OXFORD, Miss., April 9, 2007 (PRIME NEWSWIRE) -- Modern Technology Corp (Pink Sheets:MODC), a bioscience technology development and acquisition company, announced today a funding commitment for $1.5 Million and issued an update to stockholders regarding its planned spin-off of Inmarketing.
The Company agreed with its investors for the funding of operations and the execution of the Company's business plan for Insight Medical Group. The Company believes the funding commitment adequate to achieve entry into its first target market for its cancer detection technology and achieve the revenue generation and goals previously announced.
As part of the agreements, Inmarketing will assume $1,000,000 of our debt to our primary investors. Under the new spin-off and funding agreements stockholders will receive 10% of Inmarketing's shares, distributed pro rata to all Modern Technology Stockholders. The spin-off improves the Company's Balance Sheet by eliminating over $2,200,000 in debt and contingent liabilities: $1,000,000 in convertible debt and $1.21 Million convertible preferred stock. The spin-off agreement is conditioned upon Inmarketing receiving certain funding commitments from the primary investor group which is anticipated to occur. Should Inmarketing not receive its required funding commitment the spin-off may not occur as presently contemplated, if at all.
The details of the spin-off transaction, including the record date and the dividend date will be fully described in a timely filed Form 14C proxy statement and the complete set of investment documents will be timely filed under a Form 8-K with the U.S. Securities and Exchange Commission.
Anthony Welch, Chairman, said: "The process of arriving at the new agreements has been lengthy and a daily travail for all involved. Both the funding and the spin-off were conditioned upon one another and many parties had to be satisfied as to terms and timelines. At long last, we have completed this process and all parties are agreed on the transaction. These complicated transactions regrettably take time and in this case have taken a far longer period to complete than we anticipated. However, we are finally past the delays and are moving forward with our previously announced plans for the AnuCyte Cancer Detection system. Therefore, stockholders will now see further announcements of our progress with the AnuCyte system and all stockholders will soon own stock in two public companies as we complete the spin-off of Inmarketing. Our objective is, as it has always been, to create an organization with high-growth potential. We worked very hard to make the changes both within and without the organization to maintain the original goal even in the face of overwhelming adversity."
About the AnuCyte Cancer Detection System
The AnuCyte Cancer Detection System is an automated machine to detect the presence of cancer in cell samples. The system accurately identifies cancer at any stage in its development and also identifies healthy cancer-free cells in the same test within the same sample. The system is designed based on the chromosomal imbalance theory of cancer. The science behind the company's cancer detection technology is of the very highest standard. Over the prior ten years the chromosomal imbalance theory of cancer has been proven correct both experimentally and theoretically in numerous, rigorously peer-reviewed publications in the leading journals. For a White Paper on the system and the science, you may acquire a copy from this link: http://www.insightmedicalgroup.com/library/IMG_White_Paper.pdf
About AnuCyte's Inventors:
The inventor of the AnuCyte system, Dr. David Rasnick, PhD and his scientific research collaborator, Dr. Peter Duesberg, PhD, have been prominent names internationally for many years for their research and publications. On many occasions both have appeared internationally on television, in magazines, newspapers and scientific publications. Peter Duesberg is author of the widely available book: "Inventing the AIDS Virus."
In 1970, Peter Duesberg isolated the first cancer gene through his work on retroviruses and mapped the genetic structure of these viruses. This and his subsequent work in the same field resulted in his election to the National Academy of Sciences in 1986. He was also the recipient of a seven-year Outstanding Investigator Grant from the National Institute of Health. He has been invited to become a Honorary Member of the World Innovation Foundation alongside 91 Nobel Laureates. (www.thewif.org.uk)
About Insight Medical Group and Modern Technology Corp
Insight Medical Group, a wholly-owned subsidiary of Modern Technology Corp, 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 AnuCyte Cancer Detection System was invented by Dr. David Rasnick, PhD. The technology behind AnuCyte and the 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, Berkeley. 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 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.