BOCA RATON, Fla., May 6, 2011 (GLOBE NEWSWIRE) -- Genesis Group Holdings, Inc. (OTCBB:GGHO) ("GGHO" or the "Company") is moving towards completion of its acquisition of Premier Cable Designs Inc. ("PCD") (see also ), a full service telecomm engineering firm based in Valrico, Florida. The due diligence process was completed this week and a closing on the transaction will likely occur next week.
Company's acquisition of PCD will enable it to expand its customer base from its current telecommunications providers to major cable operators. PCD provides engineering and network design services to cable television operators nationwide. Gideon Taylor, CEO of Genesis, stated that "the acquisition will enable us to diversify our current operations and provide significant value to our shareholders."
About Genesis Group Holdings, Inc.
Genesis Group operates through its wholly owned subsidiary, Digital Comm Inc. (DCI ) (See also ). The Company provides turnkey operations in outside plant construction, wireless infrastructure, 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
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" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in GGHO's annual report on Form 10-K for the most recent fiscal year, GGHO's quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
CONTACT: Lawrence Sands Senior Vice President, Genesis Group Holdings, Inc. 561-988-1988