OXFORD, Miss., Jan. 8, 2007 (PRIME NEWSWIRE) -- Modern Technology Corp. (Pink Sheets:MODC), a bioscience technology development and acquisition company, announced today the completion of the acquisition of Boveran's assets and its cancer detection technology for our new bioscience operations unit, Insight Medical Group. The definitive agreement has been executed. All material terms are identical to the those agreed to in the original Letter of Intent. The entire Definitive Agreement will be timely filed with the U.S. Securities and Exchange Commission under a Form 8-K.
The materials terms are as follows:
* 100% of the existing physical assets, intellectual property
rights, and current value of Boveran's assets
* Purchase Price: $500,000 paid in Convertible Preferred Stock to
Boveran.
* Purchase Terms: $500,000 Paid to Boveran's stockholders in the
Form of a Convertible Preferred Stock with conversion terms and
schedules to be agreed upon by the Parties within a reasonable
time and with reasonable terms concurrently to or subsequent to
the execution of the contemplated Definitive Asset Purchase
Agreement.
* Formal relationship with Duesberg Cancer Lab: The acquisition of
Boveran contemplates the support of Peter Duesberg's cancer
research. Insight Medical Group will provide ongoing financial
support to Peter Duesberg's lab as reasonably determined by
Insight Medical Group and Duesberg. Peter Duesberg's lab agrees
to work closely with Insight Medical Group to improve products
and technology.
Anthony Welch, Chairman, said: "Today we formalize the acquisition and move forward in our plans as promised. Stockholders should note we acquired this asset without incurring debt or using cash. We anticipate several updates in the near future for stockholders. Not the least of which will be a business summary containing our industry assumptions, industry data, sales projections and related risk factors. We have previously discussed revenue projections and we want all stockholders and prospective stockholders to fully understand our model and assumptions. Stockholders should also look forward to the release of our new web site for Insight Medical and a White Paper describing the science and showing all stockholders why our claims are based in fact and are not opinion."
About the AnuCyte Cancer Detection System
The AnuCyte Cancer Detection System is an automated machine that can rapidly detect any form of cancer. The system accurately identifies cancer at any stage in its development and also identifies healthy cancer-free cells in the same test within the same sample. The system eliminates heretofore unreliable, subjective, and error-prone pathology detection of cancer and delivers an automated and objective measurement of the presence or absence of cancer. The AnuCyte system is the first and only system in the world that uses the measurement of advanced chromosomal imbalance as the primary or sole means of detecting cancer. The company is not aware of any automated system in the world more accurate, or even close to AnuCyte's accuracy.
About AnuCyte's Inventors:
The inventor of the AnuCyte system, Dr. David Rasnick, Ph.D and his scientific research collaborator, Dr. Peter Duesberg, Ph.D, have been prominent names internationally for many years for their research and publications. On many occasions both have appeared internationally on television, in magazines, newspapers and scientific publications. Peter Duesberg is author of the widely available book: "Inventing the AIDS Virus". Investors may wish to read a recent article in Newsweek concerning the cancer research of Peter Duesberg: http://www.msnbc.msn.com/id/14757547/site/newsweek/
In 1970, Peter Duesberg isolated the first cancer gene through his work on retroviruses and mapped the genetic structure of these viruses. This and his subsequent work in the same field resulted in his election to the National Academy of Sciences in 1986. He was also the recipient of a seven-year Outstanding Investigator Grant from the National Institute of Health. He has been invited to become an Honorary Member of the World Innovation Foundation alongside 91 Nobel Laureates. (www.thewif.org.uk)
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 AnuCyte Cancer Detection System was invented by Dr. David Rasnick, Ph.D. The technology behind AnuCyte and the chromosomal imbalance theory is the result of 45 years of combined cancer research by Dr. David Rasnick, Ph.D and Dr. Peter Duesberg, Ph.D, who continues his studies on cancer research at the University of California, Berkeley.
About Modern Technology Corp.
Modern Technology Corp., a bioscience technology development and acquisition company, builds revenues through a model of continuous growth, strategic acquisitions, and commercialization of nascent technology. MODC improves operating efficiencies through the elimination of cost redundancies and realized synergy between subsidiaries. MODC is a fully-reporting public company with the U.S. Securities and Exchange Commission. For more information on the company's SEC filings, visit www.sec.gov. The company's web address is: 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.