BEIJING, Nov. 4, 2010 (GLOBE NEWSWIRE) -- The Language Key China Ltd., Hong Kong, a provider of business English and communication skills training, announced that in May 2010, The Language Key (Shanghai) Consultation Ltd., its Wholly Owned Foreign Enterprise (WOFE) in Mainland China, signed an agreement with Deloitte Touche Tomatsu CPA Ltd. to conduct a series of business English language training programs for its Beijing, Shanghai, and Guangzhou offices.
"Deloitte Touche Tomatsu CPA Ltd. is an important client for The Language Key," stated Dirk Haddow, CEO of The Language Key China Ltd., Hong Kong. "We are honored that they continue to work with us, and we believe that retaining such prestigious clients is a function of our unyielding focus on delivering high-quality training programs."
About Deloitte Touche Tomatsu CPA Ltd.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 140 countries, Deloitte brings world-class capabilities and deep local expertise to help clients succeed wherever they operate. Deloitte's approximately 169,000 professionals are committed to becoming the standard of excellence.
In China, services are provided by Deloitte Touche Tohmatsu and Deloitte Touche Tohmatsu CPA Limited and their subsidiaries and affiliates. Deloitte Touche Tohmatsu and Deloitte Touche Tohmatsu CPA Limited are, together, a member firm of Deloitte Touche Tohmatsu Limited.
Deloitte China is one of the leading professional services providers in the Chinese Mainland, Hong Kong SAR and Macau SAR. Deloitte China has over 8,000 people in 14 offices in Beijing, Chongqing, Dalian, Guangzhou, Hangzhou, Hong Kong, Macau, Nanjing, Shanghai, Shenzhen, Suzhou, Tianjin, Wuhan and Xiamen.
As early as 1917, Deloitte China opened an office in Shanghai. Backed by Deloitte China's global network, Deloitte China delivers a full range of audit, tax, consulting and financial advisory services to national, multinational and growth enterprise clients in China.
Deloitte China has considerable experience in China and has been a significant contributor to the development of China's accounting standards, taxation system and local professional accountants. Deloitte China also provides services to around one-third of all companies listed on the Stock Exchange of Hong Kong.
About The Language Key China Ltd.
The Language Key China Ltd., along with its Hong Kong affiliate, The Language Key Training Ltd. (collectively, "The Language Key"), is a leading provider of Corporate Training Solutions in Greater China, with operations in Hong Kong, Shanghai, Beijing, and Shenzhen. The Language Key provides 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.
Executed Definitive Agreement – Mount Knowledge Holdings, Inc.
As disclosed in its Current Report on Form 8-K filed with the United States Securities and Exchange Commission (the "SEC") on October 8, 2010, on October 5, 2010, Mount Knowledge Holdings, Inc. (OTCBB:MKHD) executed a definitive agreement to acquire The Language Key group of companies, a business English and communication skills training organization based in Asia. Upon the completion of the purchase, Mount Knowledge Holdings, Inc. will own the assets of Language Key Asia Ltd., a to be formed parent entity of The Language Key group of companies, and its operational subsidiaries, making the entities wholly-owned and operated subsidiaries of Mount Knowledge Holdings, Inc., pursuant to a parent-subsidiary Language Key restructuring plan.
Pursuant to an amendment to the definitive agreement, and as disclosed in Mount Knowledge's Current Report on Form 8-K filed with the SEC on October 29, 2010, the closing is scheduled to occur on or before December 31, 2010 upon completion of all required actions, including the completion of consolidated and audited financial statements of Language Key to coincide with Mount Knowledge Holdings, Inc.'s fiscal year end of October 31, 2010. Factors and events that may arise may adversely affect the timing or ability of the parties to complete the transactions contemplated in the definitive agreement and the ability of both companies to satisfy all necessary closing conditions, including without limitation completion of Language Key's audit and restructuring plan. Accordingly, there is no guarantee that a closing of the transactions contemplated by the definitive agreement, as amended, will occur. Shareholders of, and potential investors in, Mount Knowledge are strongly cautioned not to place any undue reliance on the disclosures statements herein regarding the The Language Key China Ltd.'s entry into a contract with Deloitte Touche Tomatsu CPA Ltd.
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. Forward-looking statements speak only as of the date they are made, are based on various underlying assumptions and current expectations about the future. We caution readers that any forward-looking statements are not guarantees of future performance and that actual results could differ materially from those contained or implied in the forward-looking statements. Such forward-looking statements include, but are not limited to, statements about the definitive agreement, as amended, and the business combination transactions contemplated thereby involving Mount Knowledge Holdings, Inc. and Language Key Training Ltd., including the anticipated date on which such proposed transactions may close, future financial and operating results, the combined company's plans, objectives, expectations and intentions and other statements that are not historical facts. While we cannot predict all of the risks, uncertainties and factors, the following risks, uncertainties and factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: factors that affect the timing or ability to complete the transactions contemplated in the definitive agreement; the ability of both companies to satisfy all necessary closing conditions; the risk that the business will not be integrated successfully; the risk that cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with lenders, other counterparties, or employees; competition and its effects on pricing, spending, third-party relationships and revenues; the failure of the companies to successfully execute their business plans, gain access to additional financing and the cost of capital. Additional factors that may affect future results include Mount Knowledge's 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 and application development, technical issues beyond our control, reliance on the various platforms that we build applications on, and risks inherent in our operations. Additional factors that may affect future results are contained in Mount Knowledge's s public filings with the SEC, which are available from at the SEC's website at http://www.sec.gov.
All future written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referenced above. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. We assume no obligation to update any forward-looking statements or other information in this press release.