Monday, November 20 2006 1:32 PM, EST Modern Technology Corp Reports 235 Percent Increase in Quarterly Revenue With $3,085,878 for Quarter Ending September 30, 2006 vs. Same Quarter 2005 PrimeZone "PrimeZone " OXFORD, Miss ., Nov. 20, 2006 (PRIMEZONE) -- Modern Technology Corp (Pink Sheets:MODC), a diversified technology development and acquisition company, announced today that during the three months ending September 30, 2006 it generated revenues of $3,085,878 versus $1,311,779 for the three months ended September 30, 2005 , an increase of 235%. It also reported assets of $4,774,355 . For complete details of the company's Form 10Q-SB filing, please visit the SEC's website at www.sec.gov. Anthony Welch, Chairman, said: "We anticipate delivering significant new revenues in the coming year from our most recent acquisition as we enter the international market for cancer detection and diagnostics. Our AnuCyte system is the single most accurate method on the planet for detecting cancer and will quickly become the gold standard for all tissue-based cancer diagnostics. Shareholders should continue to expect regular updates on both our progress with AnuCyte and our upcoming stock-dividend." More about the cancer diagnostic marketplace: Prostate Cancer Diagnosis Prostate tumors with an intermediate histological grade, which represent the majority of prostate tumors, cannot be reliably determined by current clinical laboratory methods. The AnuCyte system can rapidly and accurately test for prostate cancer. The system's test results provide the only clinically useful prognostic information for patients with these intermediate grade tumors. There are approximately 2 million men living with prostate cancer in the USA, with a growth rate of about 200,000 new cases per year. Based on these figures, the company projects prostate cancer diagnostics revenues of $12 million the first year for the market and over $50 million by the end of the third year. Cervical cancer diagnosis Currently, cervical cancer represents a larger market than prostate cancer with 55 million Pap smears collected in the USA annually. The company's entry into this market space will be the competition free market of 2-5 million (and rising) "ASCUS" (indeterminate) Pap smears generated annually. The AnuCyte system is the only system in the world that measures aneuploidy in cervical smears. This measurement is an independent predictor of biological outcome and will sort out the non-cancerous cells, precancerous cells, and cancerous cells in the ASCUS slide's cell population. There is no method at present in clinical laboratories for deciding the status of an ASCUS slide. The AnuCyte system can quickly deliver comprehensive and accurate results for any ASCUS slide. This puts the ASCUS market in the USA at $200-$500 million annually. The company projects cervical cancer diagnostics revenues of $16 million the first year for the market and $50 million by the end of the third year. Overall Cancer Diagnostic Marketplace The worldwide market potential is unquantifiable. The 'AnuCyte Cancer Detection System' is not limited to the cancers mentioned above. The system functions for any slide preparation and delivers rapid and accurate results in all suspected cancerous samples. It must be noted that our predictions only cover the USA market. The international market is much larger and will be part of the company's initial marketing efforts alongside the USA. About the AnuCyte Cancer Detection System AnuCyte is the only system in the world that can detect all cancers by analyzing the single trait common to all forms of cancer. This trait is not found in any healthy cell. The system rapidly and accurately identifies cancer at any stage in its development and also identifies healthy cancer-free cells in the same test. The system is unique in the world and can be applied to any form of cell sample suspected of cancer and return a reliable test result within minutes. The system completely eliminates heretofore unreliable, subjective, and error-prone pathology diagnosis of cancer and delivers an automated and completely objective measurement of the presence or absence of cancer with the highest accuracy rate of any diagnostic technology in the world. The AnuCyte system is the first and only system in the world that can accurately detect and assess the chromosomal imbalance of cancer in any tissue sample. This ability allows the system to quickly and accurately identify both cancerous and non-cancerous cells. The inventor of the AnuCyte system, Dr. David Rasnick, PhD and his scientific research collaborator, Dr. Peter Duesberg, PhD, have been prominent names internationally for many years for their research and publications. Investors may wish to read a recent article in Newsweek concerning the cancer research of Dr. Duesberg: http://www.msnbc.msn.com/id/14757547/site/newsweek/ About Insight Medical Group Insight Medical Group is a specialized biosciences development company whose mission is to bring world-changing medical technology and research to market in the areas of cancer and AIDS. The AnuCyte Cancer Detection System was invented by Dr. David Rasnick, PhD. The technology behind AnuCyte and the chromosomal imbalance theory is the result of 45 years of combined cancer research by Dr. David Rasnick, PhD and Dr. Peter Duesberg, PhD, who continues his studies on cancer research at the University of California , Berkeley. 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. MODC improves operating efficiencies through the elimination of cost redundancies and realized synergy between subsidiaries. Web Address: 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 . CONTACT: Modern Technology Corp Investor Relations: Anthony Welch (601) 213-3629 ir*moderntechnologycorp.com
Posted by R.A. on :
52wk Range: 0.02 - 1.60 from Yahoo finance.
