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Technology Stocks : MOTG - Modern Technology Corporation -- Ignore unavailable to you. Want to Upgrade?

To: yassinzineb who wrote (64)	10/12/2005 7:38:04 AM
From: rrufff	Read Replies (1) \| Respond to of 110

MOTG - Modern Technology Corp Enters Into Technology Development Agreement With Stitel Networks Tuesday October 11, 7:48 pm ET OXFORD, MS--(MARKET WIRE)--Oct 11, 2005 -- Modern Technology Corp (OTC BB:MOTG.OB - News), a rapidly growing diversified technology development and acquisition company, announced it entered into an agreement with Stitel Networks to provide software enhancements, customer training and support for its H-NET software platform. Stitel has been tasked with product support, improvements, and customer training. Of special note is the ability to now provide global sales and support across multiple time-zones and across multiple languages. The H-NET technology is complete, market-proven, and has a long history of software sales as a dominating force in the Vision Care industry. 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, "As promised, we are moving ahead rapidly with the commercialization of the H-NET platform. Our model of continuous growth is quite active and the H-NET success is but one example." The company expects over $20,000,000 in revenues for 2005 without further acquisitions. Additional acquisitions are under consideration that may place revenues over $50,000,000. The company plans to meet its revenue goal of $75,000,000 in 2006 and list its stock on a national exchange. 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 Modern Technology Corp, a diversified technology development and acquisition company, builds revenues through continuous growth, strategic acquisitions, and commercialization of nascent technology. MOTG improves operating efficiencies through the elimination of cost redundancies and realized synergy between subsidiaries. MOTG also commercializes new technology and provides to its subsidiaries new product lines, operations infrastructure, and significant intellectual capital. The company's mission is to build shareholder value through a model of continuous growth. Web Address: 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: Megan Peterson 1-662-236-5928 -------------------------------------------------------------------------------- Source: Modern Technology Corp