OXFORD, Miss., April 24, 2009 (GLOBE NEWSWIRE) -- Modern Technology Corporation (Pink Sheets:MODC), announced today it's on target to exceed its projected revenues targets for the first quarter. The Company will announce quarterly financials reporting dates soon using the OTC Disclosure Service.
The revenues for the year have surpassed earlier forecasts, which were downgraded in expectation of harsh business. The Company experienced larger than expected interest for the company's products and systems -- particularly in the area of hydrogen generation and emission control systems.
Our strategy in expanding operations internationally to increase both sales and source local manufacturing is well underway. The Company is selecting a preferred partner in the Chinese / Taiwan area to manufacture our systems for the Asian market and subsequent export through our distribution channels. The new facility will lead to a reduction in operational overheads and increased sales order turnaround.
The Gen-H hydrogen generator system delivers increased fuel economy between 10% and 50% and can significantly reduce or eliminate exhaust emissions. The on-demand hydrogen insures reliable fuel creation without the hazard of hydrogen storage. The Gen-H system creates fuel from water and delivers pure hydrogen and oxygen directly to the vehicle's engine. The system works in both gasoline and diesel engines.
The company will soon release news on:
-- 2009 Revenue projections will be announced
-- Anticipated additional portfolio acquisitions adding revenues of
$5-$15 million dollars.
-- New electrical power co-generation technologies employing the
Gen-H hydrogen generator technology.
-- Sales and Distribution agreements for cancer detection system
design incorporating significant technology advances with
marketing initiatives to pathologists based on revenue sharing
models for cancer detection scans.
About Modern Technology Corp
MODC acquires promising technology companies and related assets to promote their growth and development. The company provides interim management and related services to its portfolio and client companies. It builds revenues and asset value through a model of continuous growth and derives further income from appreciation of its portfolio and licensing or revenue-sharing agreements. Web: http://www.moderntechnologycorp.com.
Investors can access the Company's public filings at http://www.pinksheets.com/pink/quote/quote.jsp?symbol=MODC
Safe-Harbor
This press release contains statements (such as projections regarding future performance) that are forward-looking 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. The company's web site and prior SEC filings contain various disclosures and RISK FACTORS (incorporated herein by reference) and should be read before any investment decision.