Penny King Holdings Corporation Finalizes Acquisition of 3,000,000 Shares of eKnowledge
WASHINGTON, D.C. & CORONA, Calif.--(BUSINESS WIRE)--March 11, 2002--
Penny King Holdings Corporation Finalizes Acquisition of 3,000,000
Shares of eKnowledge and Facilitates a $50 Million Contract for
eKnowledge Group to Help Build a Free and Clear America
Penny King Holdings Corporation, (PKH) one of the fastest growing private investment holding companies in America and eKnowledge Group, Inc. (OTCBB:EKNO - news) jointly announced today that PKH has acquired 3,000,000 shares of eKnowledge Group, Inc. common voting stock in a private transaction valued at $1.5 million.
EKNO announced today that it has entered into a 10 year development agreement with The Free and Clear Foundations of America, Inc., a non profit charitable organization headquartered in Washington D.C. which will compensate EKNO with a projected minimum revenue of $5 million per year with projected EBITDA earnings of at least .10 cents per share annually.
PKH and EKNO have continued their discussions for a licensing arrangement for a new technology known as ThoughtWare as it applies to the field of education. ``This technology will allow users of any handheld or desktop device to communicate commands to computer networks without a keypad, mouse, keyboard or voice recognition,'' a spokesperson for PKH stated. Background on this type of technology may be found at www.ibva.com.
Both companies acknowledged that they are in serious discussions about financing plans for a stock buyback, acquisitions, and long term funding through the Free and Clear Bancorporation, a development stage financial services holding company controlled by PKH which will underwrite Zero Interest Mortgages, Zero Interest Credit Cards, and Zero Interest Auto Loans from applications on the Foundations web site and syndicate them to various global investors internationally.
About Penny King Holdings Corporation
Penny King Holdings Corporation is a private Delaware Investment Holding Company owned and controlled by Hungarian born financier Gabor Sandor Acs who has 22 years experience in the finance, real estate, venture capital, and world financial markets. PKH is in the process of facilitating over $2 billion in capital investments to a diverse set of publicly owned companies in the United States, Canada and Hungary.
About the Free and Clear Foundations of America, Inc.
The Free and Clear Foundations of America, Inc. was founded by Gabor Sandor Acs, a retired international financier. The Foundations intend to market two eBooks online through www.freeandclearfoundations.org written by the Founder called, ``50 Ways to Leave Your Landlord'' and ``Freenomics: The Modern Science of Free Economics'' as well as provide online applications to anyone who wishes to own their home free and clear in less than a decade using a Zero Interest Mortgage.
About eKnowledge
eKnowledge Group, Inc. is a multifaceted e-learning provider with content in the corporate and local government compliance areas as well as other e-learning offerings. eKnowledge also facilitates customized e-learning by designing or implementing other organizations' training, education, marketing, and other programs for delivery over the Internet or on CD-ROM or DVD. Recently eKnowledge launched www.preventionpoint.com a Human Resources Training and Vendor resource solution in conjunction with Fisher & Phillips LLC.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words ``believes,'' ``expects,'' ``anticipates'' or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of eKnowledge Group Inc. (the company) to differ materially from those expressed or implied by such forward-looking statements (such factors include, among others, the risk factors contained in the company's Annual Reports and other filings with the Securities and Exchange Commission). Actual results could differ materially from those anticipated due to risk factors that include, but are not limited to, lack of timely development of products and services; lack of market acceptance of products, services and technologies; inadequate capital; adverse government regulations; competition; inability to earn revenue or profits; dependence on key individuals; inability to obtain or protect intellectual property rights; inability to obtain listing for the company's securities; lower sales and higher operating costs than expected; technological obsolescence of the company's products; limited operating history and risks inherent in the entertainment, telecommunications, technology and education industries.
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Contact:
eKnowledge Group, Inc.
Investor Relations: Current Capital
Robert Kennedy, 877/859-5200
or
Penny King Holdings Corporation
Gabor Sandor Acs, 240/274-4040
www.thepennyking.com
Penny King Holdings Corporation, a Delaware Investment Holding Company.
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