posted
This baby ran to .13 last month. I hope some sold at that price. That was a blessing if you did. If one had sold 20,000 shares back then at .10 and used that money to buy back this week, you could buy 100,000 shares with those funds. Same boat, less risk. JMHO
PS: anyone talk to Kat? How is she doing? I bet she's down for sure.
Posts: 1289 | Registered: Dec 2005
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posted
FWIW, last correspondance I had with AW was at the end of July and he said they were working on financials and that there would be some important news soon. Pretty vague, I know, but he is still responding to shareholders.
Posts: 807 | From: Upstate NY | Registered: Dec 2005
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quote:Originally posted by bobcat88: Someone is trying to make this look good, 100 shares at .04, $4 trade up 60%
bobcat, we all know that the MM's play their games. They buy them from us at .02 to .03 and sell them to us at any price higher than they paid. Just look at the trades below and you'll se what I mean. They bought 5,000 at .025 and then turned around and sold them at .035. JMHO
quote:Originally posted by northwoods: I emailed AW and said that i wanted my money back. He offered me free-trading shares if i signed this:
Independent Contractor Agreement This agreement shall serve as an Independent Contractor Agreement between Modern Technology Corp. (The Company) and ____ (Contractor). RECITALS A. Contractor has special skills, training, experience, knowledge and ability to locate, evaluate, negotiate and complete the acquisition of various businesses within the United States (“Consulting Services”) and The Company desires Contractor to provide such Consulting Services; and B. Contractor seeks to be retained by The Company which seeks to retain Contractor under the terms and conditions set forth below. NOW, THEREFORE, in consideration of the mutual promises and agreements hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 1. Incorporation. The foregoing recitals are incorporated herein as if fully rewritten herein. 2. Independent Contractor. At all times during the Term (as hereinafter defined) of this Agreement, Contractor shall perform the duties and responsibilities identified in this Agreement as an independent contractor and not as an employee of The Company. The Company shall not withhold any federal or state taxes, social security, unemployment compensation or other payments from the Commission (as hereinafter defined) paid to Contractor. Contractor shall pay all federal and state income taxes, social security contributions and all other taxes and charges levied or assessed with respect to the Commission received by Contractor pursuant to this Agreement. Contractor agrees to abide by all applicable federal, state and local laws, ordinances, rules and regulations in performing the duties and responsibilities required of him hereunder. In addition, Contractor agrees and does herewith indemnify, defend and hold The Company harmless from any claims, losses, liabilities or expenses it or its affiliates or subsidiaries may suffer, including reasonable attorney’s fees, arising as a result of Contractor’s failure to pay all withholding obligations and tax liabilities associated with the Commission(s). At all times under this Agreement the Contractor is acting and performing as an independent contractor and shall not be considered an employee or agent of The Company. 3. Term and Termination. This Agreement shall be deemed to have commenced on the Agreement Date as executed and shall continue thereafter until 5:00 p.m. E.S.T. one year from this date unless terminated prior to such date as hereinafter provided (the Term”). The Term may be mutually extended by a written agreement executed by both parties hereto: a. Prior to expiration of this Agreement as set forth above, either party shall have the right to terminate this Agreement, with or without justifiable cause, upon sixty (60) days’ prior written notice to the other party. Notwithstanding the foregoing, this Agreement shall terminate immediately upon the occurrence of any of the following events: (i) Contractor’s death; or (ii) Contractor being convicted of a felony or act of moral turpitude, or (iii) Contractor’s taking any action, in The Company’s reasonable judgment, that is likely to adversely affect the reputation, operation or business of The Company or its affiliates or subsidiaries. b. The Company and Contractor acknowledge and agree that no provision contained in this Agreement offers, guarantees or otherwise obligates The Company to continue to retain Contractor following the termination of this Agreement. Following the termination of this Agreement for any reason, The Company shall promptly pay Contractor (or Contractor’s estate) the Commission for services rendered to the effective date of the termination as outlined below. Contractor acknowledges and agrees that no other compensation, of any nature or type, shall be payable hereunder following the termination of this Agreement. 