Posted by R.A. on :
Getting attention, more buys coming in!
Posted by R.A. on :
Shares Outstanding: 3.67M
According to Yahoo!
Can this be possible?
Posted by R.A. on :
0.07!!!
Posted by R.A. on :
This one has so much potential!
More volume would make it explode.
Posted by hedfe on :
their closing the spread .065/.07 could go
Posted by R.A. on :
Buys buys buys! Posted by R.A. on :
All we need is volume, everything is set for a huge run.
We have the news, we have a thin L2, pps is near bottom.
Posted by R.A. on :
Up 29.31% so far.
Posted by R.A. on :
A buy at 0.08.
Posted by howgood on :
I'm in very hard fill this looks great.. Already 3 times avg volume
Posted by R.A. on :
L2 is fantastic.
Posted by xHoRiZoNx33 on :
UP 37.93%
Posted by R.A. on :
Up 55.17%
Posted by xHoRiZoNx33 on :
Wow..how high can this go R.A.?
Posted by R.A. on :
Don't know but L2 is very thin.
2 * 0.095 1 * 0.15 1 * 0.24 1 * 0.25!
Posted by howgood on :
Great Pick R.A.
Posted by R.A. on :
It can do way better than that! It just needs a little push and it will be in the .10's and 0.20's is realistic too considering the L2.
Posted by xHoRiZoNx33 on :
yea, good job R.A. Looking good
Posted by R.A. on :
We have steady buys at ask.
Posted by RichBy26 on :
I'm in at .09, tried to fill earlier at .075 but it moved to fast.
Posted by R.A. on :
It was hard to get filled I know, we need more volume and this could go boom!
Posted by R.A. on :
If all the people who made some profit with BANY would put it in here, we could all benefit from it.
Posted by R.A. on :
Very stable...
Posted by hbomb on :
quote:Originally posted by R.A.: If all the people who made some profit with BANY would put it in here, we could all benefit from it.
That's my plan...
Posted by RichBy26 on :
just need some more volume
Posted by hbomb on :
Got some at .08
Posted by R.A. on :
That's a good entry considering the potential.
If you guys have accounts in other boards, pass the word. Posted by R.A. on :
Bid-ask spread tightening up a little.
Posted by hbomb on :
.06x.08
Posted by RichBy26 on :
I don't like the spread,but that's what you get with these low Floats!
Posted by hbomb on :
.06x.075
Posted by hbomb on :
.055x.06 Come on...
Posted by R.A. on :
Ok 0.055x0.060
looks good
Posted by northwoods on :
We already have a thread for MODC. The Q just came out last Friday. The company lost money.
Posted by northwoods on :
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements regarding the Company's expectations, beliefs, intentions or future strategies that are signified by the words "expects," "anticipates," "intends," "believes," or similar language. These forward-looking statements, including those with respect to our operating results for 2004, are based upon current expectations and beliefs of the Company's management and are subject to risks and uncertainties that could cause results to differ materially from those indicated in the forward-looking statements. Some, but not all, of the factors, which could cause actual results to differ materially include those set forth in the risks discussed below under the subheading "Risk Factors" and elsewhere in this report. The Company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements, or to explain why actual results differ. Readers should carefully review the risk factors described in this section below and in any reports subsequently filed with the Securities and Exchange Commission.
