OXFORD, Miss., Oct. 3, 2006 (PRIMEZONE) -- Modern Technology Corp (OTCBB:MODC), a diversified technology development and acquisition company, released today the material terms of its cash-free acquisition of 100% of the physical assets and intellectual and technology rights to the Boveran cancer detection system. Insight Medical Group will be the operational arm that will bring the technology to a multi-billion dollar international market for cancer diagnostics.
The Boveran cancer detection system is the only system in the world that detects the single trait common to all forms of cancer. This trait is not found in any healthy cell. The system rapidly and accurately identifies cancer at any stage in its development and also identifies healthy cancer-free cells in the same test. The system is unique in the world and can be applied to any form of cell sample suspected of cancer and return a reliable test result within minutes. The system completely eliminates heretofore unreliable, subjective, and error-prone pathology diagnosis of cancer and delivers an automated and completely objective measurement of the presence or absence of cancer with the highest accuracy rate of any diagnostic technology in the world.
The current contemplated material terms of the Letter of Intent are as follows:
-- 100% of the existing physical assets, intellectual property rights, and current value of Boveran's assets -- Purchase Price: $500,000 paid in Convertible Preferred Stock to Boveran. -- Anticipated Closing Date: October 15, 2006. Pending all legal review, due diligence review, and approval. If such approval occurs after such date, then closing shall take place as soon as possible. -- Purchase Terms: $500,000 Paid to Boveran's stockholders in the form of a Convertible Preferred Stock with conversion terms and schedules to be agreed upon by the Parties within a reasonable time and with reasonable terms concurrently to or subsequent to the execution of the contemplated Definitive Asset Purchase Agreement. -- Formal relationship with Duesberg Cancer Lab: The acquisition of Boveran contemplates the support of Peter Duesberg's cancer research. Insight Medical Group will provide ongoing financial support to Peter Duesberg's lab as reasonably determined by Insight Medical Group and Duesberg. Peter Duesberg's lab agrees to work closely with Insight Medical Group to improve products and technology.
Anthony Welch, Chairman, said: "We will soon release details of market strategy and potential, expected revenues, and profits for this new addition to our portfolio. The market space is international and no other cancer diagnostic can return the same high level of accuracy. The design of this system is unique, proprietary, and proven to work. We have the outstanding science and research of its creators to thank."
About Insight Medical Group
Insight Medical Group is a specialized biosciences development company whose mission is to bring world-changing medical technology and research to market in the areas of cancer and AIDS.
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
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.
Modern Technology Corp Anthony Welch (601) 213-3629