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Went back and looked at the SB-2 filed on 8-18-06. It looks like dilution is coming soon. SUBPENNY???
NOTE 21: CONVERTIBLE NOTES PAYABLE Convertible Long Term Debt consists of the following: Secured convertible Notes payable to AJW Offshore, Ltd, AJW Qualified Partners, LLC., AJW Partners, LLC, and New Millennium Capital Partners II, LLC in the amount of $2,000,000. The Notes were issued with Warrants to purchase 3,000,000 shares of our common stock. The secured convertible notes bear interest at 8%, mature January 24, 2007, and are convertible into Modern common stock.
The secured convertible notes bear interest at 8%, mature two years from the date of issuance, and are convertible into Modern common stock, at the investors' option, at the lower of $0.44 or 40% of the average of the three lowest intraday trading prices for the common stock on the Over-The-Counter Bulletin Board for the 20 trading days before but not including the conversion date.
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Secured convertible notes payable to AJW Offshore, Ltd, AJW Qualified Partners, LLC, AJW Partners, LLC and New Millenium Capital Partners II, LLC in the amount of $1,500,000. The secured notes bear interest at 9%, mature 8/31/2007 and are convertible into Modern stock. We issued 2,000,000 warrants as part of the issuance of this secured convertible note.
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quote:Originally posted by jimmer: I cannot believe the BS that is posted here. I am a novice investor I got excited 6 months ago and I loss a bunch of money. Luckily I make a bunch more money in my real job but I feel the pain of those who lost $$.I am fairly sure everyone except northwoods is a involved with MODC in an innappropriate way, my sources etc etc. what a joke. AW steels peoples money, lies about it and steals some more. He is moving to the Bahamas because you cannot be declared bankrupt there and the poeple that will lose their savings will not be able to afford to fly there to take revenge.
"AW is probably too busy to reply to my e-mails" That is because he is on this list posting total BS.
The guy cant post a quartly report on time, no-one on this site seems concerned about Northwoods questions on the spin-offs etc and the fact you all ignor these questions shows where you are on this and you are not being honest.
THIS STOCK IS A DOG IT WILL DILUTE AGAIN AND ANYONE WHO INVESTS IN IT WILL LOSE THEIR SHIRT AS IT IS RUN BY A DISHONEST LIAR.
posted
Company releases a pr about a spin-off and does nothing. It has been over 7 months, no spin-off and no news.
OXFORD, MS, May 12, 2006 (MARKET WIRE via COMTEX) -- Modern Technology Corp (MOTG ) a diversified technology development and acquisition company announced today it plans to spin-off its H-NET subsidiary as soon as practicable. All stockholders of record on the declaration date of the spin-off will receive a stock dividend in H-NET pro rata with their current ownership in Modern Technology Corp. The decision to spin off H-NET is based upon the following factors: 1. The desire to incur no further debt into the parent company to subsidize non-profit generating business units. 2. Operational and business development funding is believed to be easier to obtain if H-NET is a separate entity. 3. Modern Technology Corp is pursuing a focused plan on achieving profitability and building revenues through further acquisitions using equity-based transactions and wishes to eliminate demands on operational cash-flow. 4. The H-NET technology and market potential are believed to be significant and the potential equity appreciation from this growth we feel better serves Modern stockholders if H-NET is a separate listed public company with appropriate funding. After institutional funding has been obtained and the related agreements executed, the spin off and stock dividend date will be determined and announced. All stockholders of record on that date will receive the stock dividend. The transaction is anticipated to be a registered offering and a new listed public stock on the OTCBB. If we do not secure institutional funding for this transaction, we will continue internal efforts to expand the H-NET subsidiary and spin the subsidiary off at a later time. Anthony Welch, Chairman, said: "As previously stated, we are focused on generating profits in all business units. We are making some bold, and sometimes difficult decisions. The H-NET technology is solid and promising. We feel its funding and operational requirements are better met if it were a separate company. Furthermore, the spin off, if successful, will eliminate any cash demands and provide an equity building transaction for all stockholders." About Modern Technology Corp Modern Technology Corp, a diversified technology development and acquisition company, builds revenues through continuous growth, strategic acquisitions, and commercialization of nascent technology. MOTG improves operating efficiencies through the elimination of cost redundancies and realized synergy between subsidiaries. MOTG also commercializes new technology and provides to its subsidiaries new product lines, operations infrastructure, and significant intellectual capital. The company's mission is to build shareholder value through a model of continuous growth. Web Address: http://www.moderntechnologycorp.com Safe-Harbor Statement This press release contains statements (such as projections regarding future performance) that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to those detailed from time to time in the Company's filings with the Securities and Exchange Commission. Company Contact: Megan Peterson 1.662.236.5928 SOURCE: Modern Technology Corp
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quote:Originally posted by northwoods: Company releases a pr about a spin-off and does nothing. It has been over 7 months, no spin-off and no news.
