BHIT Announces Agreement to Purchase Assets of L.A. Colo

CLEVELAND--(BUSINESS WIRE)--July 28, 2008
B.H.I.T. Inc. (OTCBB:BHIT), today announced that on July 24, 2008
it entered into an asset purchase agreement with L.A. Colo, LLC
("Colo"), as seller, and Iron Rail Group, LLC, the current owner of
Colo, pursuant to which BHIT agreed to purchase substantially all of
the assets of Colo. Colo builds, repairs, maintains and rehabilitates
railroad tracks and related railroad infrastructure. Completing the
acquisition is contingent on the satisfaction of standard conditions,
including BHIT being satisfied with its due diligence and finalizing
financing arrangements. There can be no assurances that the
transaction will be completed on the proposed terms, or at all. 
About BHIT 
B.H.I.T. Inc. is a shell company currently without significant
operations or sources of revenues other than its investments. Our
existing operations relate primarily to servicing our cash investment
portfolio and maximizing existing capital with stable interest
generating instruments. However, our new management team is
aggressively investigating potential operating companies to acquire
and additional sources of financing. In June 2007, we sold 10.0
million of our common shares in a private placement for $0.10 a share
for a total of $1.0 million. Currently we are focusing our efforts on
railroad track repair and maintenance businesses, but we cannot
guarantee we will complete an acquisition in this industry.
Accordingly, we may explore potential acquisitions in other industries
as well. 
Safe Harbor Regarding Forward-Looking Statements 
Some of the statements that we make in this press release,
including statements about our confidence in BHIT's prospects and
strategies are forward-looking statements within the meaning of
section 21E of the Securities Exchange Act. Some of these
forward-looking statements can be identified by words like "believe,"
"expect," "will," "should," "intend," "plan," or similar terms; others
can be determined by context. Statements contained in this report that
are not historical facts are forward-looking statements. These
statements are necessarily estimates reflecting our best judgment
based upon current information, and involve a number of risks and
uncertainties. Many factors could affect the accuracy of these
forward-looking statements, causing our actual results to differ
significantly from those anticipated in these statements. While it is
impossible to identify all applicable risks and uncertainties, they
include our ability to: execute our business plan by identifying and
acquiring an operating company; obtain appropriate financing to
complete potential acquisitions; effectively invest our existing funds
and raise additional capital to fund our operations; and comply with
SEC regulations and filing requirements applicable to us as a public
company. 
You should not place undue reliance on our forward-looking
statements, which reflect our analysis only as of the date of this
report. The risks and uncertainties listed above and in documents that
we file with the Securities and Exchange Commission, including our
annual report on Form 10-K, quarterly reports on Form 10-Q, and any
current reports on Form 8-K, must be carefully considered by any
investor or potential investor in BHIT. 
For additional information or clarification respecting BHIT,
please contact: Gary O Marino, Chairman of the Board, at 561-443-5300. 
CONTACT:
B.H.I.T. Inc.
Gary O Marino, Chairman of the Board, 561-443-5300
 
 
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