The company has come back with this suggested revised text:

"The Employee wishes to acknowledge that during the course of employment with (company) any discoveries and developments made by the Employee related to (company)'s Technology or Products will be owned fully by (company)..."

The revised language sounds reasonable, though if there's something you're working on now that relates to the company's technology or products, you should identify it in an attachment to the agreement. This can prevent misunderstandings downstream. And if you plan to continue work on one of these side projects, you'll need an explicit agreement to that effect.

Looking at this situation from the companies point of view, and assuming for a moment that they're trying to be reasonable, what they're looking to avoid are situations where they reveal proprietary information to an employee, only to have the employee invent something with or related to that technology, and then run off with it to some other company.