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Author Topic: MODC: 509% revenue increase, low float, & looking for acquisitions!
msholdem
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quote:
Originally posted by northwoods:
quote:
Originally posted by FastEddie777:
quote:
Originally posted by northwoods:
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. [Big Grin]

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.
Emailed AW on 9/20 with two questions. He answered one question, but the question asking if another RS was in the future went unanswered. Not even an "N" this time.
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Katrina7
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Press Release Source: Modern Technology Corp

Modern Technology Corp Signs Letter of Intent to Acquire Boveran, Holding the World's Most Accurate Cancer Detection System
Monday October 2, 9:06 am ET

OXFORD, Miss., Oct. 2, 2006 (PRIMEZONE) -- Modern Technology Corp (OTC BB:MODC.OB - News), a diversified technology development and acquisition company, today announced its subsidiary, Insight Medical Group, has signed a Letter of Intent to acquire 100% of the assets and intellectual and technology rights to the Boveran iCyte cancer detection system. Insight Medical Group will be the operational arm bringing this technology to a multi-billion dollar international market.

ADVERTISEMENT
click here
The Boveran's unique cancer detection system, iCyte, is based on chromosomal imbalance, the only cell trait common to all forms of cancer and never found in healthy cells. From a biopsy or tissue sample, this technology rapidly and accurately identifies cancer at any stage in its development. At the same time it has the added benefit of identifying cancer-free biopsies. iCyte technology, once applied to a cell sample, can return a reliable test result within minutes.

What makes this system exclusive is its ability to sample any form of biopsy or tissue suspected of cancer. It eliminates previously unreliable, subjective and error-prone conventional diagnoses, delivering within minutes an automated and objective report with the highest accuracy rate of any diagnostic system in the world.

iCyte's detection method is especially important for the reliable and early discovery of breast, cervical, and prostate cancers. The dependable elimination of false-positives, false-negatives and indeterminates from any tissue source is the hallmark of the iCyte system. The high rate of error in the current testing protocols has been the bane of the cancer diagnostic industry throughout its entire history. For the first time, the trustworthy results of iCyte diagnostics eliminate these challenges.

The iCyte system was developed with the direction of Dr. David Rasnick, based on research with Dr. Peter Duesberg. Their research has yielded the only comprehensive, coherent and productive theory of cancer that explains its genesis, evolution and characteristics. From this foundation of solid science, the iCyte cancer detection system was created.

The system has undergone pre-clinical testing and has proven itself to function as expected and deliver accurate and rapid results. The iCyte system's cellular scanning technology can deliver information that can be used to immediately determine the presence or absence of cancer in any biopsy sample without the up to 50% error rate common of current procedures. The iCyte system removes false negatives and the equally important, but often overlooked, problem of false-positives that millions of patients experience annually.

The market space for this diagnostic tool is massive and competition-free. No other system in the world can analyze biopsies from any tissue source for the cell characteristic targeted by iCyte. The company believes the iCyte system will quickly become the de facto gold standard for determining the presence or absence of cancer.

iCyte can be applied to all forms of cancer. No other cancer diagnostic system in the world can be applied to more than a few targeted types of cancer and even then not as reliably because they do not use the technique found in iCyte. iCyte delivers the highest accuracy rate of any technique in existence. iCyte is unique in the world by its approach and measurement of the common denominator that all cancers share.

Anthony Welch, Chairman said: ``This acquisition is the single most important moment for the company and the finest moment in my professional career. The technology and the people involved behind it are all world-class. We are entering a multi-billion dollar market space with a completely unique and proven technology that has no rival or peer. We will release frequent updates on Insight Medical Group's operational progress, revenue expectations, and international expansion for this system. The company will rapidly appear in the international spotlight for a variety of reasons. We will have the world's expectations set high for us and we intend to fulfill that obligation with absolute professionalism, performance, and solid science. All of our recent corporate changes have been made to better align the company to supporting this new effort and the outstanding individuals behind it.''

About Dr. David Rasnick and Dr. Peter Duesberg

Dr. David Rasnick, with 25 years experience, holding 9 patents, worked in the pharmaceutical/biotech industry on cancer, emphysema, arthritis, and parasitic diseases. A critical turning point was in 1996, when Dr. Rasnick joined Professor Peter Duesberg at University of California at Berkeley. This union began a new and exciting understanding of cancer, creating a paradigm shift and resolving the inherent problems faced by the current school of thought. In less than 3 years, Rasnick and Duesberg established Boveran, Inc. With Rasnick's leadership Boveran grew to provide a unique and completely accurate method of detecting all forms of cancer and pre-cancerous conditions.

Peter H. Duesberg, Ph.D. is a professor of Molecular and Cell Biology at the University of California, Berkeley. He isolated the first cancer gene through his work on retroviruses in 1970, and mapped the genetic structure of these viruses. This, and his subsequent work in the same field, resulted in his election to the National Academy of Sciences in 1986. He was also the recipient of a seven-year Outstanding Investigator Grant from the National Institute of Health.

