SOURCE: Modern Energy Corp.

March 21, 2007 12:46 ET

Modern Energy Corp. Responds to Temporary Trading Suspension

SEC Was Immediately Informed by Company of Disavowal of Questionable E-Mail Promotion; Hear Recorded Interview With Company on MN1.com

LOS ANGELES, CA -- (MARKET WIRE) -- March 21, 2007 -- Modern Energy Corp. (PINKSHEETS: MODR), previously known as Riverbank Investment Corp. trading under the symbol "RRBK," appreciates and supports the SEC's efforts to crack down on SPAM promoted stocks.

On May 9, 2006, it was very surprising and disappointing for Riverbank Investment Corp. to discover that it was the unwitting subject of just such a "junk-email" stock promotion scheme launched by unknown third parties. In the interest of mitigating any potential harm to investors, the company immediately issued a press release on May 10, 2006 (http://www.marketwire.com/mw/release_html_b1?release_id=128431), disavowing any involvement in the spam e-mail stock promotion. No one associated with the company sold any stock during or after the time of the spam promotion, nor receives any financial benefit from the unfortunate situation. As a publicly held company, MODR considers maintaining the investing public's trust to be of paramount importance.

We trust that Modern Energy will be cleared of any wrongdoing after this temporary suspension ends March 21, 2007, so the company can continue to pursue our business plan for the benefit of all shareholders.

Download MN1.com's Steve Kanaval's 10 minute interview with James Stewart, Secretary and Director, in which he explains the company's actions and outlines its future plans by logging on to www.MN1.com, click on Downloads and Podcasts, and enter the symbol MODR to listen to the important interview.

For further information, contact: James Stewart at 800-255-9231, info@ModernEnergyCorp.com.

About Modern Energy Corp.

Modern Energy Corp. (MODR), previously known as Riverbank Investment Corp., was established in 1996. MODR is a development stage investment company with interests in mining and agricultural land in the Philippines, oil and gas wells, as well as investments in marketable securities.

MODR is primarily oriented towards development of energy resources. The company's activities presently focus on palm oil production for biofuels from plantations in the Philippines and development of natural gas wells in Oklahoma.

See www.ModernEnergyCorp.com for more information. To be included on our e-mail database for company updates and press releases, please send an e-mail to info@ModernEnergyCorp.com.

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