MOTG .04 + .01 Modern Technology Corp to Close InMarketing Acquisition With $11 Million in Projected Profitable Revenues
Monday October 3, 2:03 pm ET
OXFORD, MS--(MARKET WIRE)--Oct 3, 2005 -- Modern Technology Corp (OTC BB:MOTG.OB - News), a diversified technology development and acquisition company, announced today it has scheduled the Closing to acquire InMarketing Group, Inc for October 15th, 2005. This new subsidiary adds an estimated $11 Million in 2005 profitable revenues and a projected additional $13 Million in profitable revenues for 2006. InMarketing Group generated $8.7 Million in profitable revenues in 2004 and generated a profitable $5.8 Million in the first half of 2005.
Anthony Welch, Modern Technology Corp's Chairman, said, "We have scheduled the Closing date for October 15th, 2005. This superb new acquisition is a significant addition to our current revenues and compliments our growth strategy. Our 2004 pro forma revenues will be adjusted upward to $18,000,000 and our projected 2005 pro forma revenues without further acquisitions are expected to be around $25,000,000."
The company has additional acquisitions under consideration that may take revenues beyond $50,000,000 for 2005.
The company's subsidiary, Sound City (www.soundcity.com), is in the process of expanding its retail footprint and continues to add product lines. InMarketing Group is expected to continue its strong year-on-year growth and profitability. The company expects ongoing synergy-based cost reductions as well as increased revenue growth resulting from the synergies between the subsidiaries.
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: 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:
Company Contact:
Friedland Corporate Investor Services LLC
Jesse Blum
Tel. 212-757-9454
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