OXFORD, MS, May 12, 2006 (MARKET WIRE via COMTEX) -- Modern Technology Corp (MOTG ) a diversified technology development and acquisition company announced today it plans to spin-off its H-NET subsidiary as soon as practicable. All stockholders of record on the declaration date of the spin-off will receive a stock dividend in H-NET pro rata with their current ownership in Modern Technology Corp. The decision to spin off H-NET is based upon the following factors: 1. The desire to incur no further debt into the parent company to subsidize non-profit generating business units. 2. Operational and business development funding is believed to be easier to obtain if H-NET is a separate entity. 3. Modern Technology Corp is pursuing a focused plan on achieving profitability and building revenues through further acquisitions using equity-based transactions and wishes to eliminate demands on operational cash-flow. 4. The H-NET technology and market potential are believed to be significant and the potential equity appreciation from this growth we feel better serves Modern stockholders if H-NET is a separate listed public company with appropriate funding. After institutional funding has been obtained and the related agreements executed, the spin off and stock dividend date will be determined and announced. All stockholders of record on that date will receive the stock dividend. The transaction is anticipated to be a registered offering and a new listed public stock on the OTCBB. If we do not secure institutional funding for this transaction, we will continue internal efforts to expand the H-NET subsidiary and spin the subsidiary off at a later time. Anthony Welch, Chairman, said: "As previously stated, we are focused on generating profits in all business units. We are making some bold, and sometimes difficult decisions. The H-NET technology is solid and promising. We feel its funding and operational requirements are better met if it were a separate company. Furthermore, the spin off, if successful, will eliminate any cash demands and provide an equity building transaction for all stockholders." About Modern Technology Corp Modern Technology Corp, a diversified technology development and acquisition company, builds revenues through continuous growth, strategic acquisitions, and commercialization of nascent technology. MOTG improves operating efficiencies through the elimination of cost redundancies and realized synergy between subsidiaries. MOTG also commercializes new technology and provides to its subsidiaries new product lines, operations infrastructure, and significant intellectual capital. The company's mission is to build shareholder value through a model of continuous growth. Web Address: http://www.moderntechnologycorp.com Safe-Harbor Statement This press release contains statements (such as projections regarding future performance) that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to those detailed from time to time in the Company's filings with the Securities and Exchange Commission. Company Contact: Megan Peterson 1.662.236.5928 SOURCE: Modern Technology Corp
No spin-off, no follow-up pr. What was the reason for the pr?
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quote:Originally posted by richone: Now its on the pinks. You can add this to the list of AW's achievements. The man it truly a business genius. He has done nothing but dilute, dilute, dilute, making money off the suckers that continue to invest in his "schemes". The man should be investigated.
You can send your complaint to enforcement*sec.gov
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NOTE 21: CONVERTIBLE NOTES PAYABLE Convertible Long Term Debt consists of the following: Secured convertible Notes payable to AJW Offshore, Ltd, AJW Qualified Partners, LLC., AJW Partners, LLC, and New Millennium Capital Partners II, LLC in the amount of $2,000,000. The Notes were issued with Warrants to purchase 3,000,000 shares of our common stock. The secured convertible notes bear interest at 8%, mature January 24, 2007, and are convertible into Modern common stock.
The secured convertible notes bear interest at 8%, mature two years from the date of issuance, and are convertible into Modern common stock, at the investors' option, at the lower of $0.44 or 40% of the average of the three lowest intraday trading prices for the common stock on the Over-The-Counter Bulletin Board for the 20 trading days before but not including the conversion date.
