Modern Technology Cp (MODC)

[binsleep]

Just part of the restructuring

Mr. Church's departure may have directly related to MODC's inability to file Quarterly statements on-time.

From the Quarterly: "Robert Church, our CFO, is also a Partner of Church, Devoe & Associates to which we expensed $0 in accounting fees during the three months ended March 31, 2006 and $43,314.59 during the nine months ended March 31, 2006."

It is rumored by those in contact with the CEO, that his frustration over the timeliness of the Quarterly filings has been growing. And it should be! Late filings have been a poison pill for the share price.

Mr. Welch is certainly attempting to turn this company around and make it profitable. I just wish the share price would catch up to his ambitions! ;)