OXFORD, Miss., Sept. 14, 2005 (PRIMEZONE) -- Modern Technology Corp. (OTCBB:MOTG), a rapidly growing diversified technology development and acquisition company, announced that it is a featured company of the week by Herd on The Street.
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The company surpassed its 2004 goals with revenues of $10,000,000 and current assets of $7,000,000 and recently entered into a LOI to acquire InMarketing Group (http://www.inmarketinggroup.com), 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 adjusted 2004 revenues are anticipated to be approximately $18,000,000 and pro forma revenue in excess of $20,000,000 for 2005 without further revenue acquisitions.
The company's subsidiary Sound City (http://www.soundcity.com), is expanding its retail footprint and continues to add product lines as prime season for sales approaches.
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.
The company has declared dividends in the past with its most recent cash dividend of $383,697 paid in March of 2004.
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.
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.