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quote:Originally posted by jimmer: I cannot believe the BS that is posted here. I am a novice investor I got excited 6 months ago and I loss a bunch of money. Luckily I make a bunch more money in my real job but I feel the pain of those who lost $$.I am fairly sure everyone except northwoods is a involved with MODC in an innappropriate way, my sources etc etc. what a joke. AW steels peoples money, lies about it and steals some more. He is moving to the Bahamas because you cannot be declared bankrupt there and the poeple that will lose their savings will not be able to afford to fly there to take revenge.
"AW is probably too busy to reply to my e-mails" That is because he is on this list posting total BS.
The guy cant post a quartly report on time, no-one on this site seems concerned about Northwoods questions on the spin-offs etc and the fact you all ignor these questions shows where you are on this and you are not being honest.
THIS STOCK IS A DOG IT WILL DILUTE AGAIN AND ANYONE WHO INVESTS IN IT WILL LOSE THEIR SHIRT AS IT IS RUN BY A DISHONEST LIAR.
Hopefully this is clear enough.
Complaints can be sent to enforcement*sec.gov
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Modern Technology Corp Announces Initial Cancer Detection Target Market for 2007 and Operational Update Friday January 5, 3:05 pm ET
OXFORD, Miss., Jan. 5, 2007 (PRIME NEWSWIRE) -- Modern Technology Corp (Other OTC:MODC.PK - News), a bioscience technology development and acquisition company, announced today its initial target market for 2007 and a brief update on its new bioscience operations unit, Insight Medical Group.
ADVERTISEMENT click here Initial Market:
The first market for 2007 and the AnuCyte Cancer Detection System will be the vast and competition-free space of ``indeterminates.'' These 'indeterminate' samples are termed ``ASCUS'' and result when a cytologist or pathologist is unable to determine the presence or absence of cancer in a patient's specimen. This failure to identify the presence or absence of cancer creates millions of patients yearly that must return for repeated testing until such time as their tissue sample can be confidently determined as normal or cancerous. Our automated AnuCyte Cancer Detection system can eliminate an indeterminate diagnosis by accurately and objectively determining the presence or absence of cancer. At present, we are not aware of any other technology that can eliminate an 'indeterminate' result.
Operational Update:
As promised we have now located a furnished laboratory for the system, and lease negotiations are underway. We have located a lab with 7000 sqft of space filled with existing lab equipment. This will provide us the ability to facilitate our anticipated rapid growth as well as begin immediate operations without the delay of lab 'fit out.' Upon execution of the lease, we will install the AnuCyte Cancer Detection System and immediately begin processing patient samples.
As promised we have decided our initial target market and will announce soon the results of the new relationships and customers generated from our marketing efforts. Stockholders should expect regular updates as we enter our other target markets throughout 2007.
Next week, we will release a detailed business summary with industry assumptions, industry data, sales projections and related risk factors next week as part of continuing effort to provide shareholders with timely information and regular updates on our progress. The release of this document will demonstrate the source of our projections and basis for all of our claims. The AnuCyte system and the market potential are founded on a solid reality of industry data and outstanding science. We have labored long to create this document set and look forward to its release to the public. Also, we will soon publish a comprehensive web-site for Insight Medical Group that contains detailed information on the science and the system.
Anthony Welch, Chairman, said: ``We are entering an exciting time. 2007 is going to be one of the most amazing years of the company's history. I am honored beyond words to be a part of Rasnick and Duesberg's work and I stand proud of my efforts to help bring AnuCyte to the world. What we have been working on for so long is finally starting to happen. I think the entire world will soon know of the AnuCyte system and we believe it will very quickly become the gold standard for all cancer detection worldwide. There simply isn't anything out there that does what it does. We go inside the nucleus, measure genomic/chromosomal imbalance, and return with a quantitative and objective report. We feel this is a quantum leap beyond the 100-year-old qualitative, error-ridden, subjective technique of human inspection of a sample under a microscope that is done today. It is no surprise there are so many 'indeterminates.' We have the answer to this problem and could not possibly be more enthusiastic.''
