OXFORD, Miss., Oct. 19, 2006 (PRIMEZONE) -- Modern Technology Corp (OTCBB:MODC), a diversified technology development and acquisition company, announced today the marketing and industry branding name for its cancer detection system. The new name will be "AnuCyte." This name accurately reflects the concepts of chromosomal imbalance (Aneuploidy) and the examination of cells ("cyto").
As investors may recall, Modern Technology Corp recently signed an LOI to acquire 100% of the physical assets and intellectual and technology rights to the Boveran cancer detection system. A new subsidiary of Modern, Insight Medical Group, will market the cancer detection service to the multi-billion dollar international market for cancer diagnostics. Modern Technology Corp anticipates executing the definitive Asset Purchase Agreement in a timely fashion and will file a Form 8K. The transaction requires no cash to be paid or debt to be incurred. The consideration used in the transaction is Convertible Preferred Stock, an equity building instrument.
Anthony Welch, Chairman, said: "We will have the cancer diagnostic lab open soon and our marketing efforts will begin immediately. As part of our marketing efforts, we need a clear and concise name conveying the fundamental concepts underlying our system. As stockholders will note, the AnuCyte system can detect, all forms of cancer accurately, automatically, and quickly through the analysis of aneuploidy -- the trait shared by all cancer and never seen in healthy cell. Cancer is advanced aneuploidy. Advanced aneuploidy is cancer. They are one in the same. All cancers have advanced aneuploidy, healthy cells never have it. The AnuCyte platform has been well tested and is the only technology in the world that can detect all forms of cancer automatically. The accuracy rate of the test is far, far beyond any rates of test accuracy of any diagnostic approach in the world. We will soon release a complete new website with a tremendous amount of material and information on cancer and how the AnuCyte system can accomplish what it does."
AnuCyte 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.
Investors may wish to read a recent article in Newsweek concerning the cancer research of Dr. Duesberg:
http://www.msnbc.msn.com/id/14757547/site/newsweek/
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, Phd. The technology and chromosomal imbalance theory is the result of 45 years of combined cancer research by Dr. David Rasnick, Phd and Dr. Peter Duesberg, Phd, 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.