OXFORD, Miss., Feb. 8, 2005 (PRIMEZONE) -- Modern Technology Corp. (OTCBB:MOTG), a business development and acquisition company, announced today that its portfolio company, Sound City, has appointed two new positions in preparation for its expansion plans.
Sound City is pleased to announce the promotion of Richard Hanson to its management team staff. Richard Hanson will become the Manager of the Direct Mail/Catalog Division for Sound City effective immediately. Richard joined Sound City in 1998 with 28 years of retail experience and he was a store director at Toys R Us. His management skills, customer service and communications will add a positive influence to the operations and the profitability of Sound City.
Sound City also promoted Peter Green to "Buyer". Peter served as a Catalog Division manager for the past 10 years and an assistant Buyer for 6 years. Previous to that, Peter served as a general manger for Analogique systems for 7 years and as a merchandising manager for 6 years with Harvey Electronics (Nasdaq:HRVE) in New York.
"Peter has been a great employee for Sound City and his knowledge and experience is what is needed to go to the next level with Sound City," said Kamel Yassin, President of Sound City.
The appointment of these new positions marks the beginning of Sound City's planned retail acquisition strategy bringing new consumer electronics stores under the Sound City model to gain market share from incumbent home entertainment retailers such as Circuit City (NYSE:CC) and Best Buy (NYSE:BBY). MOTG continues to execute its strategy of growth through strategic acquisitions, market development and revenue expansion. The MOTG acquisition model seeks to consistently build market value while simultaneously mitigating, or eliminating, negative dilution of common stock. In addition to Sound City, MOTG recently added DeMarco Energy Systems (Pink Sheets:DMES) to its portfolio of companies, and will continue to announce additional acquisitions. MOTG plans to release details on its growth and revenue projections for 2005 and its plans for listing its Common Stock on a larger exchange in the future.
About Sound City, Inc.
Founded in 1986, Towaco, New Jersey-based Sound City, Inc. is a leading consumer electronics company with over 900,000 customers across the U.S. Sound City markets audio and video solutions for home and mobile environments, including the fastest-growing HD-TV, Plasma and LCD segments. In addition, the company's expertise in the custom home theater market provides a unique competitive advantage to consumers. As a full service dealer, Sound City provides a wide range of custom home installations addressing numerous applications. As one of the largest electronics mail order companies in the U.S., with a customer base of over 900,000 customers, the company distributes its solutions through its direct mail and Web site channels. Consumers can also find the latest audio, video, car stereo and home theatre products in Sound City's retail locations, including 12 custom showrooms.
About Modern Technology Corp.
Founded in 1982, Oxford, Mississippi-based Modern Technology Corp (MOTG) is a business development and acquisition company, focused on growth by strategic acquisitions and subsequent market and revenue expansion. MOTG provides business infrastructure, substantial intellectual capital, strategic investments, and ongoing support and revenue growth assistance to each individual company within its portfolio. In addition, MOTG provides mentoring and assistance through collective operations experience, significant industry contacts, and strategic and tactical advice. The company's mission is to consistently build shareholder equity through accretive acquisitions, to continue providing both stock and cash dividends to its shareholders, and to create and promote synergistic relationships among portfolio companies and affiliates. For more information, visit the company's web site at:
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.