About the AnuCyte Cancer Detection System
The AnuCyte Cancer Detection System is an automated machine that can rapidly detect any form of cancer. The system accurately identifies cancer at any stage in its development and also identifies healthy cancer-free cells in the same test within the same sample. The system eliminates heretofore unreliable, subjective, and error-prone pathology detection of cancer and delivers an automated and objective measurement of the presence or absence of cancer. The AnuCyte system is the first and only system in the world that uses the measurement of advanced chromosomal imbalance as the primary or sole means of detecting cancer. The company is not aware of any automated system in the world more accurate, or even close to AnuCyte's accuracy.
About AnuCyte's Inventors:
The inventor of the AnuCyte system, Dr. David Rasnick, PhD, and his scientific research collaborator, Dr. Peter Duesberg, PhD, have been prominent names internationally for many years for their research and publications. On many occasions both have appeared internationally on television, in magazines, newspapers and scientific publications. Peter Duesberg is author of the widely available book: ``Inventing the AIDS Virus.'' Investors may wish to read a recent article in Newsweek concerning the cancer research of Peter Duesberg: http://www.msnbc.msn.com/id/14757547/site/newsweek/
In 1970, Peter Duesberg isolated the first cancer gene through his work on retroviruses 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. He has been invited to become a Honorary Member of the World Innovation Foundation alongside 91 Nobel Laureates. (http://www.thewif.org.uk)
About Insight Medical Group
Insight Medical Group is a specialized biosciences development company whose mission is to bring world-changing medical technology and research to market in the areas of cancer and AIDS. The AnuCyte Cancer Detection System was invented by Dr. David Rasnick, PhD. The technology behind AnuCyte and the chromosomal imbalance theory is the result of 45 years of combined cancer research by Dr. David Rasnick, PhD and Dr. Peter Duesberg, PhD, who continues his studies on cancer research at the University of California, Berkeley.
About Modern Technology Corp
Modern Technology Corp, a bioscience technology development and acquisition company, builds revenues through a model 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 is a fully-reporting public company with the US Securities and Exchange Commission. For more information on the company's SEC filings, visit http://www.sec.gov. The company's web address is: http://www.moderntechnologycorp.com
Safe-Harbor Statement
This press release contains statements (such as projections regarding future performance) that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to those detailed from time to time in the Company's filings with the Securities and Exchange Commission.
Contact:
Modern Technology Corp Investor Relations: Anthony Welch (601) 213 3629 ir*moderntechnologycorp.com
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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.
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Risks Relating to Our Current Financing Arrangement:
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 Continuously Adjustable Conversion Price Feature of Our Secured Convertible Notes Could Require Us to Issue a Substantially Greater Number of Shares, Which Will Cause Dilution to Our Existing Stockholders.
Our obligation to issue shares upon conversion of our secured convertible notes is essentially limitless. The following is an example of the amount of shares of our common stock that are issuable, upon conversion of our secured convertible notes (excluding accrued interest) based on market prices 25%, 50% and 75% below the market price, as of July 24, 2006 of $0.06.
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The Continuously Adjustable Conversion Price feature of our Secured Convertible Notes May Encourage Investors to Make Short Sales in Our Common Stock, Which Could Have a Depressive Effect on the Price of Our Common Stock.
The secured convertible notes are convertible into shares of our common stock at either a 50%, 60% or 80% discount to the trading price of the common stock prior to the conversion. The significant downward pressure on the price of the common stock as the selling stockholders convert and sell material amounts of common stock could encourage short sales by investors. This could place further downward pressure on the price of the common stock. The selling stockholders could sell common stock into the market in anticipation of covering the short sale by converting their securities, which could cause the further downward pressure on the stock price. In addition, not only the sale of shares issued upon conversion or exercise of secured convertible notes and warrants, but also the mere perception that these sales could occur, may adversely affect the market price of the 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.
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DISCLOSURE OF COMMISSION POSITION OF INDEMNIFICATION FOR SECURITIES ACT LIABILITIES
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.
Insofar as indemnification for liabilities arising under the Securities Act of 1933 (the "Act" or "Securities Act") may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.