In 1987 he argued HIV is not the cause of AIDS and has published a number of scientific papers on this topic including the now famous book ``Inventing the AIDS Virus.''

Duesberg and his work in cancer research were recently mentioned in an article found in Newsweek. Found here: http://www.msnbc.msn.com/id/14757547/site/newsweek/

In 2003, Scientific American explained Rasnick and Duesberg's new understanding of cancer in a major article, placing their discoveries in the context of 100 years of cancer research. A recent internet search revealed nearly a thousand citations of Rasnick and Duesberg's work.

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.

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binsleep
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Kat!!

I've taken a beating along with everyone else on this stock, so it pains me to be optimistic. However, this could actually be quite HUGE!

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bobcat88
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We have grown some legs, glad I averaged down last week, Only down $3800 on this now. I still have faith tho
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bobcat88
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I dont think even Anthony can mess this up!

Modern Technology Corp Announces Acquisition Terms for Boveran Cancer Detection System Designed by Dr. David Rasnick and Dr. Peter Duesberg
OXFORD, Miss., Oct. 3, 2006 (PRIMEZONE) -- Modern Technology Corp (OTCBB:MODC), a diversified technology development and acquisition company, released today the material terms of its cash-free acquisition of 100% of the physical assets and intellectual and technology rights to the Boveran cancer detection system. Insight Medical Group will be the operational arm that will bring the technology to a multi-billion dollar international market for cancer diagnostics.

The Boveran cancer detection system is the only system in the world that detects 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 current contemplated material terms of the Letter of Intent are as follows:


-- 100% of the existing physical assets, intellectual property rights,
and current value of Boveran's assets

-- Purchase Price: $500,000 paid in Convertible Preferred Stock to
Boveran.

-- Anticipated Closing Date: October 15, 2006. Pending all legal
review, due diligence review, and approval. If such approval occurs
after such date, then closing shall take place as soon as possible.

-- Purchase Terms: $500,000 Paid to Boveran's stockholders in the form
of a Convertible Preferred Stock with conversion terms and
schedules to be agreed upon by the Parties within a reasonable
time and with reasonable terms concurrently to or subsequent to
the execution of the contemplated Definitive Asset Purchase
Agreement.

-- Formal relationship with Duesberg Cancer Lab: The acquisition of
Boveran contemplates the support of Peter Duesberg's cancer
research. Insight Medical Group will provide ongoing financial
support to Peter Duesberg's lab as reasonably determined by Insight
Medical Group and Duesberg. Peter Duesberg's lab agrees to work
closely with Insight Medical Group to improve products and
technology.

Anthony Welch, Chairman, said: "We will soon release details of market strategy and potential, expected revenues, and profits for this new addition to our portfolio. The market space is international and no other cancer diagnostic can return the same high level of accuracy. The design of this system is unique, proprietary, and proven to work. We have the outstanding science and research of its creators to thank."

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.

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
Anthony Welch
(601) 213-3629


Source: PrimeZone (October 3, 2006 - 1:01 PM EST)

--------------------
"Man who excels at putting worm on hook is Master Baiter"

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binsleep
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I really need to find some time and go through these PR's. I've only been skimming, and this really does seem too good to be true. Glad to see the stock moving in a positive direction at least [Smile]

Al, Warped...you guys still around?

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Katrina7
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Hey guys,

Hoping this is the turnaround....still down big time on this one...hurting pretty bad.

Maybe we should start a new thread with this new news...Eddie you have the most stars...watcha think?

Al is out, warped is around.....would take a miracle for me to even get close to even now.
Hope everyone is well.

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msholdem
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quote:
Originally posted by Katrina7:
Hey guys,

Hoping this is the turnaround....still down big time on this one...hurting pretty bad.

Maybe we should start a new thread with this new news...Eddie you have the most stars...watcha think?

Al is out, warped is around.....would take a miracle for me to even get close to even now.
Hope everyone is well.

The new news is already in this thread. People considering investing in MODC should be able to read the old news/posts too.
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WarpedMind
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I'm here.

Not gonna celebrate yet. But I'm hopin'...

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bobcat88
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North, we've been in this for a year now and this thread is a few months old. I agree on getting a new thread started, get some of the cobwebs dusted off this ol empty bag.
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bobcat88
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all we need is one good 1000 percent day and we are back to even! It's doable!

--------------------
"Man who excels at putting worm on hook is Master Baiter"

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bobcat88
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If we create a new thread we might want to bump it up to the .11 and over forum, hopefully we will not be below .11 anytime in the near future.

--------------------
"Man who excels at putting worm on hook is Master Baiter"

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msholdem
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quote:
Originally posted by Katrina7:
Press Release Source: Modern Technology Corp

Modern Technology Corp Signs Letter of Intent to Acquire Boveran, Holding the World's Most Accurate Cancer Detection System
Monday October 2, 9:06 am ET

OXFORD, Miss., Oct. 2, 2006 (PRIMEZONE) -- Modern Technology Corp (OTC BB:MODC.OB - News), a diversified technology development and acquisition company, today announced its subsidiary, Insight Medical Group, has signed a Letter of Intent to acquire 100% of the assets and intellectual and technology rights to the Boveran iCyte cancer detection system. Insight Medical Group will be the operational arm bringing this technology to a multi-billion dollar international market.

