OXFORD, Miss., June 23, 2005 (PRIMEZONE) -- Modern Technology Corp (OTCBB:MOTG), a diversified technology development and acquisition company, announced today that its subsidiary Sound City will open a third retail location. The new retail location is part of the company's continuing expansion and is anticipated to add $1.5MM to $3MM in revenues to MOTG operations annually. Further growth in revenues and planned acquisitions from the Electronics sector are expected to generate in excess of $25 Million in 2005. This revenue estimate does not include revenues from other planned sector acquisitions throughout 2005, expected to be in excess of $50 Million.
"This new store will be our third retail location," says Kamel Yassin, President and CEO of Sound City, Inc. "The new location is ideally situated and does not unduly suffer from nearby competition. The new location furthers our presence and distribution capabilities and we expect strong revenue performance from its operations."
Anthony Welch, Modern Technology Corp's Chairman said, "Our expansion efforts are well underway as can be seen from both our performance and our recent announcements. Sound City's growth is further demonstration of our efforts to increase revenues and ultimately, shareholder returns."
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 projects and estimates over $50,000,000 in 2005 revenues based upon current growth projections and acquisitions pipeline. 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 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 over 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.