Overview
We were incorporated in Nevada in 1982 as a for-profit corporation. We have never experienced any bankruptcy or similar proceeding. We are engaged in aiding both private and public companies in the areas of business development, financing, product development, corporate strategy, corporate image and public relations, product distribution and marketing, and executive management consulting. We collectively refer to companies in which we own an equity position as well as our customers and clients as "portfolio companies". We charge for our services in cash or equity in the portfolio company. We may also exchange our services for revenue sharing of future sales of products or sharing of proceeds from the sale of licenses and technologies owned by our portfolio companies. We seek to grow through strategic acquisitions in addition to generating income from our services.
Our sources of revenue are primarily from:
† Consolidated revenues of our portfolio companies which we own in majority;
† Management and consulting fees we may charge our portfolio companies;
† Revenue sharing agreements we may have with our portfolio companies;
† Royalty and licensing proceeds from the sale of technology rights we may own in whole or in part with our portfolio companies;
† Proceeds from the sale of securities we may own in our portfolio companies;
† Proceeds from the interest and payment of debt we may hold in our portfolio companies; and
† Proceeds from the conversion of debt we may hold in our portfolio companies into marketable securities and subsequent sale of same.
OUR PORTFOLIO COMPANIES
Sound City
We presently own 51% of Sound City with an option to acquire the remaining 49%. The option is valid through December 31, 2009, and can be exercised for $3,500,000, which is payable in cash, stock or a combination of cash or stock. Sound City, Inc. is a consumer electronics company with customers across the U.S. Sound City markets audio and video solutions for home and mobile environments, including the HD-TV, Plasma TV and LCD TV market segments. As a full service dealer, Sound City provides a wide range of custom home installations addressing numerous applications. With a customer base of over 900,000 customers, Sound City is a large electronics mail order companies in the U.S., who distributes its products and solutions through its direct mail and Web site channels. Consumers can also find the latest audio, video, car stereo and home theatre products in Sound City's retail locations, including 12 custom showrooms. Sound City operates a web site at the following address: http://www.soundcity.com.
DeMarco Energy Systems of America, Inc.
We are the holder of an outstanding convertible debenture in the amount of $1,500,000 issued by DeMarco Energy Systems of America. The debenture is convertible into shares of common stock of DeMarco. The convertible debentures bear interest at 10%, matured on March 25, 2003, and are convertible into shares of Demarco common stock, at the selling stockholders' option, at the lower of (i) $0.15 or (ii) 60% of the average of the three lowest intraday trading prices for the common stock on a principal market for the 10 trading days before but not including the conversion date. As of May 2, 2005, the $1,500,000 convertible debenture was convertible into 250,000,000 shares of DeMarco common stock. During the year ended June 30, 2006, we sold these debentures for $500,000 to Shield Investments.
We have no formal agreements with this portfolio company outside our being a holder of the convertible debenture, although our chairman, Anthony K. Welch, is also the chairman of DeMarco. We have an informal agreement to assist them where practicable to further their plans and efforts, although there are no written agreements to this effect and we are not obligated to perform any services for them.
DeMarco Energy's primary mission is to provide energy efficient technologies to commercial and institutional markets through the application of the DeMarco 'Systems' patent. The company owns a systems patent that was granted on September 3, 1985, known as the Energy Miser System. The company is primarily focusing on providing heating and air conditioning powered by the thermal properties of managed water systems, which include gray-water, re-use water and potable water systems. DeMarco has exclusive rights to the patented technology.
.
INmarketing Group Inc.
On December 20, 2005 we acquired 51% of the outstanding common stock of INmarketing Group Inc. (IMG) for $1,000,000 in cash and $1,210,000 in the form of Series B 4% convertible preferred stock of the Company, with an option to acquire the remaining 49%. The option is valid through December 19, 2007.