ADVERTISEMENT
click here
The Boveran's unique cancer detection system, iCyte, is based on chromosomal imbalance, the only cell trait common to all forms of cancer and never found in healthy cells. From a biopsy or tissue sample, this technology rapidly and accurately identifies cancer at any stage in its development. At the same time it has the added benefit of identifying cancer-free biopsies. iCyte technology, once applied to a cell sample, can return a reliable test result within minutes.

What makes this system exclusive is its ability to sample any form of biopsy or tissue suspected of cancer. It eliminates previously unreliable, subjective and error-prone conventional diagnoses, delivering within minutes an automated and objective report with the highest accuracy rate of any diagnostic system in the world.

iCyte's detection method is especially important for the reliable and early discovery of breast, cervical, and prostate cancers. The dependable elimination of false-positives, false-negatives and indeterminates from any tissue source is the hallmark of the iCyte system. The high rate of error in the current testing protocols has been the bane of the cancer diagnostic industry throughout its entire history. For the first time, the trustworthy results of iCyte diagnostics eliminate these challenges.

The iCyte system was developed with the direction of Dr. David Rasnick, based on research with Dr. Peter Duesberg. Their research has yielded the only comprehensive, coherent and productive theory of cancer that explains its genesis, evolution and characteristics. From this foundation of solid science, the iCyte cancer detection system was created.

The system has undergone pre-clinical testing and has proven itself to function as expected and deliver accurate and rapid results. The iCyte system's cellular scanning technology can deliver information that can be used to immediately determine the presence or absence of cancer in any biopsy sample without the up to 50% error rate common of current procedures. The iCyte system removes false negatives and the equally important, but often overlooked, problem of false-positives that millions of patients experience annually.

The market space for this diagnostic tool is massive and competition-free. No other system in the world can analyze biopsies from any tissue source for the cell characteristic targeted by iCyte. The company believes the iCyte system will quickly become the de facto gold standard for determining the presence or absence of cancer.

iCyte can be applied to all forms of cancer. No other cancer diagnostic system in the world can be applied to more than a few targeted types of cancer and even then not as reliably because they do not use the technique found in iCyte. iCyte delivers the highest accuracy rate of any technique in existence. iCyte is unique in the world by its approach and measurement of the common denominator that all cancers share.

Anthony Welch, Chairman said: ``This acquisition is the single most important moment for the company and the finest moment in my professional career. The technology and the people involved behind it are all world-class. We are entering a multi-billion dollar market space with a completely unique and proven technology that has no rival or peer. We will release frequent updates on Insight Medical Group's operational progress, revenue expectations, and international expansion for this system. The company will rapidly appear in the international spotlight for a variety of reasons. We will have the world's expectations set high for us and we intend to fulfill that obligation with absolute professionalism, performance, and solid science. All of our recent corporate changes have been made to better align the company to supporting this new effort and the outstanding individuals behind it.''

About Dr. David Rasnick and Dr. Peter Duesberg

Dr. David Rasnick, with 25 years experience, holding 9 patents, worked in the pharmaceutical/biotech industry on cancer, emphysema, arthritis, and parasitic diseases. A critical turning point was in 1996, when Dr. Rasnick joined Professor Peter Duesberg at University of California at Berkeley. This union began a new and exciting understanding of cancer, creating a paradigm shift and resolving the inherent problems faced by the current school of thought. In less than 3 years, Rasnick and Duesberg established Boveran, Inc. With Rasnick's leadership Boveran grew to provide a unique and completely accurate method of detecting all forms of cancer and pre-cancerous conditions.

Peter H. Duesberg, Ph.D. is a professor of Molecular and Cell Biology at the University of California, Berkeley. He isolated the first cancer gene through his work on retroviruses in 1970, and mapped the genetic structure of these viruses. This, and his subsequent work in the same field, resulted in his election to the National Academy of Sciences in 1986. He was also the recipient of a seven-year Outstanding Investigator Grant from the National Institute of Health.

In 1987 he argued HIV is not the cause of AIDS and has published a number of scientific papers on this topic including the now famous book ``Inventing the AIDS Virus.''

Duesberg and his work in cancer research were recently mentioned in an article found in Newsweek. Found here: http://www.msnbc.msn.com/id/14757547/site/newsweek/

In 2003, Scientific American explained Rasnick and Duesberg's new understanding of cancer in a major article, placing their discoveries in the context of 100 years of cancer research. A recent internet search revealed nearly a thousand citations of Rasnick and Duesberg's work.

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.

