NOVI, Mich., June 21, 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, today announced that on May 6, 2010, it executed a non-binding Letter of Intent with The Language Key Training Ltd., Hong Kong ("Language Key"), to purchase approximately ninety-five (95%) percent or more ownership of Language Key and its subsidiaries, making the entities wholly-owned and operated subsidiaries of the Company.
"We are very pleased with the opportunity to acquire a boutique operation in Hong Kong with great market recognition and a considerable list of clientele managed by a well-seasoned executive team," stated Daniel A. Carr, President and CEO of Mount Knowledge Holdings, Inc. "Our Company's products and services fit nicely into the Business-to-Business (B2B) market that Language Key serves which was a secondary market for us, but has become a focal point of our business objectives considering we now have an immediate audience, market traction and revenues."
For the year ending December 31, 2009, Language Key collectively generated approximately (unaudited) USD $1,600,000 in combined revenues from its Hong Kong and China operations and is projected to achieve revenues in excess of (unaudited) USD $2,000,000 for the year ending December 31, 2010.
Dirk Haddow, CEO of Language Key Training, Ltd., commented, "We have spent the past 15-plus years building a well respected Business English and Communication Skills training company serving the Hong Kong and China markets. However, new technology is a vital component of the business in terms of consumer demands and staying competitive. We see the products and services offered by Mount Knowledge will provide us with a significant competitive edge. We look forward to integration of Mount Knowledge learning software into our business offerings."
A definitive purchase agreement is anticipated to be completed on or before June 30, 2010. – (Please refer to the Form 8k filed on April 27, 2010 for more information). 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.
About The Language Key Training Ltd.
The Language Key Training Ltd. was set up in Hong Kong in 1994 and is now an established business English and communication skills training consultancy. In 2002, the company set up The Language Key China Ltd. as a Wholly-Owned Foreign Enterprise (WOFE) headquartered in Shanghai, and has since registered branch offices in Beijing and Guangdong. Both entities provide generic and tailored Business English and Communications Skills courses, Soft Skills workshops, Executive Coaching and other related services to public and private sector clients, including government entities in Hong Kong and Mainland China and many Fortune 500 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(TM)," integrated into a core application known as the "Knowledge Generator(TM)," 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.