NOVI, Mich., Oct. 26, 2010 (GLOBE NEWSWIRE) -- Mount Knowledge Holdings, Inc (the "Company") (OTCBB:MKHD), an educational software development, sales and training company offering innovative and proprietary learning products and training services worldwide, announced that on October 26, 2010, it executed an extension of the effective period of the non-binding Letter of Intent to acquire one hundred percent (100%) ownership of Mount Knowledge USA, Inc. ("MTKUSA") in a Stock Purchase and Share Exchange Agreement.
MTKUSA is a U.S. based sales and marketing company formed in September 2009 for the purposes of distributing Mount Knowledge™ products domestically and internationally to a variety of customers, including individuals, schools, government agencies, and corporations, primarily in China.
The modified extension is required for Mount Knowledge USA, Inc. to complete the current offering. Both parties agree that MTKUSA shall be allowed to continue to raise funds until the closing date, at which time MTKUSA shareholders of record would be acknowledged and included in the executed Stock Purchase and Share Exchange Agreement.
"Our intention was to complete this transaction sooner, however, we did not want to disrupt the current financing efforts of MTKUSA," stated Daniel A. Carr, President and CEO of Mount Knowledge Holdings, Inc. "With MTKUSA currently funding new technology achievements and continued sales and marketing in China, the Company only stands to benefit by waiting for MKTUSA to close their current round of financing. We feel confident that this acquisition will be completed by the end of the year, allowing us to enter 2011 with a stronger financial and market position."
The initial agreement between the Company and MTKUSA was executed on April 26, 2010 and a definitive purchase agreement is expected to be completed on or before December 31, 2010, with a subsequent closing date to be mutually agreed by both parties. However, to date no definitive agreement has been entered into by the parties and it is possible that the companies will not finalize such agreement. Additional information can be found in the Form 8K filed on October 26, 2010 with the Securities and Exchange Commission.
About Mount Knowledge USA, Inc.
Mount Knowledge, USA, Inc. is a privately-held Nevada corporation formed in September 2009. The Company was incorporated by Erwin Sniedzins of Mount Knowledge Inc ("MtK, Inc"), a Canadian R&D Company, the founder and author of the Mount Knowledge™ learning products, as a marketing and sales company. The primary mission of MTKUSA is to market, sell and distribute a proprietary Real Time Self Learning System ("RTSL") software application referred to as the Knowledge Generator™ product, domestically and internationally to a variety of customers, including individuals, schools, government agencies, and corporations.
About Mount Knowledge Holdings Inc.
Mount Knowledge Holdings, Inc. (OTCBB:MKHD) is an educational software development, sales and training company offering innovative and proprietary "real-time self learning" software products and teaching services for both corporate and direct consumer markets worldwide. The Company's technology stems from an interactive and visual learning system referred to as "Syntality,"ä integrated into a core application known as the "Knowledge Generator,"ä and is currently being offered in China to the more than 300 million students from grade school to university seeking to learn English, and a vast number of people in the Chinese workplace increasing their English fluency to achieve greater income earning potential.
Forward-Looking Safe Harbor Statement:
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. There are a number of factors that could cause actual results and developments to differ materially from forecasted results. These risks and uncertainties include our ability to: attract members; convert members into paying subscribers and retain our paying subscribers; our ability to successfully implement our current long-term growth strategy; as well as product demand, market competition, fluctuations in advertising payouts, reliance on credit card processors and related necessary merchant account approvals, delays in website & application development, technical issues beyond our control, reliance on the various platforms that we build applications on, and risks inherent in our operations. For a discussion of these risks and uncertainties, please see our filings with the Securities and Exchange Commission. Our public filings with the Commission are available from commercial document retrieval services and at the website maintained by the Commission at http://www.sec.gov.