"There is going to be a problem" was what i was told this morning from Compucyte, the company that has a registered trademark on the word "icyte".
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StockInvestorExtrordinaire.
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Nice to see modc make some kind of a comeback. Congrats longs.
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Katrina7
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Northwoods, I don't know what your deal is. You came on this board after the R/S, claiming to be a long holding the bag with a ton of shares, yet everything you say now is negative. Why? How does that help you? I can't think of any reason for you to post such things if you were really a bagholder. You want to lose more money?

This latest accusation, about a vague trouble with the TM makes you sound like a paid basher. Unless you have credible information, please don't post stuff to scare people. Are you just trying to collect shares down here for your bosses? I also noticed everything you have posted under the name voiped on RB is negative as well.

Just an FYI for any newbies...there are a handful of us who have been here a long long time. He is not one of them.

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msholdem
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quote:
Originally posted by Katrina7:
Northwoods, I don't know what your deal is. You came on this board after the R/S, claiming to be a long holding the bag with a ton of shares, yet everything you say now is negative. Why? How does that help you? I can't think of any reason for you to post such things if you were really a bagholder. You want to lose more money?

This latest accusation, about a vague trouble with the TM makes you sound like a paid basher. Unless you have credible information, please don't post stuff to scare people. Are you just trying to collect shares down here for your bosses? I also noticed everything you have posted under the name voiped on RB is negative as well.

Just an FYI for any newbies...there are a handful of us who have been here a long long time. He is not one of them.

From the USPTO:

Word Mark ICYTE
Goods and Services IC 009. US 021 023 026 036 038. G & S: Cytometers for scientific use. FIRST USE: 20021101. FIRST USE IN COMMERCE: 20021101
IC 010. US 026 039 044. G & S: Cytometers for medical diagnostic use. FIRST USE: 20021101. FIRST USE IN COMMERCE: 20021101

Mark Drawing Code (1) TYPED DRAWING
Design Search Code
Serial Number 78156012
Filing Date August 20, 2002
Current Filing Basis 1A
Original Filing Basis 1B
Published for Opposition March 18, 2003
Registration Number 2925751
Registration Date February 8, 2005
Owner (REGISTRANT) CompuCyte Corporation CORPORATION MASSACHUSETTS 12 Emily Street Cambridge MASSACHUSETTS 021394517
Attorney of Record Jennifer M. Reynolds
Type of Mark TRADEMARK
Register PRINCIPAL
Live/Dead Indicator LIVE

I called this company this morning and spoke with:
Kate Hilburn
Director of Communications and Administration
617-577-4535
khilburn*compucyte.com
www.compucyte.com

I directed her to the pr refering to "icyte" and asked if that was a possible trademark infringement. She stated that "there is going to be a problem". She stated that Compucyte was not affiliated with Modern Tech or anybody in the pr. She thanked me for bringing it to her attention.

I have not posted any bs or lies. I am still a shareholder. I use "voiped" on RB because "northwoods" was not available.

Kat, im very surprised at your response. Everything that i have posted is the truth. "You want to lose more money". Does that mean that the truth will cause people to sell or not buy MODC? Would starting a new thread be an attempt to hide previous posts?

Any newbies should search this site for modc and motg to see previous threads.

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Katrina7
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Northwoods, we have all been through hell with this stock, so I can't imagine how you are helping. I wrote AW and asked him about this, and this was the response:


There is not going to be a ‘problem’. The Boveran iCyte name precedes the other ‘icyte’ system.

We have noticed this as well.

The fact is we are re-branding the system as the “Boveran Cancer Detection” system. Name after Boveri.

Icyte and any potential name conflict is irrelevant.

Hopefully, that will make this a moot point.

I would just like to allow for some positive momentum for this stock so that we longs can recoop a little of what we have lost. I am not trying to hide anything. And I never pump.

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msholdem
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Kat, If the Boveran iCyte name precedes the other "icyte" system then maybe you can get an answer from AW regarding this question. Compucytes first use of "icyte" was,FIRST USE IN COMMERCE: 20021101. The Boveran iCyte name must precede this date. What has been the status of the Boveran iCyte system since "20021101". I can't seem to find anything about it on the internet.
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msholdem
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Does anyone know how long before the "e" comes on?
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msholdem
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Does this Cancer detection system need FDA approval? I noticed in the Oct 2 pr: system has undergone pre-clinical testing. Does that mean it has to undergo clinical testing before even being submitted to the FDA for approval? How long will it take? Does this system need approval in EU countries and if so, how long is the process?

Correct me if I am wrong, my understanding of “pre-clinical testing” means testing on animals and “clinical testing” means testing on humans. Were animals or humans used for the “pre-clinical testing”.

Kat, can you email AW and get some answers?

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msholdem
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The company phone and fax number are disconnected.
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WarpedMind
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Those numbers are not the correct ones. They have been changed. It's easy to find the new numbers if you look around. (I'm gonna let ya look for it first. :-) )

My sources say a PR is imminent. I'm still holding.

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msholdem
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quote:
Originally posted by WarpedMind:
Those numbers are not the correct ones. They have been changed. It's easy to find the new numbers if you look around. (I'm gonna let ya look for it first. :-) )

My sources say a PR is imminent. I'm still holding.

