MODEC Announces Resignation of Shashank Karve

Tokyo, Jun. 30, 2008

MODEC, Inc. announced that Mr. Shashank Karve, President & CEO of MODEC International LLC, will resign effective July 1, 2008.

Mr. Kenji Yamada, President & CEO, MODEC, Inc. added "Shashank advised us in January of his desire to step down and we are grateful that he has helped implement a reorganization plan. At MODEC's request, Mr. Karve agreed to stay through June 30th to assist with the reorganization and I am happy to report that the transition is working well."

"While we will miss his presence on a daily basis, I am pleased that he will continue to serve on the Board of Directors of MODEC, Inc. and thereby continue to provide guidance to the company," added Mr. Yamada. Under Mr. Karve's leadership, MODEC International grew substantially in the US and Singapore and established operating offices in Mexico, Brazil and West Africa.

Commenting on his departure, Karve said, "I have enjoyed my 18 years at MODEC and will fondly remember the friendships formed, the challenges overcome and the fun we had in building MODEC's international presence. I wish all of the MODEC staff the very best for the future and thank them, MODEC's customers and suppliers for supporting me through this exciting journey."