OXFORD, Miss., July 6, 2005 (PRIMEZONE) -- Modern Technology Corp. (OTCBB:MOTG) a rapidly growing diversified technology development and acquisition company announced today is subsidiary Sound City has added the Pioneer Car Audio Product lineup to its ever-growing line of products and technologies. This new introduction continues the company's rapid expansion and growing product offerings.
"We have added both the 'Pioneer' and 'Pioneer Premier' lines to our car audio operations in retail as well as our internet sales channels. Our recent announcements of our new locations will triple our retail operational footprint and we are now further prepared to greet our customers with the best quality and best selection of anyone," said Kamel Yassin, president, Sound City.
Anthony Welch, Modern Technology Corp's Chairman said, "Our platform is ideal for the rapid introduction of technology and products from both young technology companies as well as established and outstanding companies like Pioneer. Our paradigm focuses on excellence and today's announcement is but a continuing of our already outstanding past performance."
MOTG's rapid growth and continuing success demonstrate the power of its model. MOTG acquires key technologies and synergistic companies creating revenue and cost benefit from the introduction of both nascent and pre-existing products and technologies. MOTG seeks to create growing shareholder equity supported by stable, strong revenues and assets. MOTG has declared both stock and cash dividends with its most recent cash dividend paid in March of 2004. To enhance investor awareness and promote institutional participation, MOTG intends to apply for a listing on a larger stock exchange as soon as is practicable.
About Modern Technology Corp
Founded in 1982, Modern Technology Corp is a diversified technology development and acquisition company, building revenues by strategic acquisition and commercialization of nascent commercial technology and by the acquisition of synergistic operating companies. MOTG commercializes technology and provides to its subsidiaries new product lines, operations infrastructure, and significant intellectual capital. The company's mission is to consistently build shareholder value through accretive acquisitions of emerging technology or acquiring operating companies capable of benefiting from technology infrastructure enhancements or new product lines. For more information, visit: http://www.moderntechnologycorp.com.
About Pioneer
Pioneer Corporation provides value-added electronics products worldwide for consumer and business use. It engages in the design, development, manufacture, and sale of electronics products, such as audio, video, and car electronics. The company's Home Electronics segment offers digital versatile discs (DVD) players, DVD recorders, recordable DVD drives, DVD-ROM drives, home-use plasma displays, projection TVs, stereo systems, individual stereo components, equipment for cable-TV systems, digital broadcast set-top boxes, and telephones. Pioneer's Car Electronics segment provides car stereos, car AV systems, car speakers, and car navigation systems. Its Patent Licensing segment engages in licensing of patents related to laser optical disc technologies. The company's Others segment offers products primarily for business use, such as business-use plasma displays, business-use AV systems, OLED display panels, factory automation systems, and devices and parts. Pioneer offers products through sales offices in Japan; and through sales subsidiaries and independent distributors outside Japan. In addition, on an original equipment manufacturer basis, it markets car electronics products, recordable DVD drives, digital broadcast set-top boxes, and OLED displays to other companies. Pioneer primarily offers its products in Japan, North America, Europe, and Asia.
Modern Technology Corp. logo is available at: http://www.primezone.com/newsroom/prs/?pkgid=1479
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.