I wanted to fax AW a list of questions and got the numbers off the company website. Why don't you ask your sources if the company website is going to be updated anytime soon. I did email the questions and will post the questions and responses.
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msholdem
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Here is a list of questions that i sent to AW yesterday. I have not received a response so far. Will keep you all updated daily.

To Anthony Welch 10/9/06

As a shareholder in Modern Technology Corp, I would appreciate it if you would answer some questions. I would think that you, being the CEO of Modern Technology Corp would know the answers and be more than willing to provide them.

Question #1, On April 3rd, you initiated a tender offer to acquire Harvey Electronics. On April 17th, Harvey Electronics released an announcement asserting the Tender Offer to be invalid due to certain 'deficiencies.' What were these 'deficiencies’?

Question #2, On Friday May 12th, you announced a reverse split that would take effect on Monday May 15th. Previous to May 15th, you told shareholders “no reverse split”. Knowing that shareholders were concerned about a rs , why was it done with very little notice?

Question #3 ,Also on May 12th, soon after announcing the reverse split, you released another PR relating to a planned spin-off of H-NET. Two days before this, May 10th, you sent me an email stating “H-NET is being worked on still and we are focusing our efforts to branch out into the healthcare field with the platform.” That was almost 5 months ago, Are you spinning-off H-NET or branching out into the healthcare field with the platform?

Question #4, On May 10th, I received an email stating: ‘We do not presently think we will be issuing any great number of shares in the next few months’. How many shares are outstanding as of today?

Question #5, On June 12, Mr. Robert Church resigned as Chief Financial Officer and Director of Modern Technology Corp. Why did Mr. Church resign?

Question #6, On August 18th, you filed a SB-2. Several things in the filing have me concerned regarding dilution.
Have any of the shares been sold yet, and if so, how many?

There Are a Large Number of Shares Underlying Our Secured Convertible Notes and Warrants That May be Available for Future Sale and the Sale of These Shares May Depress the Market Price of Our Common Stock.
As of July 1. 2006, we had 2,515,782 shares of common stock issued and outstanding, secured convertible notes outstanding that may be converted into an estimated 20,000,000 shares of common stock at current market prices, outstanding warrants to purchase 20,000,000 shares of common stock. In addition, the number of shares of common stock issuable upon conversion of the outstanding secured convertible notes may increase if the market price of our stock declines. All of the shares, including all of the shares issuable upon conversion of the notes and upon exercise of our warrants, may be sold without restriction. The sale of these shares may adversely affect the market price of our common stock.
The Issuance of Shares Upon Conversion of the Secured Convertible Notes and Exercise of Outstanding Warrants May Cause Immediate and Substantial Dilution to Our Existing Stockholders.
The issuance of shares upon conversion of the secured convertible notes and exercise of warrants may result in substantial dilution to the interests of other stockholders since the selling stockholders may ultimately convert and sell the full amount issuable on conversion. Although the selling stockholders may not convert their secured convertible notes and/or exercise their warrants if such conversion or exercise would cause them to own more than 4.9% of our outstanding common stock, this restriction does not prevent the selling stockholders from converting and/or exercising some of their holdings and then converting the rest of their holdings. In this way, the selling stockholders could sell more than this limit while never holding more than this limit. There is no upper limit on the number of shares that may be issued which will have the effect of further diluting the proportionate equity interest and voting power of holders of our common stock, including investors in this offering.
In The Event That Our Stock Price Declines, The Shares Of Common Stock Allocated For Conversion Of The Secured Convertible Notes and Registered Pursuant To This Prospectus May Not Be Adequate And We May Be Required to File A Subsequent Registration Statement Covering Additional Shares. If The Shares We Have Allocated And Are Registering Herewith Are Not Adequate And We Are Required To File An Additional Registration Statement, We May Incur Substantial Costs In Connection Therewith.
Based on our current market price and the potential decrease in our market price as a result of the issuance of shares upon conversion of the secured convertible notes, we have made a good faith estimate as to the amount of shares of common stock that we are required to register and allocate for conversion of the secured convertible notes. Accordingly, we have allocated and registered 40,000,000 shares to cover the conversion of the secured convertible notes. In the event that our stock price decreases, the shares of common stock we have allocated for conversion of the secured convertible notes and are registering hereunder may not be adequate. If the shares we have allocated to the registration statement are not adequate and we are required to file an additional registration statement, we may incur substantial costs in connection with the preparation and filing of such registration statement.
If We Are Required for any Reason to Repay Our Outstanding Secured Convertible Notes, We Would Be Required to Deplete Our Working Capital, If Available, Or Raise Additional Funds. Our Failure to Repay the Secured Convertible Notes, If Required, Could Result in Legal Action Against Us, Which Could Require the Sale of Substantial Assets.
In August, 2005, we entered into a Securities Purchase Agreement for the sale of an aggregate of $1,500,000 principal amount of secured convertible notes. In March, 2006 we entered into a Securities Purchase Agreement for the sale of an aggregate of $350,00 principal amount of secured convertible notes. The secured convertible notes are due and payable, with 9% and 6% interest, respectively, three years from the date of issuance, unless sooner converted into shares of our common stock. In addition, any event of default such as our failure to repay the principal or interest when due, our failure to issue shares of common stock upon conversion by the holder, our failure to timely file a registration statement or have such registration statement declared effective, breach of any covenant, representation or warranty in the Securities Purchase Agreement or related convertible note, the assignment or appointment of a receiver to control a substantial part of our property or business, the filing of a money judgment, writ or similar process against our company in excess of $50,000, the commencement of a bankruptcy, insolvency, reorganization or liquidation proceeding against our company and the delisting of our common stock could require the early repayment of the secured convertible notes, including a default interest rate of 15% on the outstanding principal balance of the notes if the default is not cured within the specified grace period. We anticipate that the full amount of the secured convertible notes will be converted into shares of our common stock, in accordance with the terms of the secured convertible notes. If we were required to repay the secured convertible notes, we would be required to use our limited working capital and raise additional funds. If we were unable to repay the secured convertible notes when required, the notes and stock holders could commence legal action against us and foreclose on all of our assets to recover the amounts due. Any such action would require us to curtail or cease operations.
Question #7, Also in the SB-2 , Is this common for companies to have in their Articles of Incorporation?
Our Articles of Incorporation, as amended, provide to the fullest extent permitted by Nevada law, that our directors or officers shall not be personally liable to us or our shareholders for damages for breach of such director's or officer's fiduciary duty. The effect of this provision of our Articles of Incorporation, as amended, is to eliminate our rights and our shareholders (through shareholders' derivative suits on behalf of our company) to recover damages against a director or officer for breach of the fiduciary duty of care as a director or officer (including breaches resulting from negligent or grossly negligent behavior), except under certain situations defined by statute. We believe that the indemnification provisions in our Articles of Incorporation, as amended, are necessary to attract and retain qualified persons as directors and officers.
Question #8, On September 20th,you announced ‘MODC will spin off its subsidiary Inmarketing Group as a separate public company as soon as practicable’. What does “as soon as practicable” mean? The shareholders have been waiting since May for the ‘planned spin-off of H-NET’.

