PNC - Pinnacle Technology Holdings - Update announcement on the acquisition of

PNC - Pinnacle Technology Holdings - 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 the SENS announcements dated 20 July 2010 and 29   
October 2010, where they were advised that Pinnacle had entered into an         
agreement to acquire 100% of the issued equity of Axiz ("the transaction"),     
subject to certain conditions precedent being met.                              
The Board of Directors of Pinnacle is pleased to announce that all of the       
conditions precedent have been met and that the transaction is therefore        
unconditional and materially completed.                                         
For the 12 months ended 31 December 2009, Axiz`s audited consolidated Financial 
Results reflected Revenue of R1,755,259,531 and Net Profit after Taxation       
("NPAT") of R18,287,157. Shareholders are reminded of Pinnacle`s stated long    
term intention to materially increase NPAT as percentage of Revenue for its new 
subsidiary.                                                                     
The Pinnacle unaudited interim results for the 6 months ending 31 December 2010 
will be announced during the week beginning 21 February 2011.                   
Midrand                                                                         
24 November 2010                                                                
Legal Advisor                                                                   
Tugendhaft Wapnick Banchetti and Partners                                       
Sponsor                                                                         
Deloitte & Touche Sponsor Services (Pty) Limited                                
Date: 24/11/2010 13:06:01 Supplied by www.sharenet.co.za                     
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