quote:Originally posted by CMoney: binsleep, your pick for the contest is pretty active today
C$, yeah, NDOL has been a scorcher for the past couple of weeks. People were expecting a PR announcing the move to the OTCBB today, but it looks like it may come tommorrow instead. There is also a buyout offer on the table.
Posts: 807 | From: Upstate NY | Registered: Dec 2005
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Modern Technology Corp Issues Update on Harvey Tender Offer Monday May 1, 1:47 pm ET
OXFORD, MS--(MARKET WIRE)--May 1, 2006 -- Modern Technology Corp (OTC BB:MOTG.OB - News), a diversified technology development and acquisition company, released today an update on its Tender Offer to acquire Harvey Electronics (NasdaqSC:HRVE - News). ADVERTISEMENT
On April 17th, 2006, Harvey Electronics released an announcement asserting our Tender Offer to be invalid due to certain 'deficiencies.' We disagree and maintain the commencement of a Tender Offer to be a valid commencement under applicable securities regulations.
On April 18th, Harvey Electronics released an announcement regarding a change of the Board and of a financing arrangement. This represents a significant material event requiring careful study.
Based on our assessment of their new financing arrangements and the surrounding agreements, we have decided to temporarily withdraw our Tender Offer.
Anthony Welch, Chairman, said: "We consider our present offer of $1.15 per share for Harveys as now too high in light of the new financing arrangements recently executed by them. We believe Harveys' new financing arrangements will likely be very dilutive to the Common Stock and the surrounding agreements to this financing to be burdensome to any potential positive free cash-flow Harveys may generate from its proposed expansion that would otherwise offset the dilution. Therefore, we do not believe Harveys will achieve a greater market capitalization under these circumstances and in fact believe the opposite. Furthermore, Harveys faces imminent delisting from NASDAQ to the OTCBB. The combination of these elements forces us to pause to re-assess Harveys' value after the stock underlying the financing has been fully registered and some time has passed. We may file a new Tender Offer after the market has fully priced in these new developments. Our goal is to build value for MOTG stockholders, and Harveys may yet prove to be a valuable addition to the MOTG portfolio in the future."
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: 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: 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: http://www.moderntechnologycorp.comPosts: 807 | From: Upstate NY | Registered: Dec 2005
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Sounds like Welch is telling HRVE "Nice job with the new financing boys....good luck with that "
Posts: 807 | From: Upstate NY | Registered: Dec 2005
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I had a feeling they AW wasnt going to like the new financing. He straight dogged their future in this PR. He needs to tell us what else is on the horizon though.
quote:Originally posted by CMoney: I had a feeling they AW wasnt going to like the new financing. He straight dogged their future in this PR. He needs to tell us what else is on the horizon though.
CMoney, I agree. Some new guidance is definately in order. He's been touting the large revenue numbers for a long time. I agree that we are due for a significant revenue bounce when the Q comes out in a couple of weeks, but we need an idea as to what direction he plans to take us.
Posts: 807 | From: Upstate NY | Registered: Dec 2005
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Hey guys. Kat is in California with her family.
That pr really laid it out for Harvey, huh?
"we have decided to temporarily withdraw our Tender Offer..." "We consider our present offer of $1.15 per share for Harveys as now too high..." "We believe Harveys' new financing arrangements will likely be very dilutive to the Common Stock..." "... we do not believe Harveys will achieve a greater market capitalization under these circumstances and in fact believe the opposite..."
Looks like no one really understands the rationale behind Harvey's move. Welch gave a nice slap here by saying they are effectively gong down as a result of their restructuring. I think Welch has done the right thing. No use paying top dollar for a company getting delisted in a month. Prices will be cheaper when they are an OTC
Now how the market is going to react here remains to be seen. No massive sell-off here.
Let's not forget the 10Q is coming out in less than 2 weeks. Should be fun Posts: 953 | From: Southwest USA | Registered: Nov 2005
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well i think when hrve will be on the otcbb, it will be a good time to buy cos the price wont stay at 0.86 if theres no rs
Posts: 28 | Registered: Apr 2006
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well i think when hrve will be on the otcbb, it will be a good time to buy cos the price wont stay at 0.86 if theres no rs
Posts: 28 | Registered: Apr 2006
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There is talk on RB that Welch had a bundle of roofing material fall on his car while parked in front of his hotel. Apparently, he is suffering from head injuries. Anyone know if this is true or not?
Posts: 807 | From: Upstate NY | Registered: Dec 2005
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I talked to Kat after today's pr came out. She's planning on emailing Welch tomorrow when she gets back. We'll know if the "accident" actually happened.
If this was indeed a hit by the Harvey mafia then a retaliation by the MOTG mafia is definitely in order Posts: 953 | From: Southwest USA | Registered: Nov 2005
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quote:Originally posted by Aldeberon: "There is talk on RB"
Those words alone always make me wary
Al, typically I'd agree, but one of the people talking is Jag/Momo (dooglearchie). He may be long winded, but he's reputable. I asked yesterday how they discovered this, but haven't received a response as of yet.
I'm sure he's going to be okay, I just worry about the negative impact on the stock if he's going to be away for a long period of time. While we only noticed a small loss of support yesterday, it was a loss nonetheless. We may see a bounce with the quarterly filing, but we can't expect that alone to give us the boost we are looking for.
On a side note, I'm going to be looking to pick up more MOTG shares today if my NDOL news is released :
Posts: 807 | From: Upstate NY | Registered: Dec 2005
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Hello everyone! I got out of micro stock for a couple months but got back in yesterday with all the oil plays! I'm still holding my position in MOTG, it's red but I'm not worried. Is everyone still fighting over Kat!!!
-------------------- Success is having the time and money to enjoy all of life's wonders... Posts: 2083 | Registered: Nov 2005
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