Question #9, On October 2nd, you announced, Insight Medical Group, has signed a Letter of Intent to acquire 100% of the assets and intellectual and technology rights to the Boveran iCyte cancer detection system. The pr states: ‘The system has undergone pre-clinical testing and has proven itself to function as expected and deliver accurate and rapid results’. What do you mean by “pre-clinical testing”?
Question #10, Does the Cancer Detection System need FDA APPROVAL and if so, how long is the process?
Question # 11, Modern Technology has a ‘planned spin-off of H-NET’, a ‘planned spin-off of Inmarketing Group’ and has exchanged its interest in its subsidiary Sound City ‘. Is it fair to say that at this point the only thing going for MODC is Insight Medical Group and the only thing that it has done is sign a Letter of Intent?
Question # 12,On September 25th, you announced plans to create a new subsidiary, Insight Medical Group. In the same paragraph the pr states: The new subsidiary will be spun-off as a new public company at the appropriate time. Why would you spin it off if it was going to have ‘Significant bioscience acquisitions with world-changing potential with massive revenue expectations’?

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WarpedMind
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My source was right... PR was out yesterday.

http://biz.yahoo.com/pz/061009/106485.html

Press Release Source: Modern Technology Corp

Modern Technology Corp Announces Boveran Cancer Detection System Inventor, Dr. David Rasnick, Discusses the Technology in Exclusive Wall Street Network Interview
Monday October 9, 3:13 pm ET

OXFORD, Miss., Oct. 9, 2006 (PRIMEZONE) -- Modern Technology Corp (OTC BB:MODC.OB - News), a diversified technology development and acquisition company, announced today Dr. David Rasnick was interviewed by Wall Street Network. In the interview, Dr. Rasnick discusses the technology behind the Boveran Cancer Detection System.

To hear the entire interview, visit http://www.wallst.net and click on ``Interviews''.

The Boveran Cancer Detection System is the only system in the world that detects 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. Modern's subsidiary, Insight Medical Group will be the operational arm bringing the technology to a multi-billion dollar international market for cancer diagnostics.

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.

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
Anthony Welch
(601) 213-3629

Source: Modern Technology Corp

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PR!


Modern Technology Corp Announces Initial Markets for the 'Boveran Cancer Detection System' With $100 Million in Revenue Projected

OXFORD, Miss., Oct. 11, 2006 (PRIMEZONE) -- Modern Technology Corp (OTCBB:MODC), a diversified technology development and acquisition company, announced today the first two target markets and revenue projections for the 'Boveran Cancer Detection System' and its subsidiary for biosciences, Insight Medical Group.

The Boveran Cancer Detection System is the only system in the world that detects 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 Boveran 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.

