Here you go - MOTG .041 - holding up well despite a bad for microcaps Russell 2000 down 17+
Modern Technology Corp Announces Technology Enhancement Strategy for H-NET Subsidiary
Oct 5, 2005 2:08:00 PM
OXFORD, MS -- (MARKET WIRE) -- 10/05/05 -- Modern Technology Corp (OTC BB: MOTG) a rapidly growing diversified technology development and acquisition company announced it has initiated technology improvements and software platform enhancements for its subsidiary H-NET.
With the completion of this acquisition, the company has begun its efforts to further enhance the technology and proceed with commercialization. Technical engineers have been tasked with product support and improvements and a sales team is now promoting the product.
The H-NET product is mature, complete, market-proven, and market-ready. The company estimates $5,000,000 in recurring annual sales through domestic and international distribution.
The H-NET platform has a long history of software sales and is a dominating force in the Vision Care industry. With development complete and new products ready to market, H-NET's high margin business model is ready for the $1.3 trillion Healthcare marketplace. The H-NET technology has an installed base of approximately 6,500 sites and serves the three largest retail vision care chains in the United States. Companies using H-NET.NET software include LensCrafters, Pearle Vision, Cole Vision, Eye Care Centers of America, Family Vision, Wal-Mart's Sam's Stores, Macy's Group, Bensons, Standard Optical (Canada), the Bay Group (Canada), Optica Lee Borinquin (Puerto Rico) and Scrivens Optical (UK).
Anthony Welch, Modern Technology Corp's Chairman said, "We are quite pleased with the rapid progress being made with H-Net. The technology is sophisticated and has a long history of commercial success."
The company anticipates completing its acquisition of InMarketing on October 15th, 2005. Upon closing, the company's 2004 pro forma revenues will be adjusted upward to $18,000,000 and the company's projected 2005 pro forma revenues are expected to be around $25,000,000 not including current prospective acquisitions. 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.
In 2004 the company paid a $383,697 cash dividend. In October of 2001, the company paid a stock dividend of 403,000 shares and on June 30, 1999, the company distributed a stock dividend of 403,000 shares as part of a spin-off transaction.
The company intends to pay dividends as appropriate and as part of its anticipated subsidiary spin-off strategy. As the company's subsidiaries mature, a public spin-off transaction will be considered. The company's long-term plan is for stockholders to realize strong capital appreciation from their MOTG stock as well as the stock paid to them as part of the spin-off transactions.
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.
About H-NET.NET
H.NET is a global digital solutions provider for the Vision Care industry. With its multi-service Internet portal, web hosting services, business applications services and Internet-based transaction processing services, H-Net provides products and services to hospitals, clinics, retail opticians, chains home offices, Optometrists, Opthalmogists and Optical Laboratories. For More information about H-Net visit www.h-net.net.
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.
We are a public company trading under the symbol "MOTG" on the OTCBB
Company Contact:
Megan Peterson
1-662-236-5928
Modern Technology Corp
1420 North Lamar Blvd.
Oxford, MS 38655 USA
Phone: +1.662.236.5928
Fax: +1.662.236.7663
Web: www.moderntechnologycorp.com |
