OXFORD, Miss., Sept. 29, 2006 (PRIMEZONE) -- Modern Technology Corp. (OTCBB:MODC), a diversified technology development and acquisition company, announced today it has engaged Lawrence Scharfman to perform SEC-qualified audits for periodic reporting.
As promised to stockholders, we are reorganizing our financial operations to improve overall performance and financial presentation and disclosure and to eliminate any future late filings. The planned changes in our accounting operations were intended to take place several months ago but were unavoidably delayed due to a dispute with one of our subsidiaries. We have resolved the situation to our satisfaction and will proceed with our prior plans of improvements to our financial team and building our operations.
We thank all stockholders for their patience. We are re-aligning the company for a bright future. Shareholders will see positive changes resulting from recent changes and yet unannounced events.
Stockholders can soon expect updates on the following:
-- Announcements concerning significant new acquisitions and
bioscience technologies
-- Progress report on and strategic goals of our new operational unit,
Insight Medical Group
-- Anticipated dates of our planned spin-offs
About Modern Technology Corp.
Modern Technology Corp., a diversified technology development and acquisition company, builds revenues through continuous growth, strategic acquisitions, and commercialization of nascent technology. MODC improves operating efficiencies through the elimination of cost redundancies and realized synergy between subsidiaries.
Web Address: http://www.moderntechnologycorp.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.