Prostate Cancer Diagnosis

Prostate tumors with an intermediate histological grade, which represent the majority of prostate tumors that cannot be determined by current clinical laboratory methods. The measurement of chromosomal imbalance (aneuploidy) provides the only clinically useful prognostic information for patients with these intermediate grade tumors. The Boveran Cancer Detection System is the only system in the world that detects and measures this chromosomal imbalance.

There are approximately 2 million men living with prostate cancer in the U.S., 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 U.S. annually. The company's first entry into this market space will be the competition-free market of 2-5 million (and rising) "ASCUS" (indeterminate) Pap smears generated annually.

Measuring aneuploidy in cervical smears 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 Boveran 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 'Boveran 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 U.S. market. The international market is much larger and will be part of the company's initial marketing efforts alongside the U.S.

The company will issue regular guidance to our shareholders keeping them informed of our developments and progress. Shareholders can expect frequent updates on our sales efforts, marketing plans, and ongoing expansion of our laboratory facilities.

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 Boveran Cancer Detection System was invented by Dr. David Rasnick, PhD. The technology and 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, Berkley.

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
Anthony Welch
(601) 213-3629


Source: PrimeZone (October 11, 2006 - 7:00 AM EST)

News by QuoteMedia
www.quotemedia.com

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WarpedMind
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I created a new thread... let's get some life breathed back into this! Awesome news! All you bag holders may finally have your day!

http://www.allstocks.com/stockmessageboard/ubb/ultimatebb.php/ubb/get_topic/f/8/ t/024679.html

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What the heck. They locked the other thread. Sheesh.

Oh well.

Hey Matto... guess what time it is!

Rally Monkey Time!!!!!!!!!!

http://www.rallymonkey.com/oldvideo.php

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oh yes we need the monkey for this one!!!!!!

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oh my the float is 2.152 milliom

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looks good ====
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U/T .09 on the bid weeeeeeeeee

i am also playing EHNX- big news low float

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nice


.12x.14

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quote:
Originally posted by northwoods:
Here is a list of questions that i sent to AW yesterday. I have not received a response so far. Will keep you all updated daily.

To Anthony Welch 10/9/06

As a shareholder in Modern Technology Corp, I would appreciate it if you would answer some questions. I would think that you, being the CEO of Modern Technology Corp would know the answers and be more than willing to provide them.

Question #1, On April 3rd, you initiated a tender offer to acquire Harvey Electronics. On April 17th, Harvey Electronics released an announcement asserting the Tender Offer to be invalid due to certain 'deficiencies.' What were these 'deficiencies’?

Question #2, On Friday May 12th, you announced a reverse split that would take effect on Monday May 15th. Previous to May 15th, you told shareholders “no reverse split”. Knowing that shareholders were concerned about a rs , why was it done with very little notice?

Question #3 ,Also on May 12th, soon after announcing the reverse split, you released another PR relating to a planned spin-off of H-NET. Two days before this, May 10th, you sent me an email stating “H-NET is being worked on still and we are focusing our efforts to branch out into the healthcare field with the platform.” That was almost 5 months ago, Are you spinning-off H-NET or branching out into the healthcare field with the platform?

Question #4, On May 10th, I received an email stating: ‘We do not presently think we will be issuing any great number of shares in the next few months’. How many shares are outstanding as of today?

Question #5, On June 12, Mr. Robert Church resigned as Chief Financial Officer and Director of Modern Technology Corp. Why did Mr. Church resign?

Question #6, On August 18th, you filed a SB-2. Several things in the filing have me concerned regarding dilution.
Have any of the shares been sold yet, and if so, how many?

