PNC - Pinnacle Technology Holdings Limited - Update announcement on the

PNC - Pinnacle Technology Holdings Limited - Update announcement on the         
acquisition of 100% of the equity of Axiz Technology (Proprietary) Limited      
Pinnacle Technology Holdings Limited                                            
(Incorporated in the Republic of South Africa)                                  
(Registration number 1986/000334/06)                                            
Share code: PNC    ISIN: ZAE000022570                                           
("Pinnacle" or "the Company")                                                   
UPDATE ANNOUNCEMENT ON THE ACQUISITION OF 100% OF THE EQUITY OF AXIZ TECHNOLOGY 
(PROPRIETARY) LIMITED ("AXIZ")                                                  
Shareholders are referred to a detailed terms announcement dated 20 July 2010   
where they were advised that Pinnacle has entered into an agreement to acquire  
100% of the issued equity of Axiz.                                              
Shareholders are hereby advised that the Company has received Competition       
Commission approval. The remaining conditions precedent are expected to be      
fulfilled within the next two weeks.                                            
Midrand                                                                         
29 October 2010                                                                 
Legal Advisor                                                                   
Tugendhaft Wapnick Banchetti and Partners                                       
Sponsor                                                                         
Deloitte & Touche Sponsor Services (Pty) Limited                                
Date: 29/10/2010 15:45:01 Supplied by www.sharenet.co.za                     
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