Modern Technology Cp (MODC)

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Source: Modern Technology Corp


Modern Technology Corp Issues Update on Quarterly Report and New Acquisitions
Thursday December 8, 2:10 pm ET


OXFORD, MS--(MARKET WIRE)--Dec 8, 2005 -- Modern Technology Corp (OTC BB:MOTGE.OB - News) a diversified technology development and acquisition company, announced today it will soon file its delayed Form 10Q-SB. The delay could not be avoided due to the massive and complicated accounting issues created by its various acquisitions and subsidiary reporting requirements.

The company's previously announced acquisitions are on track and an update on these items will be announced shortly.

Anthony Welch, Modern Technology Corp's Chairman, said, "Our Form 10Q has been particularly onerous due to a large list of very esoteric and complicated accounting issues. We have been working closely with our auditors and expect no further delays in the future. Our presently due 10Q will be filed shortly and the numbers will be inline with our expectations. Furthermore, we have new acquisitions that will add another $11,000,000 in profitable revenues for calendar 2005. From these subsidiaries alone, we have revenues projected to be in excess of $20,000,000 for calendar 2005. These revenue projections do not include any of the other acquisitions we are working on now. We will release more news on this after filing our 10Q. We have acquisitions under consideration that may propel the company beyond $50,000,000 in revenues for 2005."

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

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.

Modern Technology Corp
1420 North Lamar Blvd.
Oxford, MS 38655 USA
Phone: [phone]
Fax: [phone]
Web: http://www.moderntechnologycorp.com
We are a public company trading under the symbol “MOTGE” on the OTCBB



Contact:
Company Contact:
Megan Peterson
1-662-236-5928