There Are a Large Number of Shares Underlying Our Secured Convertible Notes and Warrants That May be Available for Future Sale and the Sale of These Shares May Depress the Market Price of Our Common Stock.
As of July 1. 2006, we had 2,515,782 shares of common stock issued and outstanding, secured convertible notes outstanding that may be converted into an estimated 20,000,000 shares of common stock at current market prices, outstanding warrants to purchase 20,000,000 shares of common stock. In addition, the number of shares of common stock issuable upon conversion of the outstanding secured convertible notes may increase if the market price of our stock declines. All of the shares, including all of the shares issuable upon conversion of the notes and upon exercise of our warrants, may be sold without restriction. The sale of these shares may adversely affect the market price of our common stock.
The Issuance of Shares Upon Conversion of the Secured Convertible Notes and Exercise of Outstanding Warrants May Cause Immediate and Substantial Dilution to Our Existing Stockholders.
The issuance of shares upon conversion of the secured convertible notes and exercise of warrants may result in substantial dilution to the interests of other stockholders since the selling stockholders may ultimately convert and sell the full amount issuable on conversion. Although the selling stockholders may not convert their secured convertible notes and/or exercise their warrants if such conversion or exercise would cause them to own more than 4.9% of our outstanding common stock, this restriction does not prevent the selling stockholders from converting and/or exercising some of their holdings and then converting the rest of their holdings. In this way, the selling stockholders could sell more than this limit while never holding more than this limit. There is no upper limit on the number of shares that may be issued which will have the effect of further diluting the proportionate equity interest and voting power of holders of our common stock, including investors in this offering.
In The Event That Our Stock Price Declines, The Shares Of Common Stock Allocated For Conversion Of The Secured Convertible Notes and Registered Pursuant To This Prospectus May Not Be Adequate And We May Be Required to File A Subsequent Registration Statement Covering Additional Shares. If The Shares We Have Allocated And Are Registering Herewith Are Not Adequate And We Are Required To File An Additional Registration Statement, We May Incur Substantial Costs In Connection Therewith.
Based on our current market price and the potential decrease in our market price as a result of the issuance of shares upon conversion of the secured convertible notes, we have made a good faith estimate as to the amount of shares of common stock that we are required to register and allocate for conversion of the secured convertible notes. Accordingly, we have allocated and registered 40,000,000 shares to cover the conversion of the secured convertible notes. In the event that our stock price decreases, the shares of common stock we have allocated for conversion of the secured convertible notes and are registering hereunder may not be adequate. If the shares we have allocated to the registration statement are not adequate and we are required to file an additional registration statement, we may incur substantial costs in connection with the preparation and filing of such registration statement.
If We Are Required for any Reason to Repay Our Outstanding Secured Convertible Notes, We Would Be Required to Deplete Our Working Capital, If Available, Or Raise Additional Funds. Our Failure to Repay the Secured Convertible Notes, If Required, Could Result in Legal Action Against Us, Which Could Require the Sale of Substantial Assets.
In August, 2005, we entered into a Securities Purchase Agreement for the sale of an aggregate of $1,500,000 principal amount of secured convertible notes. In March, 2006 we entered into a Securities Purchase Agreement for the sale of an aggregate of $350,00 principal amount of secured convertible notes. The secured convertible notes are due and payable, with 9% and 6% interest, respectively, three years from the date of issuance, unless sooner converted into shares of our common stock. In addition, any event of default such as our failure to repay the principal or interest when due, our failure to issue shares of common stock upon conversion by the holder, our failure to timely file a registration statement or have such registration statement declared effective, breach of any covenant, representation or warranty in the Securities Purchase Agreement or related convertible note, the assignment or appointment of a receiver to control a substantial part of our property or business, the filing of a money judgment, writ or similar process against our company in excess of $50,000, the commencement of a bankruptcy, insolvency, reorganization or liquidation proceeding against our company and the delisting of our common stock could require the early repayment of the secured convertible notes, including a default interest rate of 15% on the outstanding principal balance of the notes if the default is not cured within the specified grace period. We anticipate that the full amount of the secured convertible notes will be converted into shares of our common stock, in accordance with the terms of the secured convertible notes. If we were required to repay the secured convertible notes, we would be required to use our limited working capital and raise additional funds. If we were unable to repay the secured convertible notes when required, the notes and stock holders could commence legal action against us and foreclose on all of our assets to recover the amounts due. Any such action would require us to curtail or cease operations.
Question #7, Also in the SB-2 , Is this common for companies to have in their Articles of Incorporation?
Our Articles of Incorporation, as amended, provide to the fullest extent permitted by Nevada law, that our directors or officers shall not be personally liable to us or our shareholders for damages for breach of such director's or officer's fiduciary duty. The effect of this provision of our Articles of Incorporation, as amended, is to eliminate our rights and our shareholders (through shareholders' derivative suits on behalf of our company) to recover damages against a director or officer for breach of the fiduciary duty of care as a director or officer (including breaches resulting from negligent or grossly negligent behavior), except under certain situations defined by statute. We believe that the indemnification provisions in our Articles of Incorporation, as amended, are necessary to attract and retain qualified persons as directors and officers.
Question #8, On September 20th,you announced ‘MODC will spin off its subsidiary Inmarketing Group as a separate public company as soon as practicable’. What does “as soon as practicable” mean? The shareholders have been waiting since May for the ‘planned spin-off of H-NET’.

Question #9, On October 2nd, you announced, Insight Medical Group, has signed a Letter of Intent to acquire 100% of the assets and intellectual and technology rights to the Boveran iCyte cancer detection system. The pr states: ‘The system has undergone pre-clinical testing and has proven itself to function as expected and deliver accurate and rapid results’. What do you mean by “pre-clinical testing”?
Question #10, Does the Cancer Detection System need FDA APPROVAL and if so, how long is the process?
Question # 11, Modern Technology has a ‘planned spin-off of H-NET’, a ‘planned spin-off of Inmarketing Group’ and has exchanged its interest in its subsidiary Sound City ‘. Is it fair to say that at this point the only thing going for MODC is Insight Medical Group and the only thing that it has done is sign a Letter of Intent?
Question # 12,On September 25th, you announced plans to create a new subsidiary, Insight Medical Group. In the same paragraph the pr states: The new subsidiary will be spun-off as a new public company at the appropriate time. Why would you spin it off if it was going to have ‘Significant bioscience acquisitions with world-changing potential with massive revenue expectations’?

Still waiting for some answers.
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WarpedMind
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Anyone have L2s on this?

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