Modern Technology Corp to Acquire Avatron Technology Group With Profitable Revenues Exceeding $32,000,000
Monday September 8, 8:30 am ET
OXFORD, Miss., Sept. 8 /PRNewswire-FirstCall/ -- Modern Technology Corporation (Pink Sheets: MODC - News; http://www.moderntechnologycorp.com) announced today it executed a Letter of Intent to acquire Avatron Technology Group ("ATG").
ATG is an international technology company consolidator with an emphasis on expansion into Western and Asian markets. Pro-forma consolidated revenues exceed $32,000,000 with estimated earnings of 10%. Current MODC Management will be replaced after a transition period. The transaction includes a maximum capital raise of $1,000,000 to cover transaction costs and facilitate growth.
The LOI is subject to customary due-diligence, transaction funding, and expires 30 September 2008. The Company believes due-diligence/funding criteria satisfied and will timely publish transaction disclosure and pro-forma financials. The current date for Definitive Agreements is 15 September 2008. Disclosure information will be published pursuant to paragraphs (a)(5)(i) to (xiv), inclusive, and paragraph (a)(5)(xvi) of Rule 240.15c2-11.
No reverse or forward split or re-capitalization of the Company's stock will occur as part of this transaction. MODC has 35,659,484 shares issued with 150,000,000 authorized.
The transaction is part of previously disclosed plans to divest unprofitable operations, eliminate debt, and provide strong equity growth. The Company believes it has substantially achieved its objectives and continues to execute its plans accordingly.
About Modern Technology Corp
MODC acquires promising technology companies and related assets to promote their growth and development. The company builds revenues and asset value through a model of continuous growth and derives income from appreciation of its portfolio and licensing or revenue-sharing agreements. Web: http://www.moderntechnologycorp.com.
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