BOCA RATON, Fla., April 27, 2011 (GLOBE NEWSWIRE) -- Genesis Group Holdings, Inc. (OTCBB:GGHO) ("GGHO" or the "Company") is moving forward on its acquisition of Premier Cable Designs Inc. ("PCD") ( see also ); a full service telecomm engineering firm based in Valrico, Florida. A definitive agreement to acquire PCD was finalized last week, subject to the completion of due diligence.
The Company will acquire PCD for approximately 2.1 million shares of GGHO stock plus additional stock compensation based on the income of PCD over a thirty month period following closing. The parties expect to close the transaction next month. Gideon Taylor, CEO of Genesis, stated that "we are excited about the acquisition of PCD. We believe that PCD's existing relationships provide an opportunity for significant additional revenue and earnings to our Company and value to our shareholders,"
About Genesis Group Holdings, Inc.
Genesis Group operates through its wholly owned subsidiary, Digital Comm Inc. (DCI). The Company provides turnkey operations in outside plant construction, voice-data network technologies, utility infrastructure-- water, sewer, electric, gas, fiber/copper buried and aerial cable. DCI now has master contracts with ATT, Verizon, and other communications providers.
FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 (the "PSLRA") provides a "safe harbor" for forward-looking statements so long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in such statements.
Statements contained herein that are not based on historical fact, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "could" and other similar expressions, constitute forward-looking statements under the PSLRA. GGHO.PK intends that such forward-looking statements be subject to the safe harbor created thereby. Such forward-looking statements are based on current assumptions but involve known and unknown risks and uncertainties that may cause the Company actual results, performance or achievements to differ materially from current expectations. These risks include economic, competitive, governmental, technological and other factors discussed in the Company's annual, quarterly and other periodic public filings on record with the Securities and Exchange Commission which can be viewed free of charge on its website at .
CONTACT: Lawrence Sands Senior Vice President, Genesis Group Holdings, Inc. 561-988-1988
