posted
I sent AW an email yesterday and it wasn't pretty. I doubt he'll respond and I don't care since I'm out. I lost a few thousand, but I know some that lost much more than me, so I can't complain too much. The only thing I did in the last month regarding motg that was smart was sell 1/3 of my position at around .03, too bad I didn't sell it all. What was AW thinking? He had 13M shares worth $300K, now he has 650K shares worth much less and will drop a lot more. I hope I've learned something here. GLTA
Posts: 1289 | Registered: Dec 2005
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posted
Those 13 million shares were issued. MOTG(well MODC now) still has preferred stock that can be converted into millions common stock shares so, Welch can remain the majority shareholder. Im just wondering what the O/S will be now or will it stay the same at 150 million. The quarter filing is due tomorrow... GLTA and BTW if anyone is looking for a new hold with less risk. You may want to consider TIV Its an Oil&Gas company currently trading at $5.88 near the 52 week low with insider buys last week. Heres my post on the other board-
posted
Good afternoon all, I dont own stock here but I do have a question regarding the ceo and his shares. The rs applies to all outstanding shares. Is his restricted shares considered outstanding? Are they even registered? I have been through r/s before with other stocks and I have always wondered if the stocks held by the bastud that makes this decision is actually affected. If anyone knows I sure would like to know because if they arent affected there are a lot of ceo's that need an azz wuppin. TMAN...
-------------------- In the end, trust only yourself when trading stocks. Posts: 2048 | From: Texas | Registered: Feb 2006
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posted
first off aw had no choice to do the rs because he is a failure...anyone who spoke to him on the phone knew that this man was clueless..How many time did we ask for a ir department? what about promotion we said...he thinks all of that just takes care of itself...the guy is a clown. unfortunately he screwed alot of people...if he thinks it was hard getting investors to buy at .03 cents it will be impossible after this...nobody is going to to touch this stock. some will hold and watch this go to .03 again. aw has the partners from img and sc...he has to pay them...they want their money they were paid in shares...the hrve deal was a pump job that failed miserably...aw had no way of buying hrve...don't kid yourselves that was never getting done. the point is he couldn't raise the money to buy our the board and get control so he jumped the gun put out a pr knowing it wouldn't get accepted why did he wait so long to file with the lawyers...problem is it didn't work...he hired ***** and then tried to sue him. ***** laughed at him...aw is full of piss and vinigor...as far as his shares he'll just reissue them to hiself at a later date...oh by the way soundcity closed a store and img makes 8k a year...
Posts: 357 | Registered: Oct 2005
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posted
what's ridiculos about all this is that aw thinks that he can still put out the crap prs about shareholder appreciation and hnet spin off as if it means anything...hnet is garbage...call the guy that runs it out of his house. I remeber when the guy hnet dude was positing on yahoo....i called anton stevens to see what was up since the guy said he worked for hnet...it was tough to hear what anton had to say because his dog was barking and he had to let him out...that is when i knew we were in a world of ****...i feel for you kat...what's interesting is right before this happened a previous investor told me that he saw this going the way of gccp...not far from it...
Posts: 357 | Registered: Oct 2005
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posted
This was the last email I received from him. I dont know what to do, I am down so much here, and I'd hate to panic sell....
Obviously a shake out of sorts today. Await next week for news.
The reverse became unavoidable only recently. There is a good reason for it as we prepare for more acquisitions.
From another letter I wrote this morning:
I can appreciate your concerns, but are making some very big changes to make the company profitable and avoid any further debt to make acquisitions. These changes are not easy but they are for the long term benefit to the organization, and by extension, all stockholders.
Further, without the recapitalization, we would not be able to acquire a prime target (among other candidates) that is becoming less expensive for Modern by the day.
<wrote:
Anthony,
I am at a loss as to what to say to you. I trusted you. I have several emails in which you stated you were not contemplating a reverse split. I invested $60,000 of my money in your company based on our conversations.
I am currently down $40,000. What can I do, here? As we break through a penny, please tell me that I will get my money back.
Posts: 1351 | From: Phoenix Az | Registered: Nov 2005
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posted
anyone watching today? No trades, few mms, I guess people are trying to sort out whats happening.
