OXFORD, Miss., June 30, 2005 (PRIMEZONE) -- Modern Technology Corp (OTCBB:MOTG), a diversified technology development and acquisition company, announced today its quarterly revenues are up $1.5 Million over the same period last year and reports assets of over $7 Million.
Further growth in revenues and planned acquisitions from the Electronics sector are expected to generate in excess of $25 Million in 2005. This revenue estimate does not include revenues from other planned sector acquisitions throughout 2005, expected to be in excess of $50 Million.
The company exceeded its 2004 projections for year-end assets of $4,000,000 and revenues of $10,000,000 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.
Anthony Welch, Modern Technology Corp's Chairman said, "Our growth is strong and continues uninterrupted. With our current line-up of new acquisitions and growth from operations, we feel confident in our ability to deliver outstanding revenue and asset-base growth for 2005."
With transactions already complete, plus the anticipated closing of ones under consideration, we expect 2005 revenue of between $25 million and $50 million. With transactions under consideration for the second half of 2005, we expect 2005 revenue could be between $50 million and $75 million. The Company cautions that this guidance is our best, good faith estimate based on current conditions and numerous assumptions about the industry, our access to financing, the competitive and regulatory landscape and our ability to successfully complete the acquisitions.
MOTG's rapid growth and continuing success demonstrate the power of its model. MOTG acquires key technologies and synergistic companies creating revenue and cost benefit from the introduction of 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 its most recent cash dividend paid in March of 2004. To enhance investor awareness and promote institutional participation, MOTG intends to apply for a listing on a larger stock exchange as soon as is practicable.
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.
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.