OXFORD, Miss., June 17, 2005 (PRIMEZONE) -- Modern Technology Corp. (OTCBB:MOTG), a diversified technology development and acquisition company, announced today that its subsidiary Sound City has added Clarion to its growing line of products. This new product introduction continues the company's rapid expansion and growing product offerings.
"This addition will further increase sales revenue and we are quite pleased to add Clarion in our retail as well as our Internet sales channels," said Kamel Yassin.
Anthony Welch, Modern Technology Corp.'s Chairman said, "This new product addition is another positive step in our continuing expansion and corporate strategy of revenue growth and product introductions. Our platform is perfect for the rapid and successful introduction of technology products 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 Clarion Corporation
Clarion Corporation of America is headquartered in Gardena, California, and is the largest subsidiary of the Tokyo-based Clarion Company Ltd. The company is ranked among the top 100 Global OEM Suppliers by Automotive News, and has been an international leader in car audio and electronics since 1940. The company conducts research, development, engineering, design, manufacturing, and sales and marketing of entertainment, communications, security, and navigation products for the automotive environment. Clarion has more than 10,000 employees worldwide and 24 factories in 10 countries, with marketing and sales affiliates in Europe, North and South America, Asia and Australia. Visit the company's Web site at www.clarion.com for more information.
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.