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Modern Technology Corp. Announces Completion of AnuCyte Cancer Detection System Acquisition, Executes Definitive Agreement Monday January 8, 5:43 pm ET
OXFORD, Miss., Jan. 8, 2007 (PRIME NEWSWIRE) -- Modern Technology Corp. (Other OTC:MODC.PK - News), a bioscience technology development and acquisition company, announced today the completion of the acquisition of Boveran's assets and its cancer detection technology for our new bioscience operations unit, Insight Medical Group. The definitive agreement has been executed. All material terms are identical to the those agreed to in the original Letter of Intent. The entire Definitive Agreement will be timely filed with the U.S. Securities and Exchange Commission under a Form 8-K.
The materials terms 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.
* 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.
ADVERTISEMENT click here Anthony Welch, Chairman, said: ``Today we formalize the acquisition and move forward in our plans as promised. Stockholders should note we acquired this asset without incurring debt or using cash. We anticipate several updates in the near future for stockholders. Not the least of which will be a business summary containing our industry assumptions, industry data, sales projections and related risk factors. We have previously discussed revenue projections and we want all stockholders and prospective stockholders to fully understand our model and assumptions. Stockholders should also look forward to the release of our new web site for Insight Medical and a White Paper describing the science and showing all stockholders why our claims are based in fact and are not opinion.''
About the AnuCyte Cancer Detection System
The AnuCyte Cancer Detection System is an automated machine that can rapidly detect any form of cancer. The system accurately identifies cancer at any stage in its development and also identifies healthy cancer-free cells in the same test within the same sample. The system eliminates heretofore unreliable, subjective, and error-prone pathology detection of cancer and delivers an automated and objective measurement of the presence or absence of cancer. The AnuCyte system is the first and only system in the world that uses the measurement of advanced chromosomal imbalance as the primary or sole means of detecting cancer. The company is not aware of any automated system in the world more accurate, or even close to AnuCyte's accuracy.
About AnuCyte's Inventors:
The inventor of the AnuCyte system, Dr. David Rasnick, Ph.D and his scientific research collaborator, Dr. Peter Duesberg, Ph.D, have been prominent names internationally for many years for their research and publications. On many occasions both have appeared internationally on television, in magazines, newspapers and scientific publications. Peter Duesberg is author of the widely available book: ``Inventing the AIDS Virus''. Investors may wish to read a recent article in Newsweek concerning the cancer research of Peter Duesberg: http://www.msnbc.msn.com/id/14757547/site/newsweek/
In 1970, Peter Duesberg isolated the first cancer gene through his work on retroviruses 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. He has been invited to become an Honorary Member of the World Innovation Foundation alongside 91 Nobel Laureates. (http://www.thewif.org.uk)
About Insight Medical Group
Insight Medical Group is a specialized biosciences development company whose mission is to bring world-changing medical technology and research to market in the areas of cancer and AIDS. The AnuCyte Cancer Detection System was invented by Dr. David Rasnick, Ph.D. The technology behind AnuCyte and the chromosomal imbalance theory is the result of 45 years of combined cancer research by Dr. David Rasnick, Ph.D and Dr. Peter Duesberg, Ph.D, who continues his studies on cancer research at the University of California, Berkeley.
About Modern Technology Corp.
Modern Technology Corp., a bioscience technology development and acquisition company, builds revenues through a model of 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 is a fully-reporting public company with the U.S. Securities and Exchange Commission. For more information on the company's SEC filings, visit http://www.sec.gov. The company's web address is: http://www.moderntechnologycorp.com
Safe-Harbor Statement
This press release contains statements (such as projections regarding future performance) that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to those detailed from time to time in the Company's filings with the Securities and Exchange Commission.
Contact:
Modern Technology Corp. Investor Relations: Anthony Welch (601) 213-3629 ir*moderntechnologycorp.com
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quote:Originally posted by richone: Now its on the pinks. You can add this to the list of AW's achievements. The man it truly a business genius. He has done nothing but dilute, dilute, dilute, making money off the suckers that continue to invest in his "schemes". The man should be investigated.
Notes maturing, dilution could be coming.
NOTE 21: CONVERTIBLE NOTES PAYABLE Convertible Long Term Debt consists of the following: Secured convertible Notes payable to AJW Offshore, Ltd, AJW Qualified Partners, LLC., AJW Partners, LLC, and New Millennium Capital Partners II, LLC in the amount of $2,000,000. The Notes were issued with Warrants to purchase 3,000,000 shares of our common stock. The secured convertible notes bear interest at 8%, mature January 24, 2007, and are convertible into Modern common stock.
