OXFORD, Miss., July 5, 2007 (PRIME NEWSWIRE) -- Modern Technology Corp, a bioscience technology development and acquisition company, announced today it has expanded its Letter of Intent to acquire 100% of VitalCare Technology Enterprises. The complete Letter of Intent will be timely filed under a Form 8K with the SEC. In addition to the terms of the expanded LOI, the filing will contain a description of VitalCare's business, accomplishments, and plans.
VitalCare Technology Enterprises is a company specializing in Healthcare Services Management and Healthcare Sales and Marketing, with an emphasis in introducing the Healthcare Industry and Global Consumers to "Cutting Edge" medical technology and services.
Under the new agreement VitalCare will have exclusive marketing rights to sell the AnuCyte Cancer Detection service throughout its marketing areas and relationship networks. The new agreement provides for a cash-free purchase of VitalCare and provides VitalCare with the ability to fund its operations through its own efforts. The agreement contemplates the eventual resignation of Modern's current Board and corporate governance transferred to VitalCare's Board.
Anthony Welch, Chairman, said: "Our objective has always been strong returns through continuous growth or equity distributions. We believe the new agreements with VitalCare provides for this. The new agreement furthers our efforts with our cancer detection technology. Our prior plans for equity distributions are still active. Further to this, we have a new dividend to be announced shortly in the appropriate SEC filings."
Dr. Marc Rose, Co-Founder of VitalCare said, "VitalCare consolidates clinical, business, and sales expertise of its executive team in order to vertically integrate their education, clinical skills and professional experience within the bioscience industry. Our accomplishments to date and our plans for the future demonstrate our strategy well."
About Modern Technology Corp
Modern Technology Corp, a bioscience technology development and acquisition company, builds revenues through a model continuous growth, strategic acquisitions, and commercialization of nascent technology. MODC is a fully-reporting public company with the U.S. Securities and Exchange Commission. For the company's SEC filings, visit http://www.sec.gov. The company's web address is: 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.