OXFORD, Miss. and PLANT CITY, Fla., June 9, 2005 (PRIMEZONE) -- Modern Technology Corp. (OTCBB:MOTG), a diversified technology development and acquisition company, and UTEK Corporation (AMEX:UTK) (LSE:UTKA), an innovative technology transfer company, announced today the signing of a strategic alliance agreement.
Anthony Welch, Modern Technology Corp.'s Chairman said, "We are very pleased to retain UTEK to help identify proprietary technology acquisition opportunities."
"UTEK looks forward to working with Modern Technology Corp. to identify potential technology acquisition opportunities that fit its strategic vision," commented Clifford M. Gross, Ph.D., Chairman and Chief Executive Officer of UTEK.
Through its strategic alliance agreements, UTEK assists companies in enhancing their new product pipeline with the acquisition of proprietary intellectual capital from universities and laboratory research centers. Strategic alliance agreements are generally cancelable by either party with thirty days advance written notice.
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 UTEK(R) Corporation
UTEK(R) is a leading, market-driven technology transfer company that enables companies to rapidly acquire innovative technologies from universities and research laboratories. UTEK facilitates the identification and acquisition of external technologies for clients in exchange for their equity securities, while allowing research institutions to receive 100% of the royalties. This unique process is called U2B(R). UTEK transfers proprietary technologies with potential commercial applications to companies seeking product differentiation resulting in a strategic marketplace advantage. UTEK has operations in the United States, United Kingdom and Israel. For more information about UTEK, please visit its website at www.utekcorp.com.
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.
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.