OXFORD, Miss., June 6, 2005 (PRIMEZONE) -- Modern Technology Corp. (OTCBB:MOTG), a diversified technology development and acquisition company, announced today that its subsidiary, Sound City, has signed a multi-year contract with Morris Health & Life Magazine.
"At Sound City our advantages are varied and plentiful. Our reputation for excellence and our commitment to exceeding customer expectations is only the beginning. We bring value and superior standards to each and every home theater we build. We bring the right pricing to all the products we sell and the best brands in the industry," said Kamel Yassin, President. "We believe this relationship is beneficial to both Sound City and Morris Health & Life. Morris Health & Life is the perfect vehicle for Sound City to deliver our message of bringing homeowners a new commitment to those seeking a higher standard."
MOTG exceeded its 2004 projections of $15,000,000 in combined assets and revenues by delivering combined assets and revenues of $17 million. MOTG's rapid growth and success demonstrate the power of its model. MOTG acquires key technologies and synergistic companies that can benefit from technology improvements and seeks to create growing shareholder equity supported by stable, strong revenues and assets. MOTG has previously declared both stock and cash dividends. The last cash dividend was in March of 2004.
About Morris Health & Life
Established in 2002, Morris Health & Life magazine is published bi-monthly and is the regional lifestyle magazine for Morris County residents. Capturing the greatest concentration of affluence in the county, Morris Health & Life provides readers with a purely local look at the county's bounteous resources in entertaining, recreation, shopping and services.
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 emerging 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 Sound City, Inc.
Sound City, Inc. is a leading consumer electronics company with customers across the U.S. Sound City markets audio and video solutions for home and mobile environments, including the fastest-growing HDTV, Plasma and LCD segments. As one of the largest electronics mail order companies in the U.S., with a customer base of more than 900,000 customers, the company distributes its products and solutions through its direct mail and Web site channels. Consumers can also find the latest audio, video, car stereo and home theatre products in Sound City's retail locations, including 12 custom showrooms. Visit the company's Web site at: http://www.soundcity.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.