The secured convertible notes bear interest at 8%, mature two years from the date of issuance, and are convertible into Modern common stock, at the investors' option, at the lower of $0.44 or 40% of the average of the three lowest intraday trading prices for the common stock on the Over-The-Counter Bulletin Board for the 20 trading days before but not including the conversion date.
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Come on AW. Let see a pr about the 'anticipated' 'massive' revenue 'projections' that you 'believe' are 'possible'
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.
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quote:Originally posted by jimmer: I cannot believe the BS that is posted here. I am a novice investor I got excited 6 months ago and I loss a bunch of money. Luckily I make a bunch more money in my real job but I feel the pain of those who lost $$.I am fairly sure everyone except northwoods is a involved with MODC in an innappropriate way, my sources etc etc. what a joke. AW steels peoples money, lies about it and steals some more. He is moving to the Bahamas because you cannot be declared bankrupt there and the poeple that will lose their savings will not be able to afford to fly there to take revenge.
"AW is probably too busy to reply to my e-mails" That is because he is on this list posting total BS.
The guy cant post a quartly report on time, no-one on this site seems concerned about Northwoods questions on the spin-offs etc and the fact you all ignor these questions shows where you are on this and you are not being honest.
THIS STOCK IS A DOG IT WILL DILUTE AGAIN AND ANYONE WHO INVESTS IN IT WILL LOSE THEIR SHIRT AS IT IS RUN BY A DISHONEST LIAR.
Hopefully this is clear enough.
Grand Bahama equals 'free of bureaucratic interference' LOL
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Big blocks of MODC.Yesterday at 4 minutes after the close 135,000 shares at .0371 and this morning 240,000 at .03. Kind of makes you think, who's selling why, and how many shares are outstanding. Is MODC required to make filings with the SEC now that it's on the pinks? I called the TA again today and was told again that they are not authorized by MODC to give shareholders the amount of OS.
Transfer Agent, Jersey Transfer & Trust, 973.239.2712
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Why is the new website showing cancer statistics for the United States when the company is not even going after this market? I think that is very deceptive. Why not show statistics for the market it is targeting? Will the 'anticipated' revenue 'projections' be based on the US market also?
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quote:Originally posted by northwoods: Come on AW. Let see a pr about the 'anticipated' 'massive' revenue 'projections' that you 'believe' are 'possible'
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.
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Are the noteholders going to receive Inmarketing shares even after the record date?
From the 8K filed January 31, 2005:
(c) Adjustment Due to Distribution. If the Borrower shall declare or make any distribution of its assets (or rights to acquire its assets) to holders of Common Stock as a dividend, stock repurchase, by way of return of capital or otherwise (including any dividend or distribution to the Borrower's shareholders in cash or shares (or rights to acquire shares) of capital stock of a subsidiary (i.e., a spin-off)) (a "Distribution"), then the Holder of this Note shall be entitled, upon any conversion of this Note after the date of record for determining shareholders entitled to such Distribution, to receive the amount of such assets which would have been payable to the Holder with respect to the shares of Common Stock issuable upon such conversion had such Holder been the holder of such shares of Common Stock on the record date for the determination of shareholders entitled to such Distribution.
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Demarco Convertible Debenture. Was the $1.5 million debenture paid for with cash or Series A Convertible Preferred Stock?
From SB-2, this indicates to me the purchase was made with Series A Convertible Preferred Stock.
On January 24, 2005, the Company entered into a Securities Purchase Agreement with AJW Offshore, Ltd., AJW Qualified Partners, LLC, AJW Partners, LLC and New Millennium Capital Partners II, LLC for the sale of (i) $2,000,000 in secured convertible notes and (ii) warrants to purchase 3,000,000 shares of our common stock and '(iii) entered into a Purchase Agreement whereby we purchased a $1,500,000 DeMarco Convertible Debenture in exchange for 1,500 shares of our Series A Convertible Preferred Stock'.
Also from the SB-2, this seems to indicate the purchase was made with cash.
