OXFORD, Miss., June 16, 2005 (PRIMEZONE) -- Modern Technology Corp. (OTCBB:MOTG), a diversified technology development and acquisition company, announced today it has entered into a Letter of Intent to acquire Innovations in Home Entertainment. Upon completion of due diligence and the subsequent execution of a definitive agreement, a new operating subsidiary will be created to add an estimated $1 Million in 2005 profitable revenues and a projected additional $3 Million in profitable revenues for 2006.
Anthony Welch, Modern Technology Corp.'s Chairman said, "We continue to add to our operational footprint and create additional distribution for our products and technologies. This recent LOI is one step among many in pursuit of stockholder value and sustainable growth. We acquire successful operating companies and combine these operations with our other subsidiaries to provide a platform for the introduction of technology products and to create new avenues of growth, cost reduction, and product distribution."
The company exceeded its 2004 projections of $4,000,000 and $10,000,000 in assets and revenues by delivering combined assets and revenues of $17,000,000. MOTG's rapid growth and continuing success demonstrate the power of its model. MOTG acquires key technologies and synergistic companies to benefit from both nascent and pre-existing products and technologies. MOTG seeks to create growing shareholder equity supported by stable, strong revenues and assets. MOTG has declared both stock and cash dividends with the most recent cash dividend paid in March of 2004.
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 Innovations in Home Entertainment
IHE is recognized as one of the nation's premier high-end custom Home Theater Design and Electronic Integration Firms, as well as an authority and source of low voltage electronic systems for residential applications. For more information visit: http://iiheinc.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.