ORLANDO, Fla., June 11, 2009 (GLOBE NEWSWIRE) -- Emerging Media Holdings (OTCBB:EMDH) announced today it has signed an agreement to acquire 60% of Genesis International SA (Genesis), one of Romania's fastest growing infrastructure development companies. As a result of the transaction, the Company will have immediately increased sales, assets and earnings.
Iurie Bordian, CEO said, "Acquiring Genesis is the beginning of our growth strategy to have two solid business foundations to build on. Our media business is growing steadily and now, with the addition of Genesis, we will be able to become a major participant in Romania's rapidly developing economy.
Genesis's core business is road construction and rehabilitation in Romania, which is the fastest growing segment of the non-residential market. The contracts in place represent an investment of 35 million Euros. Genesis estimates to participate in prospective public tenders amounting to nearly 100 million Euros by the end of current year.
Bordian added, "With just their existing contracts for major road construction projects through 2012, EMDH and shareholder value should grow quickly and substantially. As we expand our two core business strategy, we will be building multiple acquisition and transaction opportunities for our shareholders and investment funds we have been in contact with."
Called the "Tiger of the East," Romania, a member of the European Union since 2007, is moving quickly to expand its transportation system. According to the recently released report, "Construction Sector in Romania 2009 Development Forecast for 2009-2011," non-residential construction works increased by 34% in 2008.
Romania's agreement to establish U.S. bases on the Black Sea as part of the U.S. plans to redeploy 70,000 troops from Germany and South Korea is helping to fuel the country's rapid transportation system expansion.
All details of the acquisition transaction, along with the combined companies financial reports, will be published after the closing of the agreement.
About Emerging Media Holdings:
Emerging Media Holdings Inc. is the U.S. parent company for Media Alianta and Analiticmedia-Grup (AMG) subsidiaries, one of Eastern Europe's top television advertising and production companies.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements (within the meaning of Section 27a of the Securities Act of 1933 and Section 21e of the Securities Exchange Act of 1934) regarding us and our business, financial condition, results of operations and prospects. Forward-looking statements in this report reflect the good faith judgment of our management and the statements are based on facts and factors as we currently know them. Forward- looking statements are subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Readers are urged not to place undue reliance on these forward-looking statements which speak only as of the date of this press release. We undertake no obligation to revise or update any forward- looking statements in order to reflect any event or circumstance that may arise after the date of the press release. Political and operational risks in the countries in which Emerging Media Holdings, Inc. may operate and governmental regulation and judicial outcomes, and other risks detailed from time to time in Emerging Media's filings with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the quarter ended March 31, 2009. Copies of each filing may be obtained from Emerging Media Holdings or the S.E.C. or its web site at www.sec.gov.