Modern Technology Corp (Pink Sheets:MODC), a diversified technology development and acquisition company, released today a stockholder and operations update and its plans to declare a stock dividend.
We intend to declare a stock dividend within the next week. We will disclose details of the stock dividend related to our planned spin-off of our subsidiary, Inmarketing Group, in a Form 8-K filing with the SEC and a Press Release.
In 2004, the company paid a $383,697 cash dividend.
The company has paid stock dividends in addition to cash dividends. In October of 2001, we distributed a stock dividend of 403,000 shares in our portfolio company, Scientio, as part of a spin-off transaction. As of June 30, 1999, we distributed a stock dividend of 403,000 shares in our portfolio company, Coral Development Corp., as part of a spin-off transaction.
We intend to continue paying dividends as appropriate and as part of our anticipated subsidiary spin-off strategy. As we mature and grow our portfolio companies, it is only natural that a public spin-off transaction be considered. Each stockholder in MODC would receive stock in the new public spin-off company in addition to stock they already own in MODC. Our long-term plan is for stockholders to realize strong capital appreciation from their MODC stock as well as the appreciation of stock in the spin-off transactions.
During the three months ending September 30, 2006, we generated revenues of $3,085,878 versus $1,311,779 for the three months ended September 30, 2005, an increase of 235%. We also reported assets of $4,774,355. For complete details, please visit the SEC's website at www.sec.gov.
Anthony Welch, Chairman, said: "As promised, we will be declaring stock dividend. Details of this will be released next week and a dividend date set and disclosed in the appropriate regulatory filings. Concurrently with this stock dividend and spin off transaction, we will be launching Insight Medical Group into the cancer diagnostics market. Insight's website and related materials will be released to the public as part of this launch. The marketing team, laboratory set up, and system set up are all well underway.
"We feel our revenue results to date will pale in comparison to our revenue resulting from the AnuCyte system. The AnuCyte system will be patented internationally as soon as practicable to protect long term stockholder interest. Insight's cancer detection system is without any doubt or hesitation in stating, the single most accurate cancer detection technology in the world. Using a tissue sample it can detect any type of cancer. No other diagnostic system can even remotely approach this capability or accuracy.
"We stand ready to defend this claim with direct testing comparisons of all existing approaches to cancer diagnostics. The implications of this fact are staggering and we have little doubt AnuCyte will quickly become the de facto 'gold' standard for cancer diagnostics. We have a lot of exciting things to report regarding AnuCyte and Insight Medical. We will be releasing regular stockholder updates on this incredible new business unit."
More about the cancer diagnostic marketplace:
Prostate Cancer Diagnosis
Prostate tumors with an intermediate histological grade, which represent the majority of prostate tumors, cannot be reliably determined by current clinical laboratory methods. The AnuCyte system can rapidly and accurately test for prostate cancer. The system's test results provide the only clinically useful prognostic information for patients with these intermediate grade tumors.
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 entry into this market space will be the competition free market of 2-5 million (and rising) "ASCUS" (indeterminate) Pap smears generated annually.
The AnuCyte system is the only system in the world that measures aneuploidy in cervical smears. This measurement 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 AnuCyte 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 'AnuCyte 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 USA market. The international market is much larger and will be part of the company's initial marketing efforts alongside the USA.
About the AnuCyte Cancer Detection System
AnuCyte is the only system in the world that can detect all cancers by analyzing 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 AnuCyte 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.
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. Investors may wish to read a recent article in Newsweek concerning the cancer research of Dr. Duesberg:
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 diversified technology development and acquisition company, builds revenues through continuous growth, strategic acquisitions, and commercialization of nascent technology. MODC improves operating efficiencies through the elimination of cost redundancies and realized synergy between subsidiaries. MODC is a fully-reporting public company with the US Securities and Exchange Commission. For more information on the company's SEC filings, visit www.sec.gov. The company's web address is: http://www.moderntechnologycorp.com
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
(601) 213 3629