OXFORD, Miss., July 12, 2005 (PRIMEZONE) -- Modern Technology Corp. (OTCBB:MOTG), a rapidly growing diversified technology development and acquisition company, announced today its subsidiary Sound City has added IDEX USA's Plasma and LCD technology lines to its ever-growing line of products and technologies. This new introduction continues the company's rapid expansion and growing technology offerings and product distribution.
"The IDEX Plasma technology and product line is a key and strategic addition to our expanding high-end product offerings. We will offer the IDEX lines in our direct retail operations, our custom solutions program, and as well as our internet sales channels. The IDEX technology is a unique design featuring an on-board PC and DVD playback ability. The vertical product niche is attractive and profitable," said Kamel Yassin, President of Sound City.
Anthony Welch, Modern Technology Corp's Chairman said, "As we repeatedly demonstrate, our platform is ideal for rapid introduction of technology and products from vertical, high-growth technology companies like IDEX USA. We have many more technologies and product announcements to follow."
MOTG quarterly revenues are up $1.5 Million over the same period last year and the company reported assets of over $7 Million.
Further growth in revenues and planned acquisitions from the Electronics sector are expected to generate in excess of $25 Million in 2005.
With completed transactions and the anticipated closing of ones under consideration, we expect 2005 revenue of between $25 million and $50 million. With transactions under consideration for the second half of 2005, we expect 2005 revenue could be between $50 million and $75 million. The Company cautions that this guidance is our best, good faith estimate based on current conditions and numerous assumptions about the industry, our access to financing, the competitive and regulatory landscape and our ability to successfully complete the acquisitions.
Modern Technology Corp. acquires key technologies and synergistic companies creating revenue and cost benefit from the introduction of both nascent and pre-existing products and technologies. MOTG creates growing shareholder equity supported by stable, strong revenues and assets. MOTG has declared both stock and cash dividends with its most recent cash dividend paid in March of 2004. To enhance investor awareness and promote institutional participation, MOTG intends to apply for a listing on a larger stock exchange as soon as is practicable.
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 IDEX USA
IDEX USA creates the embedded PC & DVD high definition displays that can perform multimedia functions without the use of an external computer to offer a total solution for digital signage. IDEX USA manufactures 30-, 32-, 42-, and 47-inch LCD integrated PC televisions that enable every user and corporate to seamlessly deploy an extraordinary visual impression with the finest digital image available by IDEX. For more information, visit: http://www.idexusa.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.