OXFORD, Miss., Sept. 7, 2005 (PRIMEZONE) -- Modern Technology Corp. (OTCBB:MOTG), a rapidly growing diversified technology development and acquisition company, announced it has initiated its sales plan and revenue strategy for its subsidiary H-NET.
Integration of the technology asset is complete and the H-NET subsidiary will immediately begin commercializing the software technology.
Modern Technology Corp. estimates $5,000,000 in annual software sales can be realized through domestic and international distribution of this software technology system.
The H-NET technology has a long history of software sales and is a dominating force in the vision care industry. With development complete and new products ready to market, H-NET's high margin business model is ready for the $1.3 trillion health care marketplace. The H-NET technology has an installed base of approximately 6,500 sites and serves the three largest retail vision care chains in the United States. Companies using H-NET.NET software include LensCrafters, Pearle Vision, Cole Vision, Eye Care Centers of America, Family Vision, Wal-Mart's Sam's Stores, Macy's Group, Bensons, Standard Optical (Canada), the Bay Group (Canada), Optica Lee Borinquin (Puerto Rico) and Scrivens Optical (U.K.).
Anthony Welch, Modern Technology Corp.'s chairman said, "We have completed our integration of this new subsidiary and will begin our sales and revenue strategy of commercializing this important technology asset. We are in the process of acquiring many new technologies and will announce them soon."
The company exceeded its 2004 projections by delivering to stockholders revenues of $10,000,000 and current assets of $7,000,000.
The company recently entered into a LOI to acquire InMarketing Group, adding an estimated $11 million in 2005 profitable revenues and a projected additional $13 million in profitable revenues for 2006. InMarketing Group generated $8.7 million in profitable revenues in 2004 and has generated $5.8 million in the first half of 2005. The company expects to finalize this transaction in September.
The company's pro forma 2004 revenues are anticipated to be approximately $18,000,000 and is in range of its mid-year pro forma revenue projections of $25,000,000.
The company's subsidiary Sound City (www.soundcity.com) is in the process of tripling its retail footprint and continues to add product lines. InMarketing Group is expected to continue its strong year-on-year growth and profitability. The company expects ongoing synergy-based cost reductions as well as increased revenue growth resulting from the synergies between the subsidiaries.
Modern Technology Corp. acquires key technologies and synergistic companies creating revenue and cost benefit from the introduction of both nascent and pre-existing products and technologies. MOTG creates growing shareholder equity supported by stable, strong revenues and assets. MOTG has declared both stock and cash dividends with its most recent cash dividend of $383,697 paid in March of 2004. To enhance investor awareness and promote institutional participation, MOTG intends to list its stock on a larger national 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 H-NET.NET
H.NET is a global digital solutions provider for the vision care industry. With its multi-service Internet portal, Web hosting services, business applications services and Internet-based transaction processing services, H-Net provides products and services to hospitals, clinics, retail opticians, chains home offices, optometrists, opthalmogists and optical Laboratories. For More information about H-Net visit www.h-net.net.
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.