Modern Technology Corp to Acquire Encore Energy, Adding Profitable Revenues and Over $1,000,000 in Assets
Monday January 28, 2:44 pm ET
OXFORD, Miss., Jan. 28 /PRNewswire-FirstCall/ -- Modern Technology Corp (Pink Sheets: MODC - News), a specialized holding company announced today it has entered into a Letter of Intent to acquire Encore Energy Systems (Pink Sheets: ENCS - News).
The Company has executed a Letter of Intent to acquire not less than 51% ownership in Encore. The acquisition terms include a tender 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 issued Convertible Preferred Stock at the stockholders' option. Encore stockholders may elect to sell MODC some, all or none of their ENCS shares. The Tender Offer portion of the acquisition is intended to give ENCS stockholders the opportunity to participate in the growth of two companies.
The prospective acquisition of Encore will add over $750,000 of profitable revenues from operations, over $1,000,000 in assets in the form of Convertible Debentures and includes the patent for the use of grey-water in heat-exchanger systems.
MODC intends to further build Encore's operations, revenue, shareholder equity, and increase the distribution of its grey-water patent. MODC will subsequently 'spin off' Encore and retain a minority equity position.
Complete details on the terms and conditions of the acquisition of Encore will be released in the coming days. Instructions for stockholders of Encore wishing to sell some or all of their shares to MODC will be released at that time.
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 builds revenues and asset value through a model continuous growth-by-acquisition and income derived from the sales of stock obtained from its portfolio of securities. The company's goal is to provide cash and stock dividends derived from its sale of securities and spin-off transactions to its stockholders as frequently as practicable. The most recent disclosures and information on the company can be found at
Pink Sheets | Electronic OTC Markets - Quotation, Trading Systems. The company's web address is:
www.moderntechnologycorp.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
Encore Energy Systems, Inc // Alternative Energy Sources and Technology.
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.