On January 24, 2005, 'we utilized $1.5 million of financing we received from four institutional investors to purchase a $1.5 million convertible debenture in DeMarco Energy Systems of America, Inc'. Anthony K. Welch, our Chief Executive Officer and majority shareholder, is the Chief Executive Officer and Chairman of the Board of Directors of DeMarco Energy Systems. (EGVI.PK)
AW did sell the debenture for a $989,000 loss.
'On January 24, 2006, we sold these debentures to Shield Investments, Inc. for a purchase price of $500,000 payable in a promissory note bearing 5% annual interest and a term of five years'.
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Is it reasonable to conclude that a $1.5 million debenture would pay MODC more interest than the 500k promissory note that AW received for it? Why did AW sell the debenture and take a 989k loss?(one year after purchasing it). Could it be the other company (egvi.pk),that AW is CEO of, could not afford to pay MODC?
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No contact information on new website.(insightmedicalgroup.com). Does that mean no lease? Where is the 'detailed business summary'?
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High taxes in the USA? Come on AW, everybody has to pay their fair share. With that $100 million revenue 'projection' or was that 'prediction?', you can well afford to pay your fair share.
FDA approval? You stated FDA does not have jurisdiction. Just don't say 'diagnose'
A cancer detection system in a cancer diagnostic lab, that does not actually issue a diagnosis for cancer?
The diagnosis is up to whom ever sent in the sample?
Cancer diagnosis is not something that we do?
Regulatory issues not important for us. Not something that we bother over much about?
FDA does not have jurisdiction on this issue?
Company pr states:
‘Freeport is unburdened by the high taxes and heavy regulatory environment of the USA’
New website uses term ‘free of bureaucratic interference’
What does it all mean?
Does it even matter? After all, the cancer detection system is based on a theory.
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quote:Originally posted by richone: Now its on the pinks. You can add this to the list of AW's achievements. The man it truly a business genius. He has done nothing but dilute, dilute, dilute, making money off the suckers that continue to invest in his "schemes". The man should be investigated.
Notes maturing, dilution could be coming.
NOTE 21: CONVERTIBLE NOTES PAYABLE Convertible Long Term Debt consists of the following: Secured convertible Notes payable to AJW Offshore, Ltd, AJW Qualified Partners, LLC., AJW Partners, LLC, and New Millennium Capital Partners II, LLC in the amount of $2,000,000. The Notes were issued with Warrants to purchase 3,000,000 shares of our common stock. The secured convertible notes bear interest at 8%, mature January 24, 2007, and are convertible into Modern common stock.
The secured convertible notes bear interest at 8%, mature two years from the date of issuance, and are convertible into Modern common stock, at the investors' option, at the lower of $0.44 or 40% of the average of the three lowest intraday trading prices for the common stock on the Over-The-Counter Bulletin Board for the 20 trading days before but not including the conversion date.
quote:Originally posted by richone: Now its on the pinks. You can add this to the list of AW's achievements. The man it truly a business genius. He has done nothing but dilute, dilute, dilute, making money off the suckers that continue to invest in his "schemes". The man should be investigated.
Notes maturing, dilution could be coming.
NOTE 21: CONVERTIBLE NOTES PAYABLE Convertible Long Term Debt consists of the following: Secured convertible Notes payable to AJW Offshore, Ltd, AJW Qualified Partners, LLC., AJW Partners, LLC, and New Millennium Capital Partners II, LLC in the amount of $2,000,000. The Notes were issued with Warrants to purchase 3,000,000 shares of our common stock. The secured convertible notes bear interest at 8%, mature January 24, 2007, and are convertible into Modern common stock.
The secured convertible notes bear interest at 8%, mature two years from the date of issuance, and are convertible into Modern common stock, at the investors' option, at the lower of $0.44 or 40% of the average of the three lowest intraday trading prices for the common stock on the Over-The-Counter Bulletin Board for the 20 trading days before but not including the conversion date.
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Another trading week gone and no detailed business summary.
Why the delay?
From the January 5th pr:
Next week, we will release a detailed business summary with industry assumptions, industry data, sales projections and related risk factors next week as part of continuing effort to provide shareholders with timely information and regular updates on our progress. The release of this document will demonstrate the source of our projections and basis for all of our claims. The AnuCyte system and the market potential are founded on a solid reality of industry data and outstanding science. We have labored long to create this document set and look forward to its release to the public. Also, we will soon publish a comprehensive web-site for Insight Medical Group that contains detailed information on the science and the system.
