June 23, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Mount Knowledge Holdings, Inc. (MKHD.OB) said it has executed a non-binding letter of intent to acquire ownership of Mount Knowledge USA, Inc. 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.

To date, MTKUSA has completed approximately $1,100,000 in new financing to support the current sales and marketing efforts in China.

In September 2009, MTKUSA executed an agreement with Mount Knowledge, Inc. to acquire the rights to the sales agency agreement executed by Mount Knowledge, Inc. and Tianjin You He Trading Co., Ltd. in exchange for warrants in MTKUSA.

The sales agency agreement for China grants Tianjin You He Trading Co., Ltd. the rights to distribute the Knowledge Generator product utilizing various traditional marketing methods, at Tianjin You He Trading Co., Ltd's expense, but with support from MtK, Inc., subsequently MTKUSA, to train initial personnel on product functionality, features, etc., and to assist in the creation of marketing, branding and product identity tools and sales and marketing strategy, as needed.

The sales agency agreement is a five-year, plus five-year extended agreement.

A definitive purchase agreement is anticipated to be completed on or before June 30, 2010. 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.

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