At least there arent huge orders on the ask...that would indicate not a lot of panic selling. Maybe the worst was over Friday, I sure hope so.
Posts: 1351 | From: Phoenix Az | Registered: Nov 2005
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posted
Kat, I'm holding. Its going to take some time for him to turn this around, and it is risky. Whatever you choose to do, take care of yourself first. Remember, money can be replaced. Your health, on the other hand, can't.
Posts: 807 | From: Upstate NY | Registered: Dec 2005
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quote:Originally posted by binsleep: I think people are waiting for some more guidance. Too risky to get in now.
I agree bin. Look at the spread. Even the MM's know it. The bid vs ask is at .15 x .35 and the second ask is .75. Seems like now one wants it. Not one trade as far as I can tell. GLTA.
Posts: 1289 | Registered: Dec 2005
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posted
Kat just know that we have all been there. I got washed out on gccp...the ceo was a liar and the ir department was worse...I wouldn't trust aw at all..This is a guy who used to send me emails asking me if he prd no reverse split would that make the share price go up? Aw has no idea what he is doing. I have never seen a ceo just sit at a computer and answer emails all day. I said it from day one he does nothing all day. sc and img are run by other people. He had hrve to close and couldn't do it. hrve isn't going to do much for him now. one otc aquiring another won't do much.(HRVE was a Collasal Mistake) the way he handled that goes to show he has no idea and was trying to pump the stock)...just know that you can come back from this. you saw the run on ndol those things happen all the time in the otc...that's just it though they are runs not investments. I was like most of you guys. I called aw and emailed him me and az were all over him. we tried to get him an ir firm. we were willing to pay for it...but aw was such a dick about it. he wouldn't meet with az eventhough az had someone lined up to redo the financing. i saw the emails aw dodged his meet request. that was when i knew to get out. no company tells someone no i don't want your 3 million dollars. aw honestly believes he doesn't have to promote. we have all seen it in emails...he is training megan as his ir person are you serious? he also beleives that the financing with ajw is good and that the cd's aren't that bad. the financing for hrve was ajw...buy the way when i was trying to get him money he wanted 6.5 milion. 4 to pay off exisisting 2 for hrve. he low balled hrve cause he didn't have the neccesary financing. he knew there wasn't a chance he was going to get hrve that is why the lawyers never filed he had no intention. hrve says the offer isn't valid which it wasn't and aw says we changed our minds... I would be careful holding this. You can come back from this. It only takes a few good picks.
Posts: 357 | Registered: Oct 2005
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posted
hang in there Kat...many of us are in the same boat as you are and are praying for divine interventions. Bin speaks wisdom...take his words to heart!
-------------------- "It's a dog-eat-dog world, and I'm wearing Milkbone underwear"...Norm (Cheers) Posts: 69 | From: Atlanta | Registered: Apr 2005
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posted
Thanks guys, I just keep beating myself up in my head. I've held this for so long, coulda sold for a 12k profit, coulda sold for even many many times...and now this. It's just really tough.
I feel like a fool.
Posts: 1351 | From: Phoenix Az | Registered: Nov 2005
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posted
yes, does anyone know if he is still require to file the Q today. I havent heard back from him.
Posts: 1351 | From: Phoenix Az | Registered: Nov 2005
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Modern Technology Corp Releases Operational Guidance for Anticipated Spin-Off of H-NET Subsidiary and Stock
Modern Technology Corp (OTC BB: MOTG), a diversified technology development and acquisition company, announced today operational guidance for its planned spin-off of its H-NET subsidiary.
The planned spin-off of the H-NET subsidiary results in both ongoing revenue for Modern Technology as well as an equity distribution to all stockholders of Modern Technology Corp.
Modern Technology Corp anticipates receiving recurring income from H-NET in the form of the following forms of revenue: Management fees paid by H-NET to Modern for accounting and executive functions, License and royalty fees paid to Modern for continued use of the H-NET technology, support and development fees paid to Modern as part of transition of operations and development work to date, ongoing revenue sharing of future installations of H-NET technology, fees paid to Modern for marketing and distribution efforts through Modern's existing infrastructure and marketing platforms.