4. Duties and Responsibilities of Contractor. Contractor shall endeavor to identify new retail store opportunities for The Company and secure such sites and opportunities for The Company. Contractor, shall, upon authorization from The Company negotiate acceptance of such sites for The Company. Such sites and opportunites may be in the form of new stores or existing stores available for aquisition. During the Term, Contractor agrees to be available to the agents and employees of The Company, on an as needed basis, to provide the Consulting Services as The Company may reasonably request, upon reasonable advance notice, in connection with The Company’s electronic, mining, and other business and financing operations. Contractor further agrees during the Term to be available, upon reasonable notice and at reasonable times, at The Company’s operations wherever situated. Contractor agrees to conduct himself, at all times while rendering services hereunder, in a professional manner and shall use his best efforts to make decisions and recommendations hereunder for the purpose of benefiting the financial success of The Company. Nothing contained in this Agreement is intended to, nor shall it be construed to, grant Contractor any exclusive rights to provide the services and duties described herein. 5. Compensation. Prior to the expiration or termination of this Agreement, pursuant to Section 3 hereof, The Company will make the following payments to Contractor as and for full and complete consideration and payment for any and all services rendered under this Agreement, whether rendered prior to, on, or after the Agreement Date (“Commission”): b. Payment shall be in the form of MODC common stock, the amount of which shall be determined to be initially 150,000 shares. 6. Contractor agrees he shall not solicit any customers, suppliers, sponsors, or advertisers of, or other third-parties doing business with, The Company for the purpose of inducing, directly or indirectly, the termination of such entity’s or individual’s relationship with The Company. 7. The parties agree that in the event a court of competent jurisdiction shall determine that any aspect of the covenants and agreements contained herein shall be unenforceable for any reason, such court may modify the covenant or agreement to render such covenant or agreement enforceable. 8. Notice. Notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered in person or by a recognized overnight delivery service or upon receipt of a confirmed facsimile transmission or when mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the last known address of the respective parties, provided that all notices to The Company shall be directed to the attention of the ChIef Executive Officer, or to such other address as either party may have furnished to the other in writing in accordance herewith, expect that notices of change of address shall be effective only upon receipt. At least initially, 9. Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Arizona without giving effect to the conflicts of law principles thereof. 10. Validity. The invalidity or unenforceability of any one or more provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 11. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. 12. Waiver of Jury Trial. THE COMPANY AND CONTRACTOR EACH HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY AND ALL RIGHTS THAT THEY MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT, ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (ORAL OR WRITTEN), OR ACTIONS OF THE COMPANY OR CONTRACTOR. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE COMPANY AND CONTRACTOR ENTERING INTO THIS AGREEMENT. 13. Entire Agreement. This Agreement constitutes the entire agreement between Contractor and The Company with respect to the subject matter hereof and no agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by any party that are not set forth expressly in this Agreement. No provisions of this Agreement may be modified, waived or discharged unless such modification, waiver or discharge is agreed to in writing signed by Contractor and such officer as may be specifically designated by The Company. 14. Compliance with Law. Both parties hereto agree that if the manner of payment to the Contractor, or payment by The Company to the Contractor or any other provision of this Agreement, becomes violative of any law, including, but not limited to, federal or state taxation laws, rules or regulations, the parties shall negotiate a revision in the terms of the Agreement such that the purpose for the Agreement and the benefits contemplated to be obtained by each shall be preserved to the greatest extent practicable. The parties further agree that in the event that compliance with the law substantially precludes the purposes for which this Agreement has been made, then this Agreement may be terminated upon written notice given by either party. 15. Indemnification: Contractor agrees to indemnify and hold harmless officers and directors of MODC for any and all past or future causes of action arising from their respective duties and officers and directors of MODC. 16. Miscellaneous. Negation of Agency. Nothing herein contained shall be deemed to create an agency, joint venture or partnership relation between the parties hereto and it is acknowledged that the parties hereto have only a relationship of employer/independent contractor. Authority to Make Agreement. This Agreement is not valid or binding until and unless executed by the Manager or duly authorized party of both The Company and Contractor. Assignment. This Agreement and the rights, duties and obligations hereunder may not be assigned by either party. Notwithstanding the foregoing. The Company may assign all of its interests, rights and obligations hereunder to any of its parent entities, affiliates and/or subsidiaries or any other entity which is the surviving entity following a merger with The Company. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of July 30, 2006, intending to be bound by its terms and conditions. THE COMPANY: MODERN TECHNOLOGY CORP. By: ________________________________ ANTHONY WELCH, Chairman CONTRACTOR By:_________________________________________ ______________ , Contractor
What does this mean?
