NOVI, Mich., Oct. 29, 2010 (GLOBE NEWSWIRE) -- Mount Knowledge Holdings, Inc. (OTCBB:MKHD) (the "Company"), an educational software development, sales and training company offering innovative and proprietary learning products and training services worldwide, announced on October 29, 2010, it executed an amendment of the definitive agreement dated October 5, 2010 with The Language Key Training Ltd. and its shareholders to extend the closing date and other deadlines to December 31, 2010 due to regulatory requirements in the U.S., Hong Kong and mainland China.
The extension is required to complete certain regulatory compliance requirements of one or more of the entities represented in the definitive agreement prior to a closing. Any additional amendments to the definitive agreement are expected to be set forth in one or more subsequent amendments to the definitive agreement. Any such subsequent amendments are expected to be executed on or before December 31, 2010 with a simultaneous or subsequent date of closing, to be mutually agreed to by the Company and sellers.
"By moving the closing date, we are ensuring that the necessary steps to remain compliant with the governing areas are adhered to so we can move forward with our rapid growth plan without impediment in 2011," commented Daniel A. Carr, President and CEO of Mount Knowledge Holdings, Inc.
Upon the completion of the purchase of Language Key, the Company will own the assets of Language Key Asia Ltd, a to be formed parent entity, and its operational subsidiaries, making the entities wholly-owned and operated subsidiaries of the Company, pursuant to a parent-subsidiary Language Key restructuring plan. The closing is scheduled on or before December 31, 2010 upon completion of all required actions, including the completion of consolidated and audited financial statements of Language Key.
About Language Key
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 Language Key China Ltd. was set up in Hong Kong and its Wholly-Owned Foreign Enterprise ("WOFE") Shanghai subsidiary was set up in the same year. The WOFE has since registered branch offices in Beijing and Guangdong. All Language Key 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 www.sec.gov/" target="_top" rel="nofollow">http://www.sec.gov.