OXFORD, Miss., Feb. 2, 2005 (PRIMEZONE) -- Modern Technology Corp. (OTCBB:MOTG), a business development and acquisition company, announced today that it has acquired a $1.5 million Convertible Debenture in DeMarco Energy Systems of America, Inc. (Pink Sheets:DMES).
MOTG's acquisition of this Debenture places DeMarco Energy's major debt under new ownership and under direct management by MOTG. MOTG is focusing DeMarco Energy on a rapid turnaround strategy based upon balance sheet restructuring, marketing its patented technology, and seeking acquisitions congruent with energy conservation and industrial heating and cooling systems. Additionally, MOTG is currently working to bring DeMarco Energy back to full compliance with it SEC reporting requirements and re-list the company on the OTCBB.
"This is an important addition to our portfolio," said Anthony K. Welch, chairman of Modern Technology Corp. "Coming under the Modern Technology Corp umbrella allows DeMarco Energy to revitalize its operations and embrace an expanded vision through growth-by-acquisition of energy conservation companies."
With this acquisition, MOTG continues to execute its strategy of growth through strategic acquisitions, market development and revenue expansion. The MOTG acquisition model seeks to consistently build market value while simultaneously mitigating, or eliminating, negative dilution of common stock. MOTG recently added Sound City, Inc. (http://www.soundcity.com) to its portfolio of companies, and will continue to announce additional acquisitions. MOTG plans to release details on its growth and revenue projections for 2005 and its plans for listing its Common Stock on a larger exchange in the future.
About DeMarco Energy Systems of America, Inc.
DeMarco is engaged in the marketing of its patented geothermal water-air heating/cooling systems, energy audits, energy related equipment, and the sales and servicing of commercial air filtration devices. DeMarco currently has installations in Oregon, Pennsylvania, Washington, Montana, South Dakota, Mississippi, California and Texas. DeMarco's first patent was granted on Sept. 3, 1985. The process used the municipal water main to withdraw water and return water to it after passing through the heat exchanger. The water was not changed in any way and the equipment cost was the same as a conventional unit. DeMarco was granted a new patent on Aug. 12, 2003, using the same principle as the first patent, but instead uses a reuse water line instead of the municipal water main. The cost of installing this geothermal application is less than half the cost of a normal geothermal installation. This patent has the greatest potential for revenue and profit of any product within DeMarco Energy. For more information, visit the company's web site at: http://www.demarcoenergy.com
About Modern Technology Corp.
Founded in 1982, Oxford, Mississippi-based Modern Technology Corp (MOTG) is a business development and acquisition company, focused on growth by strategic acquisitions and subsequent market and revenue expansion. MOTG provides business infrastructure, substantial intellectual capital, strategic investments, and ongoing support and revenue growth assistance to each individual company within its portfolio. In addition, MOTG provides mentoring and assistance through collective operations experience, significant industry contacts, and strategic and tactical advice. The company's mission is to consistently build shareholder equity through accretive acquisitions, to continue providing both stock and cash dividends to its shareholders, and to create and promote synergistic relationships among portfolio companies and affiliates. For more information, visit the company's web site at: 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.