NEW YORK, Jan. 14, 2010 (GLOBE NEWSWIRE) -- Genesis Group Holdings, Inc. ("GGHO.PK" or the "Company") (Pink Sheets:GGHO) today announces that it has entered into a Letter of Understanding with Digital Comm, Inc. ("Digital") regarding the material terms of an acquisition of that company. Digital is Florida based telecommunications infrastructure provider with several master contracts. While the acquisition is subject to the completion of due diligence and the execution of definitive agreements, Gideon Taylor, CEO of the Company, is confident the acquisition can be completed in the near future.
Gideon Taylor stated that "in acquiring Digital we can quickly provide value for our shareholders." The Company has decided to suspend discussions with Southern Technologies Services, Inc. while pursuing this acquisition. The agreement to acquire Digital is subject bank financing and the execution of definitive documents reflecting the agreed upon terms and conditions.
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 http://www.sec.gov