diff --git a/project.json b/project.json
index c86c16d..b37e9c8 100644
--- a/project.json
+++ b/project.json
@@ -1,7 +1,7 @@
 {
   "ProjectName": "ModuleTools",
   "Description": "ModuleTools is a versatile, standalone PowerShell module builder. Create anything from simple to robust modules with ease. Built for CICD and Automation.",
-  "Version": "1.1.0",
+  "Version": "1.1.3",
   "copyResourcesToModuleRoot": false,
   "Manifest": {
     "Author": "Manjunath Beli",
diff --git a/src/private/Build.Manifest.ps1 b/src/private/Build.Manifest.ps1
index 0fa0cdc..956be1b 100644
--- a/src/private/Build.Manifest.ps1
+++ b/src/private/Build.Manifest.ps1
@@ -13,15 +13,19 @@ function Build-Manifest {
     }
 
     $ManfiestAllowedParams = (Get-Command New-ModuleManifest).Parameters.Keys
-
+    $sv = [semver]$data.Version
     $ParmsManifest = @{
         Path              = $data.ManifestFilePSD1
         Description       = $data.Description
         FunctionsToExport = $functionToExport
         AliasesToExport   = $aliasToExport
         RootModule        = "$($data.ProjectName).psm1"
-        ModuleVersion     = $data.Version
+        ModuleVersion     = [version]$sv
     }
+        
+    if ($sv.PreReleaseLabel) {
+        $ParmsManifest['Prerelease'] = $sv.PreReleaseLabel 
+    } 
 
     # Accept only valid Manifest Parameters
     $data.Manifest.Keys | ForEach-Object {
diff --git a/src/public/UpdateModVersion.ps1 b/src/public/UpdateModVersion.ps1
index 6920265..ade6e1b 100644
--- a/src/public/UpdateModVersion.ps1
+++ b/src/public/UpdateModVersion.ps1
@@ -1,14 +1,17 @@
 <#
 .SYNOPSIS
-Updates the version number of a module in project.json file.
+Updates the version number of a module in project.json file. Uses [semver] object type.
 
 .DESCRIPTION
-This script updates the version number of a PowerShell module by modifying the project.json file, which gets written into module manifest file (.psd1).
-It increments the version number based on the specified version part (Major, Minor, Patch).
+This script updates the version number of a PowerShell module by modifying the project.json file, which gets written into module manifest file (.psd1). [semver] is supported only powershell 7 and above.
+It increments the version number based on the specified version part (Major, Minor, Patch). Can also attach preview/stable release to Release property of
 
 .PARAMETER Label
 The part of the version number to increment (Major, Minor, Patch). Default is patch.
 
+.PARAMETER PreviewRelease
+Use this to use semantic version and attach release name as 'preview' which is supported by PowerShell gallery, to remove it use stable release parameter
+
 .EXAMPLE
 Update-MTModuleVersion -Label Major
 Updates the Major version part of the module. Version 2.1.3 will become 3.1.3
@@ -24,28 +27,33 @@ function Update-MTModuleVersion {
     [CmdletBinding(SupportsShouldProcess = $true)]
     param(
         [ValidateSet('Major', 'Minor', 'Patch')]
-        [string]$Label = 'Patch'
+        [string]$Label = 'Patch',
+        [switch]$PreviewRelease,
+        [switch]$StableRelease
     )
     Write-Verbose 'Running Version Update'
 
     $data = Get-MTProjectInfo
     $jsonContent = Get-Content -Path $data.ProjecJSON | ConvertFrom-Json
 
-    $currentVersion = $jsonContent.Version
-    $versionComponents = $currentVersion.Split('.')
+    [semver]$CurrentVersion = $jsonContent.Version
 
-    # Increment the last component
-    switch ($Label) {
-        'Major' { $versionComponents[0] = [int]$versionComponents[0] + 1 }
-        'Minor' { $versionComponents[1] = [int]$versionComponents[1] + 1 }
-        'Patch' { $versionComponents[2] = [int]$versionComponents[2] + 1 }
+    $Major = ($Label -eq 'Major') ? ($CurrentVersion.Major + 1) : $CurrentVersion.Major
+    $Minor = ($Label -eq 'Minor') ? ($CurrentVersion.Minor + 1) : $CurrentVersion.Minor
+    $Patch = ($Label -eq 'Patch') ? ($CurrentVersion.Patch + 1) : $CurrentVersion.Patch
+    
+    if ($PreviewRelease) {
+        $ReleaseType = 'preview' 
+    } elseif ($StableRelease) { 
+        $ReleaseType = $null
+    } else {
+        $ReleaseType = $CurrentVersion.PreReleaseLabel
     }
     
-    # Join the version components back into a string
-    $newVersion = $versionComponents -join '.'
+    $newVersion = [semver]::new($Major, $Minor, $Patch, $ReleaseType, $null)
 
     # Update the version in the JSON object
-    $jsonContent.Version = $newVersion
+    $jsonContent.Version = $newVersion.ToString()
     Write-Host "Version bumped to : $newVersion"
 
     # Convert the JSON object back to JSON format