NOVI, Mich., Sept. 20, 2010 (GLOBE NEWSWIRE) -- Mount Knowledge Holdings, Inc. (OTCBB:MKHD), an educational software development, sales and training company offering innovative and proprietary services worldwide, today provided an update on its business activity for the first three quarters of 2010.
During the first three quarters of 2010, MKHD achieved some significant milestones. Some of the most important ones included: (a) becoming a fully-reporting and trading publicly company on the Over-the-Counter Bulletin Board (OTCBB) exchange, (b) executing letters of intent to acquire Mount Knowledge USA, Inc. and Language Key Training Ltd., and (c) continuing the development of sales and marketing opportunities in China.
"We believe that the potential acquisitions of Mount Knowledge USA and Language Key, combined with our respective management teams, create a remarkable opportunity for success," stated Daniel A. Carr, President and CEO of Mount Knowledge Holdings, Inc. "Our focus during the rest of this year will be to close both acquisitions, raise additional growth capital and to accelerate our Asian market plans. The acquisition of Language Key will be particularly important to us in that it gives us an established presence in Hong Kong and China complete with a world-renowned customer base and respectable revenue stream."
Quarter ending July 31, 2010
Mount Knowledge USA
Mount Knowledge USA (MTKUSA) was formed as a private company by the Company's executive team in September 2009 as a financing vehicle and to support sales and marketing efforts in China while the Company completed required regulatory filings to become a fully reporting and trading publicly company.
Since its inception, MTKUSA has raised approximately $1.5 million. Following the completion of the acquisition of Mount Knowledge USA, the Company will take over the business operations in China developed and supported by MTKUSA for the past year.
The Company anticipates the execution of a definitive agreement with Mount Knowledge USA, Inc. and closing date on or before October 31, 2010 to coincide with the Company's fiscal year-end.
Language Key
Established over 15 years ago in Hong Kong, Language Key offers English and communication skills training to Fortune 500 clients and provides the Company with an immediate "launching pad" into the Asian B2B market. Over the past six months, Language Key has been expanding its operations, including new contracts with world-renown clients such as: Deloitte, Adobe, and Oracle.
Language Key has unaudited consolidated revenues of estimated USD$1.6 million for the year ended December 31, 2009. Consolidated revenues for the year ending December 31, 2010 are projected to be in excess of USD$2,000,000, subject to fiscal year-end adjustments to coincide with MKHD's financial statements.
The Company anticipates the execution of a definitive agreement with Language Key on or before September 30, 2010 with a closing date of on or before October 31, 2010 to coincide with the Company's fiscal year-end.
At this time the Company has not entered into definitive agreements for Mount Knowledge USA and Language Key. Additional information on both transactions can be found in Mount Knowledge Holdings' 8K and 10Q filings with the Securities and Exchange Commission.
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 which is a 21st century learning tool using a constructivism approach. The products are 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.
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 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.
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 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.