Modern stockholders will receive shares in the H-NET spin-off in proportion to their ownership in Modern Technology Corp and their ownership in Modern Technology Corp will not be affected.
Anthony Welch, Chairman, said: "Not only does our planned spin-off of H-NET provide an equity distribution to stockholders with strong growth potential, it also maintains revenue streams for Modern that have a minimal cost-basis and therefore extremely high margins. The H-NET spin-off therefore represents a potential source of strong positive free cash-flow. Our strategy for 2006 is: build revenue, achieve positive earnings, and increase stockholder equity with further planned acquisitions. The planned H-NET spin-off is congruent with these objectives."
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.
Newswire by Market Wire
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.comCopyright 2006 Market Wire
Posts: 216 | Registered: Mar 2006
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posted
Instead of giving away this "equity distribution" to the stock holders, MODC needs to keep it and add it to its own total assets. You can't win by giving away things of value.
Posts: 352 | From: Marietta, GA | Registered: Nov 2005
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Form 10-K [] Form 20-F [] Form 11-K [x] Form 10-Q [] Form N-SAR
[] Form N-CSR
For Period Ended: March 31, 2006
[] Transition Report on Form 10-K
[] Transition Report on Form 20-F
[] Transition Report on Form 11-K
[] Transition Report on Form 10-Q
[] Transition Report on Form N-SAR For the Transition Period Ended: __________________________________________________________________
Read Instruction (on back page) Before Preparing Form. Please Print or Type.
Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.
If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:
PART I -- REGISTRANT INFORMATION
MODERN TECHNOLOGY CORP.
(Full Name of Registrant)
(Former Name if Applicable)
1420 N. Lamar Blvd., Oxford, MS 38655
(Address of Principal Executive Office)
PART II -- RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate) X
(a) The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense
(b) The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
(c) The accountant's statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.
PART III-- NARRATIVE
State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
(Attach extra Sheets if Needed)
The required financial statements for the reporting period could not be obtained without unreasonable expenses.
PART IV --OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this notification
Anthony Welch 662-236-5928
(2) Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed ? If answer is no, identify report(s). Yes X No _
(3) Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof ? Yes _ No X
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
MODERN TECHNOLOGY CORP.
has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
Date ___ 5-15-2006 ____ By
Anthony Welch, President
INSTRUCTION: The form may be signed by an executive officer of the registrant or by any other duly authorized representative. The name and title of the person signing the form shall be typed or printed beneath the signature. If the statement is signed on behalf of the registrant by an authorized representative (other than an executive officer), evidence of the representative's authority to sign on behalf of the registrant shall be filed with the form.
Posts: 216 | Registered: Mar 2006
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/ CORRECTION -- Modern Technology Corp Releases Operational Guidance for Anticipated Spin-Off of H-NET Subsidiary and Stock Dividend In the news release, "Modern Technology Corp Releases Operational Guidance for Anticipated Spin-Off of H-NET Subsidiary and Stock Dividend," issued earlier today by Modern Technology Corp, we are advised by the company that the company's stock ticker should be (OTC BB: MODC) rather than (OTC BB: MOTG), as originally issued. Additionally, in the 6th paragraph, the company acronym should read "MODC," rather than "MOTG." Complete corrected text follows.
Modern Technology Corp Releases Operational Guidance for Anticipated Spin- Off of H-NET Subsidiary and Stock Dividend
OXFORD, MS -- 05/15/06 -- Modern Technology Corp (OTC BB: MODC), a diversified technology development and acquisition company, announced today operational guidance for its planned spin-off of its H-NET subsidiary.
The planned spin-off of the H-NET subsidiary results in both ongoing revenue for Modern Technology as well as an equity distribution to all stockholders of Modern Technology Corp.
Modern Technology Corp anticipates receiving recurring income from H-NET in the form of the following forms of revenue: Management fees paid by H-NET to Modern for accounting and executive functions, License and royalty fees paid to Modern for continued use of the H-NET technology, support and development fees paid to Modern as part of transition of operations and development work to date, ongoing revenue sharing of future installations of H-NET technology, fees paid to Modern for marketing and distribution efforts through Modern's existing infrastructure and marketing platforms.
