OXFORD, Miss., Aug. 3, 2005 (PRIMEZONE) -- Modern Technology Corp. (OTCBB:MOTG), a rapidly growing diversified technology development and acquisition company, released initial plans and update on its newly acquired subsidiary, H-NET.
The H-NET acquisition is complete as evidenced by the company's most recent Form 8-K.
The new H-NET subsidiary will immediately begin commercializing the software technology.
The H-NET web site has been completely re-designed and re-deployed.
Further, H-NET intends to pursue expansion and marketing into Europe. Multiple large chains use the H-NET software in Europe. H-NET targets European marketing expansion to capture a larger European market. Possible conversion of its core software to French and Spanish is also being investigated.
The H-NET technology has a long history of software sales and is a dominating force in the Vision Care industry. The technology provides software, Internet and business application services. With development complete and new products ready to market, H-NET's high margin business model is ready to lift off into the $1.3 trillion Healthcare marketplace. MOTG benefits from an installed base of approximately 6,500 sites and the H-NET technology 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).
MOTG estimates $5,000,000 in annual software sales can be realized through domestic and international distribution of this software technology system.
Anthony Welch, Modern Technology Corp.'s Chairman, said, "Our plans and growth initiatives continued unabated. Our recent announcements and updates demonstrate our level of activity and clear commitment to delivering results."
Further growth in revenues and planned acquisitions from the Electronics and Distribution sector are expected to generate in excess of $25 million in 2005.
With completed transactions and the anticipated closing of ones under consideration, we expect 2005 revenue of between $25 million and $50 million. With transactions under consideration for the second half of 2005, we expect 2005 revenue could be between $50 million and $75 million. The Company cautions that this guidance is our best, good faith estimate based on current conditions and numerous assumptions about the industry, our access to financing, the competitive and regulatory landscape and our ability to successfully complete the acquisitions.
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. MOTG has declared both stock and cash dividends with its most recent cash dividend of $383,697 paid in March of 2004. To enhance investor awareness and promote institutional participation, MOTG intends to list its stock on a larger national exchange as soon as is practicable.
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.
About H-NET.NET
H.NET is a global digital solutions provider for the Vision Care industry. With its multi-service Internet portal, web hosting services, business applications services and Internet-based transaction processing services, H-Net provides products and services to hospitals, clinics, retail opticians, chains home offices, Optometrists, Opthalmogists and Optical Laboratories. For More information about H-Net visit www.h-net.net.
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.