VANCOUVER, WA--(Marketwire - June 01, 2011) - MicroHoldings US, Inc. (PINKSHEETS: MCHU) today announced its 1st quarter financials report since the purchase of its two subsidiaries in January 2011.
As of March 31, 2011, first quarter unaudited revenues were approximately $39,365. This compares with first quarter 2010, posting revenues of $0.00 representing MCHU’s 1st significant revenues since early 2006. This revenue reflects revenue for The Racers Edge and ConnectIT Networks both purchased by MCHU in January 2011. The company’s cash position improved from $525.00 in March 2010 to $35,912 for the 1st quarter of 2011. Total assets increased to $3,780,380. The full financial statement can be found on www.otcmarkets.com
James Wheeler, CEO of MicroHoldings US, stated: “In the 1st 90 days of 2011 MCHU has taken many steps to improve its financial condition and benefits to its shareholders. With the purchase of its two new subsidiaries we have posted our 1st revenue of the year. We believe that with the purchase of The Racers Edge and ConnectIT Networks, 2011 will be a banner year for MCHU. MCHU has started a major Television advertising campaign for The Edge Pain and Performance Chips and we believe this will have a major impact on sales going into the 3rd and 4th quarters of 2011.”
About MicroHoldings US, Inc.: MCHU is incorporated in the state of Oklahoma and has been in operation since October 1998. It is currently a publicly traded company, trading under the symbol: MCHU. For more information contact investor@microholdingsus.com, for the latest company information or visit our website at www.microholdingsus.com, www.theedgechip.com, www.connectitnetworks.com
About The Edge Chip, Inc.: Products were created out of a need for a safe alternative to “over the counter” or prescribed medications to provide energy, stamina, and pain relief for athletes. The Pain Management Chips, circular in appearance, are designed to reduce aches and pains of those suffering from minor everyday aches to chronic discomforts from injury. The Energy / Performance Chips are roughly half the size of a standard postage stamp and have all the energy of a sugar and caffeine-laden energy drink without any harmful ingredients or chemicals entering the body and without the crashes.
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 partnerships with Cisco Systems, Dell Computers, and Microsoft Technologies.
Safe Harbor Statement
Forward looking Statement: Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the failure to complete successfully the development of new or enhanced products, the Company’s future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any actions by the Company’s partners that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, seasonal changes, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release.
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