BOCA RATON, Fla., March 1, 2011 (GLOBE NEWSWIRE) -- Genesis Group Holdings, Inc. (Pink Sheets:GGHO) ("GGHO" or the "Company") yesterday filed a form 8K with the SEC announcing that it has executed a memorandum of understanding regarding the purchase of Premier Cable Designs Inc. ("PCD") ( see also ) . PCD is a full service telecommunications engineering firm based in Valrico, Florida. The Company intends to acquire PCD for 1 million shares of GGHO stock plus additional compensation based on the earnings of PCD over a thirty month period following closing.
Gideon Taylor, CEO of Genesis, stated that "we believe that the acquisition of PCD, and the relationships that company has, will provide significant additional revenues and earnings to our Company and value to our shareholders." The agreement to acquire PCD is subject to the execution of definitive documents reflecting the agreed upon terms and conditions.
PCD will become an independent operating subsidiary of the Company alongside existing subsidiary Digital Comm, Inc. ("DCI"). DCI was acquired by the Company in January 2010, and provides turnkey operations in outside plant construction, voice-data network technologies, utility infrastructure- water, sewer, electric, gas, fiber/copper buried and aerial cable.
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