15. Indemnification: Contractor agrees to indemnify and hold harmless officers and directors of MODC for any and all past or future causes of action arising from their respective duties and officers and directors of MODC.
posted
Lol Bobcat, yes a kiss and a loss of 72k....I'm taking donations, BTW. And I believe I would even give away a kiss or two.....
Posts: 1351 | From: Phoenix Az | Registered: Nov 2005
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quote:Originally posted by northwoods: I emailed AW and said that i wanted my money back. He offered me free-trading shares if i signed this:
Independent Contractor Agreement This agreement shall serve as an Independent Contractor Agreement between Modern Technology Corp. (The Company) and ____ (Contractor). RECITALS A. Contractor has special skills, training, experience, knowledge and ability to locate, evaluate, negotiate and complete the acquisition of various businesses within the United States (“Consulting Services”) and The Company desires Contractor to provide such Consulting Services; and B. Contractor seeks to be retained by The Company which seeks to retain Contractor under the terms and conditions set forth below. NOW, THEREFORE, in consideration of the mutual promises and agreements hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 1. Incorporation. The foregoing recitals are incorporated herein as if fully rewritten herein. 2. Independent Contractor. At all times during the Term (as hereinafter defined) of this Agreement, Contractor shall perform the duties and responsibilities identified in this Agreement as an independent contractor and not as an employee of The Company. The Company shall not withhold any federal or state taxes, social security, unemployment compensation or other payments from the Commission (as hereinafter defined) paid to Contractor. Contractor shall pay all federal and state income taxes, social security contributions and all other taxes and charges levied or assessed with respect to the Commission received by Contractor pursuant to this Agreement. Contractor agrees to abide by all applicable federal, state and local laws, ordinances, rules and regulations in performing the duties and responsibilities required of him hereunder. In addition, Contractor agrees and does herewith indemnify, defend and hold The Company harmless from any claims, losses, liabilities or expenses it or its affiliates or subsidiaries may suffer, including reasonable attorney’s fees, arising as a result of Contractor’s failure to pay all withholding obligations and tax liabilities associated with the Commission(s). At all times under this Agreement the Contractor is acting and performing as an independent contractor and shall not be considered an employee or agent of The Company. 3. Term and Termination. This Agreement shall be deemed to have commenced on the Agreement Date as executed and shall continue thereafter until 5:00 p.m. E.S.T. one year from this date unless terminated prior to such date as hereinafter provided (the Term”). The Term may be mutually extended by a written agreement executed by both parties hereto: a. Prior to expiration of this Agreement as set forth above, either party shall have the right to terminate this Agreement, with or without justifiable cause, upon sixty (60) days’ prior written notice to the other party. Notwithstanding the foregoing, this Agreement shall terminate immediately upon the occurrence of any of the following events: (i) Contractor’s death; or (ii) Contractor being convicted of a felony or act of moral turpitude, or (iii) Contractor’s taking any action, in The Company’s reasonable judgment, that is likely to adversely affect the reputation, operation or business of The Company or its affiliates or subsidiaries. b. The Company and Contractor acknowledge and agree that no provision contained in this Agreement offers, guarantees or otherwise obligates The Company to continue to retain Contractor following the termination of this Agreement. Following the termination of this Agreement for any reason, The Company shall promptly pay Contractor (or Contractor’s estate) the Commission for services rendered to the effective date of the termination as outlined below. Contractor acknowledges and agrees that no other compensation, of any nature or type, shall be payable hereunder following the termination of this Agreement. 4. Duties and Responsibilities of Contractor. Contractor shall endeavor to identify new retail store opportunities for The Company and secure such sites and opportunities for The Company. Contractor, shall, upon authorization from The Company negotiate acceptance of such sites for The Company. Such sites and opportunites may be in the form of new stores or existing stores available for aquisition. During the Term, Contractor agrees to be available to the agents and employees of The Company, on an as needed basis, to provide the Consulting Services as The Company may reasonably request, upon reasonable advance notice, in connection with The Company’s electronic, mining, and other business and financing operations. Contractor further agrees during the Term to be available, upon reasonable notice and at reasonable times, at The Company’s operations wherever situated. Contractor agrees to conduct himself, at all times while rendering services hereunder, in a professional manner and shall use his best efforts to make decisions and recommendations hereunder for the purpose of benefiting the financial success of The Company. Nothing contained in this Agreement is intended to, nor shall it be construed to, grant Contractor any exclusive rights to provide the services and duties described herein. 