Modern Technology Corp. (OTC BB:MOTG), a business development and acquisition company, announced today that it has entered into an agreement with four institutional investors, who provided MOTG with $3.5 million in financing through the sale of $2,000,000 in 8% Senior Secured Convertible Redeemable Notes and $1,500,000 in Series A Preferred Stock. The investors also received three million warrants.
This funding transaction allows MOTG to complete its acquisition of Sound City and provides operational funding. MOTG utilized $1,500,000 of the financing to purchase a $1.5 Million Convertible Debenture in DeMarco Energy Systems of America, Inc. (Pink Sheets:DMES).
MOTG continues to execute its strategy of growth through strategic acquisitions, market development and revenue expansion.
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 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.
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.