OXFORD, Miss., July 28, 2005 (PRIMEZONE) -- Modern Technology Corp (OTCBB:MOTG), a rapidly growing diversified technology development and acquisition company, announced today its subsidiary Sound City has been approved as an authorized e-tailer by Mitsubishi and has added new product lines to its Internet retail operations. (www.soundcity.com)
Sound City continues the company's rapid expansion and growing product offerings for 2005. Sound City has signed two definitive leases for two new retail locations and continues its historically strong Internet sales presence.
"This new addition to our web retailing operations expands our revenue and sales potential even further. We have a database of over 900,000 customers nationwide. The addition of a strong brand like Mitsubishi will enhance our existing channels and offerings," said Kamel Yassin, President of Sound City.
Anthony Welch, Modern Technology Corp's Chairman said, "We continue our rapid growth and add new products and technologies to our operations every week. Interested stockholders can explore our products at www.soundcity.com."
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 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 HD-TV, 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.