ownership of our main financier (our banker if you will), it assures us that our success is their success. Hudson Street's investments are expected to yield net cash flows that exceed our operating annual expenses. Based on this and other factors, we soon found ourselves with over $4 million in new financing from Cornell Capital.

With our expanded relationship with Cornell Capital firmly in place, we set about targeting and acquiring privately held entities in the technology and biotech fields. We plan to create a vertically integrated core business, which that has already proven to be more viable and profitable than the previous business operation. We also plan, through Hudson Street, to acquire minority interests in private and publicly held emerging growth technology and biotech businesses that we believe will add significant accretive value to our shareholders.

Nevertheless, while looking forward, previous assets were not left behind; a new subsidiary, SpectruCell, Inc. was also formed in January 2004 to hold our North and South American marketing and distribution rights to SpectruCell (a software-defined radio (SDR) multiple protocol wireless system), which we acquired in 1999. While we do not know the current value, if any, of these rights, we have nevertheless formed SpectruCell, Inc. to hold these rights until such time as their value is determinable.

Our acquisition strategy soon began to materialize. In early June of this year, the Company acquired Cyber-Test, Inc. under our newly formed subsidiary, Encompass Group Affiliates, Inc. Cyber-Test employs 85 employees, is an established electronic equipment repair company specializing in the repair of computer peripheral products and records annual revenues of in excess of $6 million. We arranged to acquire the business for a combined purchase of just $4 million in cash, notes and contingent stock-a great bargain in our opinion. Cyber-Test, for their end, receives the right to receive our stock based on the attainment of certain financial milestones-the future value of which could be most profitable for them-as well as a strategic marketing partner to further their sales. The Cyber-Test acquisition was funded through the issuance of Series A Convertible Preferred Stock issued to Cornell Capital. Because the preferred stock is not convertible into common shares for one-year, we do not consider it to be dilutive to our shareholders.

Encompass Group would complete another purchase in late June 2004 from Hy-Tech Technology Group, Inc. This purchase included licensing rights to Hy-Tech's customers, its corporate web addresses, and the transfer of Hy-Tech's rights to negotiate certain acquisitions of its own including, but not limited to, Cyber-Test.

Of special interest includes the right to hire Martin Nielson, formerly Hy-Tech's Chief Executive Officer. Nielson's 30-year career includes serving as CEO and in other executive-level positions within public and private companies. Five start-ups, in which he served as an executive, became public on the NYSE, NASDAQ, OTCBB and London exchanges, and four became billion dollar corporations, among them The Gap, Businessland and Corporate Express.

Because of this extensive background, Mr. Nielson has been appointed Chief Executive Officer of Encompass Group. Mr. Nielson will also serve as Senior Vice President-Acquisitions for Advanced Communications Technologies and as a member of our Board of Directors.

In order to keep our investors updated, we recently retained the services of an investor relations firm specializing in communications for small, public companies. Equitilink requests your input and feedback and is happy to assist with your continued due diligence. Please contact them with your questions. Furthermore, I personally invite you to visit our new corporate website at www.advancedcomtech.net that has been re-designed to provide an accurate resource for our shareholders, and a higher public presence for the Company.

In summary, we have begun a journey towards growth by acquisition as well as organic growth from within. Along the way we look forward to sustainable positive cash flow and profitability with growing market share and a stronger, more-valuable Company with better, more-significant shareholder value. Though the challenges continue, we believe we will meet the challenges, and wish to thank you for your continued interest as shareholders.

Very truly yours,

Wayne I. Danson
President and Chief Financial Officer
Advanced Communications Technologies, Inc.

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.

SOURCE: Advanced Communications Technologies

Equitilink, LLC
(877) 788-1940


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