OXFORD, Miss., Oct. 30, 2006 (PRIMEZONE) -- Modern Technology Corp (Pink Sheets:MODC), a diversified technology development and acquisition company, announced today that during the fiscal year ended June 30, 2006 it generated revenues of $11,472,254 versus $3,078,145 for the fiscal year ended June 30, 2005. It also reported assets of $4,859,410. For complete details of the company's Form 10K-SB filing, please visit the SEC's website at www.sec.gov.
Anthony Welch, chairman, said: "We have delivered the rapid revenue growth as promised. We will shortly declare stock dividends, also as promised. We encourage investors to carefully inspect our newest acquisition. We believe the AnuCyte cancer detection system will propel our revenue and profit results well beyond our expectations of only a few months ago. Shareholders should expect frequent updates and rapid progress on the establishment of our diagnostic lab and sales efforts under our new operating arm, Insight Medical Group. We firmly believe the AnuCyte system will quickly obsolesce all other cancer tests currently in existence."
AnuCyte is the only system in the world that detects the single trait common to all forms of cancer. This trait is not found in any healthy cell. The system rapidly and accurately identifies cancer at any stage in its development and also identifies healthy cancer-free cells in the same test. The system is unique in the world and can be applied to any form of cell sample suspected of cancer and return a reliable test result within minutes. The system completely eliminates heretofore unreliable, subjective, and error-prone pathology diagnosis of cancer and delivers an automated and completely objective measurement of the presence or absence of cancer with the highest accuracy rate of any diagnostic technology in the world. The AnuCyte system is the first and only system in the world that can accurately detect and assess the chromosomal imbalance of cancer. This ability allows the system to quickly and accurately identify both cancerous and non-cancerous cells.
About Insight Medical Group
Insight Medical Group is a specialized biosciences development company whose mission is to bring world changing medical technology and research to market in the areas of cancer and AIDS. The Boveran Cancer Detection System was invented by Dr. David Rasnick, Phd. The technology and chromosomal imbalance theory is the result of 45 years of combined cancer research by Dr. David Rasnick, Phd. and Dr. Peter Duesberg, Phd., who continues his studies on cancer research at the University of California, Berkley.
About Modern Technology Corp
Modern Technology Corp, a diversified technology development and acquisition company, builds revenues through continuous growth, strategic acquisitions, and commercialization of nascent technology. MODC improves operating efficiencies through the elimination of cost redundancies and realized synergy between subsidiaries.
Web Address: http://www.moderntechnologycorp.com
Safe-Harbor Statement
This press release contains statements (such as projections regarding future performance) that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to those detailed from time to time in the Company's filings with the Securities and Exchange Commission.