5. Compensation. Prior to the expiration or termination of this Agreement, pursuant to Section 3 hereof, The Company will make the following payments to Contractor as and for full and complete consideration and payment for any and all services rendered under this Agreement, whether rendered prior to, on, or after the Agreement Date (“Commission”): b. Payment shall be in the form of MODC common stock, the amount of which shall be determined to be initially 150,000 shares. 6. Contractor agrees he shall not solicit any customers, suppliers, sponsors, or advertisers of, or other third-parties doing business with, The Company for the purpose of inducing, directly or indirectly, the termination of such entity’s or individual’s relationship with The Company. 7. The parties agree that in the event a court of competent jurisdiction shall determine that any aspect of the covenants and agreements contained herein shall be unenforceable for any reason, such court may modify the covenant or agreement to render such covenant or agreement enforceable. 8. Notice. Notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered in person or by a recognized overnight delivery service or upon receipt of a confirmed facsimile transmission or when mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the last known address of the respective parties, provided that all notices to The Company shall be directed to the attention of the ChIef Executive Officer, or to such other address as either party may have furnished to the other in writing in accordance herewith, expect that notices of change of address shall be effective only upon receipt. At least initially, 9. Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Arizona without giving effect to the conflicts of law principles thereof. 10. Validity. The invalidity or unenforceability of any one or more provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 11. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. 12. Waiver of Jury Trial. THE COMPANY AND CONTRACTOR EACH HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY AND ALL RIGHTS THAT THEY MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT, ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (ORAL OR WRITTEN), OR ACTIONS OF THE COMPANY OR CONTRACTOR. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE COMPANY AND CONTRACTOR ENTERING INTO THIS AGREEMENT. 13. Entire Agreement. This Agreement constitutes the entire agreement between Contractor and The Company with respect to the subject matter hereof and no agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by any party that are not set forth expressly in this Agreement. No provisions of this Agreement may be modified, waived or discharged unless such modification, waiver or discharge is agreed to in writing signed by Contractor and such officer as may be specifically designated by The Company. 14. Compliance with Law. Both parties hereto agree that if the manner of payment to the Contractor, or payment by The Company to the Contractor or any other provision of this Agreement, becomes violative of any law, including, but not limited to, federal or state taxation laws, rules or regulations, the parties shall negotiate a revision in the terms of the Agreement such that the purpose for the Agreement and the benefits contemplated to be obtained by each shall be preserved to the greatest extent practicable. The parties further agree that in the event that compliance with the law substantially precludes the purposes for which this Agreement has been made, then this Agreement may be terminated upon written notice given by either party. 15. Indemnification: Contractor agrees to indemnify and hold harmless officers and directors of MODC for any and all past or future causes of action arising from their respective duties and officers and directors of MODC. 16. Miscellaneous. Negation of Agency. Nothing herein contained shall be deemed to create an agency, joint venture or partnership relation between the parties hereto and it is acknowledged that the parties hereto have only a relationship of employer/independent contractor. Authority to Make Agreement. This Agreement is not valid or binding until and unless executed by the Manager or duly authorized party of both The Company and Contractor. Assignment. This Agreement and the rights, duties and obligations hereunder may not be assigned by either party. Notwithstanding the foregoing. The Company may assign all of its interests, rights and obligations hereunder to any of its parent entities, affiliates and/or subsidiaries or any other entity which is the surviving entity following a merger with The Company. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of July 30, 2006, intending to be bound by its terms and conditions. THE COMPANY: MODERN TECHNOLOGY CORP. By: ________________________________ ANTHONY WELCH, Chairman CONTRACTOR By:_________________________________________ ______________ , Contractor
What does this mean?
15. Indemnification: Contractor agrees to indemnify and hold harmless officers and directors of MODC for any and all past or future causes of action arising from their respective duties and officers and directors of MODC.
Anyone heard from AW? The last email i received from him stated in part "I suspect you have posted the agreement on Raging Bull" and "There will not be any further communications with you".
Posts: 133 | From: Nevada | Registered: May 2006
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posted
So the company is gonna sell a bunch of shares again. I hear about 40 million. More dilution. Here comes subpenny for sure. When will AW get it right.
Posts: 1289 | Registered: Dec 2005
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quote:Originally posted by Ragedbull777: So the company is gonna sell a bunch of shares again. I hear about 40 million. More dilution. Here comes subpenny for sure. When will AW get it right.
