OXFORD, Miss., Oct. 17, 2006 (PRIMEZONE) -- Modern Technology Corp (OTCBB:MODC), a diversified technology development and acquisition company, announced today the company has selected Freeport, Grand Bahama as the preferred location to establish the company's cancer detection diagnostic labs.

Resources have been activated to ship the Boveran Cancer Detection system and related diagnostic and lab equipment to Freeport.

Anthony Welch, Chairman, said: "Freeport offers superb business infrastructure and proximity to the USA. Freeport is unburdened by the high taxes and heavy regulatory environment of the USA thereby allowing us to bring this cancer technology to market immediately and operate under a far less costly tax and expense structure. We feel this strategy will result in rapid sales and higher long-term profits."

Shareholders should expect the announcement of a highly respected medical professional prominent within the pathology and diagnostics community to join the company in a senior marketing capacity.

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 Boveran system is the first and only system in the world that can accurately detect and assess the chromosomal imbalance of cancer. This ability allows the system to quickly and accurately identify both cancerous and non-cancerous cells.

As promised to our stockholders, we will continue to release news of our progress in a timely fashion leading up to the opening of the diagnostic lab and subsequent revenue results.

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. The Boveran Cancer Detection System was invented by Dr. David Rasnick, Ph.D. The technology and chromosomal imbalance theory is the result of 45 years of combined cancer research by Dr. David Rasnick, Ph.D. and Dr. Peter Duesberg, Ph.D., who continues his studies on cancer research at the University of California, Berkley.

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.