SOURCE: Modern Technology Corp

October 18, 2005 12:13 ET

Modern Technology Corp Announces Medical Industry Initiative With H-NET Technology

OXFORD, MS -- (MARKET WIRE) -- October 18, 2005 -- Modern Technology Corp (OTC BB: MOTG) a rapidly growing diversified technology development and acquisition company announced it intends to expand its H-NET software technology to service the broader medical industry. After careful technical analysis, the company determined the present technology platform can be modified and adapted to a larger market segment of the medical industry beyond Vision Care.

The company recently entered into an technology support agreement to provide product support and improvements. A marketing and sales team is currently promoting the platform to the optical industry.

The H-NET technology is complete, market-proven, and has a long history of software sales as a dominating force in the Vision Care industry. 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 (UK).

Anthony Welch, Modern Technology Corp's Chairman said, "Our efforts to commercialize this technology asset continues. We are enthusiastic about broadening the scope of the H-NET technology to embrace a broader market. The platform from which we have to work is substantial and sophisticated. The H-NET subsidiary is an example of the type of company we hope to one day spin-off as its own public company and pay a dividend. We have paid three dividends already."

The company projects over $20,000,000 in revenues for 2005 without further acquisitions. The company projects strong retail revenues both from the prime selling season and the expanded retail footprint. Most of the company's retail revenues will be realized in the last quarter of calendar 2005. The company's new acquisition, InMarketing, will add another $11 Million in profitable revenues. This new acquisition is under closing now and is expected to close once final review of documents is complete. Additional acquisitions are under consideration that may place revenues over $50,000,000. The company plans to meet its revenue goal of $75,000,000 in 2006 and list its stock on a national exchange.

In 2004 the company paid a $383,697 cash dividend. In October of 2001, it paid a stock dividend of 403,000 shares and on June 30, 1999, it distributed a stock dividend of 403,000 shares as part of a spin-off transaction.

The company intends to pay dividends as appropriate and as part of its anticipated subsidiary spin-off strategy. The company's long-term plan is for stockholders to realize strong capital appreciation from their MOTG stock as well as new stock paid to them as part of the spin-off transactions.

This guidance is the company's best, good faith estimate based on current conditions and numerous assumptions about the company's industry, its access to financing, the competitive and regulatory landscape and its ability to successfully consummate the acquisitions under consideration.

About Modern Technology Corp

Modern Technology Corp, a diversified technology development and acquisition company, builds revenues through continuous growth, strategic acquisitions, and commercialization of nascent technology. MOTG improves operating efficiencies through the elimination of cost redundancies and realized synergy between subsidiaries. MOTG also commercializes new technology and provides to its subsidiaries new product lines, operations infrastructure, and significant intellectual capital. The company's mission is to build shareholder value through a model of continuous growth. Web Address: 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.

Contact Information

  • Company Contact:
    Megan Peterson
    Phone: 1-662-236-5928
    Fax: 1-662-236-7663
    Modern Technology Corp
    1420 North Lamar Blvd.
    Oxford, MS 38655 USA
    Web: www.moderntechnologycorp.com

    We are a public company trading under the symbol “MOTG” on the OTCBB