OXFORD, Miss, June 22, 2005 (PRIMEZONE) -- Modern Technology Corp. (OTCBB:MOTG) a diversified technology development and acquisition company, announced today its subsidiary Sound City initiated operations of Reliant Distributing. This new operation continues the company's rapid expansion and growing product offerings for 2005. Added revenues from the Reliant operation are projected to be in excess of $500,000 for 2005 and over $2,000,000 for 2006.
"We have existing warehouse and inventory management facilities second to none. Reliant Distributing is a natural step in the evolution and growth of our business. The new operation greatly expands our wholesale presence and widens our industry distribution partners. We anticipate strong and rapid revenues from this new endeavor," said Kamel Yassin.
Anthony Welch, Modern Technology Corp's Chairman said, "This announcement represents the execution of our broad vision and vigorous expansion efforts. We are pleased with seeing our plans unfold and delivering results. For example, we recently announced an LOI with Innovations in Home Entertainment to acquire a projected $1,000,000 in 2005 revenue and a projected $3,000,000 for 2006 revenues. As you can see, our platform is ideal for the rapid commencement of new operations and the subsequent introduction of new technology products."
The company exceeded its 2004 projections of $4,000,000 and $10,000,000 in assets and revenues by delivering combined assets and revenues of $17,000,000. MOTG projects and estimates over $50,000,000 in 2005 revenues based upon current growth projections and acquisitions pipeline. MOTG's rapid growth and continuing success demonstrate the power of its model. MOTG acquires key technologies and synergistic companies to benefit from both nascent and pre-existing products and technologies. MOTG seeks to create growing shareholder equity supported by stable, strong revenues and assets. MOTG has declared both stock and cash dividends with the most recent cash dividend paid in March of 2004.
About Modern Technology Corp.
Founded in 1982, Modern Technology Corp. is a diversified technology development and acquisition company, building revenues by strategic acquisition and commercialization of nascent commercial technology and by the acquisition of synergistic operating companies. MOTG commercializes technology and provides to its subsidiaries new product lines, operations infrastructure, and significant intellectual capital. The company's mission is to consistently build shareholder value through accretive acquisitions of emerging technology or acquiring operating companies capable of benefiting from technology infrastructure enhancements or new product lines. For more information, visit: http://www.moderntechnologycorp.com.
About Sound City, Inc.
Sound City, Inc. is a leading consumer electronics company with customers across the U.S. Sound City markets audio and video solutions for home and mobile environments, including the fastest-growing HD-TV, Plasma and LCD segments. As one of the largest electronics mail order companies in the U.S., with a customer base of over 900,000 customers, the company distributes its products and solutions through its direct mail and Web site channels. Consumers can also find the latest audio, video, car stereo and home theatre products in Sound City's retail locations, including 12 custom showrooms. Visit the company's web site at: http://www.soundcity.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.