Modern stockholders will receive shares in the H-NET spin-off in proportion to their ownership in Modern Technology Corp and their ownership in Modern Technology Corp will not be affected.
Anthony Welch, Chairman, said: "Not only does our planned spin-off of H-NET provide an equity distribution to stockholders with strong growth potential, it also maintains revenue streams for Modern that have a minimal cost-basis and therefore extremely high margins. The H-NET spin-off therefore represents a potential source of strong positive free cash-flow. Our strategy for 2006 is: build revenue, achieve positive earnings, and increase stockholder equity with further planned acquisitions. The planned H-NET spin-off is congruent with these objectives."
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. MODC 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.
posted
This guy is embarrasing. he can't even figure out the symbol for his own company. I am really unsure about keeping this.
-------------------- If it walks, talks and look a like a duck, it is probably nothing like a duck at all. Posts: 41 | From: Houston | Registered: Nov 2005
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quote:Originally posted by jimmer: This guy is embarrasing. he can't even figure out the symbol for his own company. I am really unsure about keeping this.
He's pathetic. I wonder how he came up with the symbol MODC? What does that stand for? My Own Diluting Company?
Posts: 1289 | Registered: Dec 2005
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posted
guys- let me first start by saying I rode with many of you that were in GCCP last summer. I was in thi stock when it was in the .05 range and sold for a loss at .035. Since leaving MOTG my account has increased over 1000%. To be perfectly blunt, I do not stay in any of these stocks long enough to confirm what we all know.... odds are if you stay in any of these stocks long enough you will get burnt. I now use throw away money only for long term stocks. Don't hold these stocks for more than a day or two, sell on the spike and move on to the next one. Repeat as often as possible.
I am not posting to rub salt on your wounds. But rather to give all of you hope for a better tomorrow. I feel for all of you here and wish you the best of luck. Dump this flea bag now and go out and start to earn your money back.
-------------------- Thanks Matto. Thanks Juice. Posts: 2945 | From: USA | Registered: Feb 2006
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posted
Oversold condition right now on MODC (MOTG):
Still $10 million in assets here with $21 million projected in revenues WITHOUT the acquistion Welch just recapitalized for. I'm not saying it won't go down anymore. Everyone, you MUST make a decision for yourself. But they are about to file the biggest 10Q in their history.
GL everyone. I'm also down 85% on my MOTG investment Posts: 953 | From: Southwest USA | Registered: Nov 2005
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posted
The biggest 10q in their history means nothing...they only own 51 percent ie they can't take money out of the companies to pay off the debt of the aquisition. second you have a moron at the helm who knows squat about promotion and how to run a company on the otc. how many shareholders did it take to convince him to release news during the trading day...this guy is the biggest ass clown ever
Posts: 357 | Registered: Oct 2005
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posted
Yes but we are talking about how the market values the company, not the market savvy of the CEO. He is a bumbling idiot when it comes to understanding market dynamics. But he has accomplished every goal for the year other than HRVE - which he would have been foolish to complete after their dilution and restructuring. HRVE is breaking through support levels and will become cheaper every day.
Listen, this thing could go back to .03 for all I know. But we're all here to make money and if the market responds to the 10Q favorably then we who are left will see a welcomed bump in our accounts.
If not, then we continue to suffer greatly.
Everyone's got to make their own decisions.
Posts: 953 | From: Southwest USA | Registered: Nov 2005
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quote:Originally posted by Johnwayne: guys- let me first start by saying I rode with many of you that were in GCCP last summer. I was in thi stock when it was in the .05 range and sold for a loss at .035. Since leaving MOTG my account has increased over 1000%. To be perfectly blunt, I do not stay in any of these stocks long enough to confirm what we all know.... odds are if you stay in any of these stocks long enough you will get burnt. I now use throw away money only for long term stocks. Don't hold these stocks for more than a day or two, sell on the spike and move on to the next one. Repeat as often as possible.
I am not posting to rub salt on your wounds. But rather to give all of you hope for a better tomorrow. I feel for all of you here and wish you the best of luck. Dump this flea bag now and go out and start to earn your money back.
Thanks for the encouraging post. Would sure love to know how you got that 1000%! What are you in?
Posts: 1711 | Registered: Oct 2005
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