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Encore Energy Systems to Be Acquired as Portfolio Company of Modern Technology Corp
BRIGHTON, Mich., March 12, 2008 /PRNewswire-FirstCall via COMTEX/ -- Encore Energy Systems (Pink Sheets: ENCS) announced today it will be acquired by Modern Technology Corp (Pink Sheets: MODC). The terms include an offer to existing Encore shareholders of not less than $0.01 (One Cent) per share paid in a combination of MODC Common Stock or MODC Convertible Preferred Stock at the stockholders' option. Stockholders are not required to sell any shares and will not lose their ownership interest in Encore.
The acquisition of Encore intends to facilitate investment for growth and build shareholder equity in preparation for a subsequent spin-off or sale of Encore.
MODC intends to further build Encore's operations, revenue, shareholder equity, and increase the distribution of its grey-water patent and related systems.
Encore and MODC are actively communicating with various potential merger partners to increase stockholder equity through a revenue and asset enhancing business combination. The companies will release updates on the planned business combination soon.
Encore Energy or Energy Vision International Stockholders who wish to redeem their stock or have further questions must email their stockholder information to shares*encoreenergyinc.com
About Encore Energy
Encore Energy owns the patents for the use of grey-water, and domestic water in heat exchanger systems. They also provide all forms of conventional geothermal heat exchange systems. See video at http://www.encoreenergyinc.com.
About Modern Technology Corp
Modern Technology Corp is a specialized holding company focusing on the purchase of convertible debt instruments and majority control of public companies for execution of a 'turn-around' strategy and subsequent spin-off. 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. The company's web-site version of this press release contains various RISK FACTORS (and are incorporated herein by reference) and should be read before any investment decision.
Investor Relations:
Contact: Encore Energy Systems, Inc. Investor Relations 1-888-234-0963 info*encoreenergyinc.com
Estimated Market Cap 65,000 as of Mar 11, 2008 Outstanding Shares 130,000,000 as of Jan 24, 2008 Authorized Shares 900,000,000 as of Jan 24, 2008 Number of Share Holders of Record 470 as of Aug 17, 2007 Float 130,000,000 as of Jan 24, 2008
Posts: 6 | Registered: Mar 2008
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Just so you know, the way this works is, you will get some amount of shares of MODC taht are "worth" .01, but by the time the transaction is complete, your shares will have beeen diluted down to virtually no worth.
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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quote:Originally posted by PCola77: Just so you know, the way this works is, you will get some amount of shares of MODC taht are "worth" .01, but by the time the transaction is complete, your shares will have beeen diluted down to virtually no worth.
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This one may be one to watch...could make a little push up. It will not get anywhere near the "buyout" of .01, but could easily double from it's Friday close of .0008
Posts: 781 | From: NE PA | Registered: Jan 2006
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