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MODC Press Release Source: Modern Technology Corp


Modern Technology Corp Appoints New Financial Operations Staff to Improve on Periodic Reporting Procedures
Wednesday September 27, 2:00 pm ET


OXFORD, Miss., Sept. 27, 2006 (PRIMEZONE) -- Modern Technology Corp (OTC BB:MODC.OB - News) a diversified technology development and acquisition company announced today important positive changes to its financial operations.



We have re-aligned our accounting personnel to more reliably meet our SEC reporting requirements. The company's goal is to eliminate any future late filings and improve the quality of our financial reporting and disclosures. The company will be late in the filing of its 10K but will remain current and not fail to meet its obligations. The change in our accounting operations and an unavoidable delay arising from a dispute with one of our subsidiaries will force a late filing this quarter. We do not anticipate any future late filings. We will file a Form 8K relating to our changes in our accounting and financial reporting operations.

We take this opportunity to thank all stockholders throughout this period of change. We understand the frustrations many have felt and assure you difficult management decisions were made for the benefit of the company and its shareholders. We confidently predict all shareholders will soon witness encouraging developments as a result of our recent decisions.

Stockholders can soon expect updates on the following:



-- Bioscience acquisitions with profound technology and
implications
-- Positive changes to operations and financial reporting personnel
-- Continuing updates on, or announcement of, significant new
acquisitions

This guidance is the company's best, good faith estimate based on current conditions and numerous assumptions about the company's industry, its access to financing, the competitive and regulatory landscape and its ability to successfully consummate the acquisitions under consideration.

About Modern Technology Corp

Modern Technology Corp, a diversified technology development and acquisition company, builds revenues through continuous growth, strategic acquisitions, and commercialization of nascent technology. MODC improves operating efficiencies through the elimination of cost redundancies and realized synergy between subsidiaries.

Web Address: 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.



Contact:
Modern Technology Corp
Anthony Welch
601-213-3629


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Source: Modern Technology Corp