Selecting Portfolio Companies
We may purchase an equity position, whether minority or majority, in various companies from time to time. We offer our services to new customers, also referred to as portfolio companies, for cash payment. We may elect to take equity in the portfolio company as payment for our services.
We also seek to grow our revenues and assets by acquisitions. We seek to obtain a majority equity position in any company we acquire. If we acquire a minority position in a company, we will seek to enter into agreement with that company whereby we will generate income from our services. If we acquire a minority position in a company, we value that equity using a good-faith estimation of its value based on generally accepted accounting principles combined with our internal judgment based on industry and economic factors not encompassed by traditional accounting principles.
We acquire majority or minority equity positions in portfolio companies by purchasing the equity with cash, debt, or purchasing the equity by issuing stock in our company. We may pay for the equity position with a combination of both cash and stock and debt.
When presented with a prospective acquisition, we make a good-faith valuation for the business to be acquired and its future prospects. If the assessment of the prospective acquisition appears to offer a good or reasonable chance to increase our revenues and assets both in the short-term and the long-term, we will seek to acquire the prospective company.
We find new customers and prospective companies to acquire through out network of relationships within the business community.
EMPLOYEES
We currently have three full time employees and three part-time employees, including two in management, two in business development, one in business advisory and one administrative position. In our subsidiary, Sound City, we currently have 33 full time and 2 part time employees, including eight in management three in administrative, 10 in sales, three in advertising, five in warehousing and six in installations. There exist no organized labor agreements or union agreements between our employees and us. We believe that our relations with our employees are good.
Results of Operations:
During the three months ended September 30, 2006, the Registrant had net loss applicable to common shareholders of $962.074, as compared with $805,642 for the three months ended September 30, 2005.
For the three months ended September 30, 2006 and 2005, the Registrant had total revenues of $3,085,878 and $1,311,779, respectively, as compared with gross margin for the comparable periods of $681,516 and $369,546, respectively
The net loss for the three months ended September 30, 2006 is attributable primarily to expenses incurred as part of our reorganization efforts and activities related to locating and securing new portfolio companies.
During the three months ended September 30, 2006, expenses amounted to $1,604,466, attributable mainly to general and administrative expenses of $498,201 salaries, benefits and related taxes of $387,362, and interest expense of $711,683. For the three months ended September 30, 2005, expenses amounted to $1,127,723 consisting of general and administrative expenses of $671,145, salaries of 375,570 and interest expense of $81,002.
Liquidity and Capital Resources
The cash and cash equivalent balance of the Registrant was $441,792 and $181,701 as of September 30, 2006 and June 30, 2006, respectively.
The Company has incurred substantial losses through September 30, 2006. Until such time that the Company's products and services can be successfully marketed, the Company will continue to need to fulfill working capital requirements through the sale of stock and/or the issuance of debt. The inability of the Company to continue its operations as a going concern would impact the recoverability and classification of recorded asset amounts.
The ability of the company to continue in existence is dependent on its having sufficient financial resources to bring products and services to market for marketplace acceptance. As a result of its significant losses, negative cash flows from operations, and accumulated deficits for the periods ending September 30, 2006, there is doubt about the Company's ability to continue as a going concern.
Management believes that its current available working capital, anticipated revenues, further planned reductions in operating expenses, and subsequent sales of stock and/or placement of debt instruments will be sufficient to meet its projected expenditures for a period of at least twelve months from September 30, 2006.
Posted by R.A. on :
<<Results of Operations:
During the three months ended September 30, 2006, the Registrant had net loss applicable to common shareholders of $962.074, as compared with $805,642 for the three months ended September 30, 2005.>>
Here it is...
Posted by R.A. on :
Got in at 0.059 and out at 0.060, made a slight loss with the comissions fees... I thought it could have been a nice play considering the news, the L2, the low pps.
But my question is... why did they release a PR that has positive side to it when the 10QSB was out on friday with net losses?
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