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MODC (.045) Subsidiary Insight Medical Group Releases Business Plan for AnuCyte Cancer Detection System
PrimeZone "PrimeZone "
OXFORD, Miss., Jan. 29, 2007 (PRIME NEWSWIRE) -- Modern Technology Corp. (Pink Sheets:MODC), a bioscience technology development and acquisition company, announced today its new operations unit, Insight Medical Group, released its business plan for its AnuCyte Cancer Detection System.
The document covers our plans, assumptions, risk, target markets and revenue models and is intended to demonstrate Management's extensive research and basis for claims as well as provide important information for all stockholders or prospective stockholders. The document is extensively referenced and all claims are clearly demonstrated and explained.
The plan is available for download at the following web link:
Anthony Welch, Chairman, said, "As stockholders will see, our plans are well thought out, extensively referenced, and all of our claims and projections have a very clear basis demonstrated in multiple ways throughout the document. We want everyone to see and understand the profound nature of what we now do. I encourage every stockholder and prospective stockholder to read the document thoroughly. I daresay they will be hard pressed to find a more thoroughly referenced document or feel wanting for a more reasonably constructed revenue model. Also, we will soon release an update on our prospective funding for the cancer detection system as well as an update on the details of the InMarketing divesture."
About the AnuCyte Cancer Detection System
The AnuCyte Cancer Detection System is an automated machine that can rapidly detect any form of cancer. The system accurately identifies cancer at any stage in its development and also identifies healthy cancer-free cells in the same test within the same sample. The system eliminates heretofore unreliable, subjective, and error-prone pathology detection of cancer and delivers an automated and objective measurement of the presence or absence of cancer. The AnuCyte system is the first and only system in the world that uses the measurement of advanced chromosomal imbalance as the primary or sole means of detecting cancer. System testing in collaboration with the Cleveland Clinic and Texas Southwestern University demonstrated AnuCyte to successfully detect cancerous and precancerous cells in hundreds of cervical samples and scores of fine needle aspirates from breast tumors. The company is not aware of any automated system in the world more accurate, or even close to AnuCyte's accuracy.
About AnuCyte's Inventors:
The inventor of the AnuCyte system, Dr. David Rasnick, Ph.D. and his scientific research collaborator, Dr. Peter Duesberg, Ph.D., have been prominent names internationally for many years for their research and publications. On many occasions both have appeared internationally on television, in magazines, newspapers and scientific publications. Peter Duesberg is author of the widely available book, "Inventing the AIDS Virus." Investors may wish to read a recent article in Newsweek concerning the cancer research of Peter Duesberg: http://www.msnbc.msn.com/id/14757547/site/newsweek/
In 1970, Peter Duesberg isolated the first cancer gene through his work on retroviruses 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. He has been invited to become a Honorary Member of the World Innovation Foundation alongside 91 Nobel Laureates. (www.thewif.org.uk)
About Insight Medical Group and Modern Technology Corp.
Insight Medical Group, a wholly owned subsidiary, is a specialized biosciences development company whose mission is to bring world-changing medical technology and research to market in the areas of cancer and AIDS. The AnuCyte Cancer Detection System was invented by Dr. David Rasnick, Ph.D. The technology behind AnuCyte and the chromosomal imbalance theory is the result of 45 years of combined cancer research by Dr. David Rasnick, Ph.D. and Dr. Peter Duesberg, Ph.D., who continues his studies on cancer research at the University of California, Berkeley. Modern Technology Corp., a bioscience technology development and acquisition company, builds revenues through a model continuous growth, strategic acquisitions, and commercialization of nascent technology. MODC is a fully reporting public company with the U.S. Securities and Exchange Commission. For the company's SEC filings, visit www.sec.gov. The company's web address is: http://www.moderntechnologycorp.com.
Safe-Harbor Statement
This press release contains statements (such as projections regarding future performance) that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to those detailed from time to time in the Company's filings with the Securities and Exchange Commission.
CONTACT: Modern Technology Corp. Investor Relations: Anthony Welch (601) 213 3629 ir*moderntechnologycorp.com
-------------------- "Man who excels at putting worm on hook is Master Baiter"
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