SOURCE: Modern Technology Corp

April 18, 2006 13:50 ET

Modern Technology Corp Issues Update on Harvey Tender Offer

OXFORD, MS -- (MARKET WIRE) -- April 18, 2006 -- Modern Technology Corp (OTC BB: MOTG), a diversified technology development and acquisition company, released today an update on its Tender Offer to acquire Harvey Electronics (NASDAQ: HRVE).

On April 17th, 2006, Harvey Electronics released an announcement asserting our Tender Offer to be invalid due to certain 'deficiencies.' We disagree and maintain the commencement of a Tender Offer to be a valid commencement under applicable securities regulations.

On April 18th, Harvey Electronics released an announcement regarding a change of the Board and of a financing arrangement. This represents a significant material event requiring careful study.

We may increase, decrease, or entirely withdraw our Tender Offer based on our analysis.

Anthony Welch, Chairman, said: "Today's announcement from Harvey Electronics changes the picture for us and every stockholder of Harveys. We will carefully review the financing agreement and update our Tender Offer accordingly."

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
    1.662.236.5928

    Modern Technology Corp
    1420 North Lamar Blvd.
    Oxford, MS 38655 USA
    Phone: +1.662.236.5928
    Fax: +1.662.236.7663
    Web: www.moderntechnologycorp.com