I was sent an email on May 10 stating "We do not presently think we will be issuing any great number of shares in the next few months."
Posts: 133 | From: Nevada | Registered: May 2006
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quote:Originally posted by Ragedbull777: So the company is gonna sell a bunch of shares again. I hear about 40 million. More dilution. Here comes subpenny for sure. When will AW get it right.
I was sent an email on May 10 stating "We do not presently think we will be issuing any great number of shares in the next few months."
Have you taken a look at the last 10-K filing. It was issued in June.
quote:Originally posted by Ragedbull777: So the company is gonna sell a bunch of shares again. I hear about 40 million. More dilution. Here comes subpenny for sure. When will AW get it right.
I think AW will do another reverse split before the pps hits subpenny levels. I sent him an email about 3 weeks ago, asking if he considered doing another RS. AW's reply was N. Does an "N" mean no???
Posts: 133 | From: Nevada | Registered: May 2006
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quote:Originally posted by Ragedbull777: So the company is gonna sell a bunch of shares again. I hear about 40 million. More dilution. Here comes subpenny for sure. When will AW get it right.
I think AW will do another reverse split before the pps hits subpenny levels. I sent him an email about 3 weeks ago, asking if he considered doing another RS. AW's reply was N. Does an "N" mean no???
Knowing AW, "N" could mean a lot of things.
N could mean.....
No
No way
Not sure
Nice try
Not today
No guarantees I won't
Next Year for sure
GLTA
AW is priceless.
If you read this AW, thanks for costing many of us a big amount of hard earned money that was many people's life savings. I bet you have trouble sleeping at night. :confused: Maybe not. :D
Posts: 1289 | Registered: Dec 2005
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posted
Has anyone heard from AW? Where's the Q? When do we get the "e"? What excuse will he give us this time for the Q being late? .025x.04, time for another rs?
Posts: 133 | From: Nevada | Registered: May 2006
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quote:Originally posted by Ragedbull777: So the company is gonna sell a bunch of shares again. I hear about 40 million. More dilution. Here comes subpenny for sure. When will AW get it right.
I think AW will do another reverse split before the pps hits subpenny levels. I sent him an email about 3 weeks ago, asking if he considered doing another RS. AW's reply was N. Does an "N" mean no???
Knowing AW, "N" could mean a lot of things.
N could mean.....
No
No way
Not sure
Nice try
Not today
No guarantees I won't
Next Year for sure
GLTA
AW is priceless.
If you read this AW, thanks for costing many of us a big amount of hard earned money that was many people's life savings. I bet you have trouble sleeping at night. Maybe not.
PR out. May be it will raise the pps and all the shareholders that lost alot of money can unload their shares before AW dilutes with the 40 million shares.
Posts: 133 | From: Nevada | Registered: May 2006
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posted
Missed this thread so I started another with news. Sorry about that.
Modern Technology Corp. Announces Spin-Off Plans for Subsidiary Inmarketing Group
September 20, 2006 10:05:34 (ET)
OXFORD, Miss., Sept. 20, 2006, Sep 20, 2006 (PRIMEZONE via COMTEX) -- Modern Technology Corp. (MODC, Trade) announces the planned spin-off of its subsidiary, Inmarketing Group.
MODC will spin off its subsidiary Inmarketing Group as a separate public company as soon as practicable. The transaction will result in both significant improvements to our Balance Sheet and a stock-dividend to stockholders of record at the time of the spin-off. The subsidiary is profitable and cash-flow positive. We believe the transaction very positive for MODC stockholders. We will soon release complete details of the transaction.
As stockholders may be aware, on June 5, 2006, we received a letter styled "Termination Notice" from InMarketing Group alleging defaults under Sections 4.9 and 6.1 of the Stock Purchase Agreement. We immediately and strongly disputed any alleged breaches and responded to protect shareholder interests. Our efforts have resulted in a significant and positive development for MODC stockholders.
Regarding Future Updates
The company did not release updates or news during the planning stages of the Inmarketing Group spin-off. We felt this strategy a necessary component of the spin-off planning. The company regrets the pessimism and damage to stockholder morale this caused. We now resume regular updates and continue building the organization.
