SOURCE: Microholdings US

December 30, 2010 09:45 ET

Microholdings US, Inc., Announced Today That It Has Signed Its Second Definitive Agreement in as Many Days to Purchase ConnectIT Networks, Inc.

VANCOUVER, WA and PORTLAND, OR--(Marketwire - December 30, 2010) - Microholdings US (PINKSHEETS: MCHU) announced today that it has signed a definitive agreement to purchase ConnectIT Networks, Inc. in addition to its announcement yesterday to purchase The Racers Edge, Inc.

ConnectIT Networks, Inc. is an innovative business Technology Support and Service Company based on the belief that a Managed Service Provider (MSP) can provide quality outsourced IT support and service. 

James Wheeler, Chairman/CEO, stated: "We are pleased to announce our due diligence is complete and we have signed a definitive agreement to purchase ConnectIT Networks." This is the second acquisition for MCHU this week and management feels confident that ConnectIT Networks will also increase shareholder value going into 2011. Mr. Wheeler continues: "We are excited that we are closing out 2010 with two new acquisitions and are looking forward to a very successful 2011 for MCHU as well as our faithful shareholders." The closing will take place on January 1, 2011 to make the financial reporting easier on both companies. For more information visit our company web-sites at www.microholdingsus.com, www.connectitnetworks.com or www.theracersedge.us.

About Microholdings US:
MICROHOLDINGS US, INC. IS INCORPORATED IN THE STATE OF OKLAHOMA AND HAS BEEN IN OPERATION SINCE OCTOBER 1998. IT IS CURRENTLY A PUBLICLY TRADED COMPANY, TRADING ON THE PINKSHEETS UNDER THE SYMBOL: MCHU.PK.

Microholdings US, Inc. is committed to diversifying our portfolio of companies with synergistic business opportunities that will allow us to grow exponentially. 

About ConnectIT Networks, Inc.:
ConnectIT Networks, Inc. is an innovative business Technology Support and Service company based on the belief that a MSP (Managed Service Provider) can provide quality outsourced IT (Information Technology) support and service to SMB companies who operate or need to operate their business electronically. ConnectIT Networks, Inc. provides real-time network and systems monitoring, reporting and technical support for its customers, as well as remote help desk support and on-site support services.

ConnectIT Networks, Inc. has strong technology partnerships with industry leaders such as Cisco Systems, Dell Computers, Microsoft, Barracuda Networks, Acronis, VMWare, Panterra Networks & N-able Technologies.

Certain Information
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of MCHU officials are "Forward-Looking Statements": within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Certain statements in this news release may contain forward-looking information and are based on Management's current expectations, estimates and projections subject to change. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," "estimates" and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements. Unless legally required, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The Company disclaims any information that is created or distributed by any outside party and endorses only information that is communicated by its official Press Releases.

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