Preachers Coffee Inc. and Modern Energy Corp. announced the signing of a Joint Venture Agreement on the Technical Management and Operating Contract of a 36,103 Acres of Agricultural and Forest Land which is under a Community-Based Forest Management Agreement (CBFMA) of the Government of the Philippines, in partnership with the Manobo Indigenous Community Cooperative on Mindanao island in the Philippines. The Joint Venture Agreement has a 25 Year CBFMA Contract and an indefinite extension since it was appropriated in an Ancestral Domain Land Management for the Manobo Indigenous Communities. The Manobo Indigenous Communities has the Ancestral Domain Rights to the land and their Community Cooperative was for purposes of Agricultural and Forest Management to improve their living standard. The Joint Venture Technical Management and Operating Contract for the 36,103 acres will allow financial assistance and technical management to be provided by Preachers Coffee Inc. and Modern Energy Corp.

Effective April 25, 2008, Modern Energy Corp. will change its OTCPK stock ticker symbol to MDRG from MDNO.