Stockholders can expect updates on the following over the next two weeks:
-- Positive changes to operations and financial reporting personnel -- Improvements to Cash-flow and Balance Sheet -- Updates on, or announcement of, significant new acquisitions
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: www.moderntechnologycorp.com
-------------------- It is better to be thought a fool than to speak and remove all doubt. Posts: 357 | From: Minnesota | Registered: Jun 2005
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quote:Originally posted by Ragedbull777: So the company is gonna sell a bunch of shares again. I hear about 40 million. More dilution. Here comes subpenny for sure. When will AW get it right.
Does anybody know if AW will do the spin-off before or after the 40 million shares?
Posts: 133 | From: Nevada | Registered: May 2006
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posted
Company issued a pr about spinning-off H-NET over 4 months ago. Same wording used "as soon as practicable".
Posts: 133 | From: Nevada | Registered: May 2006
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posted
Now what would internationally known researchers and scientists want anything to do with this POS?
Posts: 69 | Registered: Jun 2006
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posted
Modern Technology Corp Announces New Operational Business Unit: Insight Medical Group Monday September 25, 3:58 pm ET
OXFORD, Miss., Sept. 25, 2006 (PRIMEZONE) -- Modern Technology Corp (OTC BB:MODC.OB - News) announced today its plans to create a new subsidiary, Insight Medical Group. The new operational subsidiary will focus on bioscience acquisitions and applications. The new subsidiary will be spun-off as a new public company at the appropriate time. Insight Medical Group's first significant acquisition will be announced soon.
Anthony Welch, Chairman, said: ``We are extremely exited about these events. The announcement of Insight Medical Group represents the culmination of months of planning and the combined efforts of internationally known researchers and scientists. Insight Medical's first acquisition will be announced soon. As part of the announcement we will outline further the company's business development strategy and the profound technology and its implications.''
Stockholders can further expect updates on the following in the coming weeks:
-- Significant bioscience acquisitions with world-changing potential with massive revenue expectations -- Positive changes to operations and financial reporting personnel -- Improvements to Cash-flow and Balance Sheet -- Continuing updates on, or announcement of, significant new acquisitions
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.
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 Anthony Welch 601-213-3629
Posts: 807 | From: Upstate NY | Registered: Dec 2005
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posted
Modern Technology Corp. Retires Over $1,000,000 in Convertible Debt and Contingent Liabilities as Part of 2006 Profitability and Restructuring Plans Tuesday September 26, 1:13 pm ET
OXFORD, Miss., Sept. 26, 2006 (PRIMEZONE) -- Modern Technology Corp. (OTC BB:MODC.OB - News), a diversified technology development and acquisition company, announced today that as part of its 2006 plan to achieve operational profitability and to increase stockholder equity, it has exchanged its interest in its subsidiary Sound City for the elimination of $800,000 of Convertible Debentures and associated late charges, interest payments and registration requirements. Also eliminated from MODC's liabilities was $177,000 of recurring payables and the elimination of $177,000 of Callable Convertible Debentures.
ADVERTISEMENT click here This transaction eliminates over $1,000,000 in current and contingent liabilities and eliminates any future dilution to Common Stock associated with these convertible debentures. All negative cash-flow - estimated to be $100,000 per month - from this business unit and the need for additional borrowings from investors to sustain its operations have been eliminated.
Anthony Welch, Chairman, said: ``Our 2006 profitability and equity building plan continues with this new step forward in eliminating or restructuring all unprofitable business units. As promised, we are focused on positive earnings and building equity for 2006 and we are making great strides as evidenced by this transaction. We have removed a sizeable amount of liability from our Balance Sheet and thereby eliminated any future dilution to Common Stock resulting from these liabilities. We have also eliminated a significant recurring source of negative cash-flow. The company has new acquisitions under consideration and anticipates announcing one or more new additions to our portfolio soon. Due to an unavoidable delay arising from negotiations with one of our subsidiaries, acquisition opportunities were previously set aside. The company will now work to complete these prospective acquisitions and announce the results in the near future. Shareholders should expect further updates on the new acquisitions, revenues, and our targets for profitability and sales from these new acquisitions.''
Stockholders can soon expect updates on the following:
-- Bioscience acquisitions with profound technology and implications -- Positive changes to operations and financial reporting personnel -- Continuing updates on, or announcement of, significant new acquisitions
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.
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.
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. Megan Peterson (662) 236-5928
Posts: 807 | From: Upstate NY | Registered: Dec 2005
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