NEW YORK, Jan. 14, 2010 (GLOBE NEWSWIRE) -- Genesis Group Holdings, Inc. (Pink Sheets:GGHO) (the "Company") today announces that its negotiations for the purchase of Southern Technologies Service Inc. ("STS") has progressed to the point where there is an understanding regarding the material terms of an acquisition. STS is an Alabama based telecommunications infrastructure provider. STS has preliminarily reported over $12 million in revenue for 2009 and earnings of over $4 million. The Company intends to acquire STS for approximately $15 million in a combination of cash and stock.
Gideon Taylor, CEO of Genesis, stated that "We believe that we are acquiring STS at a fair price and expect this acquisition to provide value for our shareholders." The agreement to acquire STS is subject bank financing and the execution of definitive documents reflecting the agreed upon terms and conditions.
FORWARD-LOOKING STATEMENTS
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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.