Genesis Group Holdings, Inc. Finalizes Agreement To Acquire Tropical Communications, Inc.
BOCA RATON, Fla., Sept. 15, 2011 /PRNewswire/ -- Genesis Group Holdings, Inc. (OTCBB: GGHO) which operates through its wholly owned subsidiaries, including Digital Comm, Inc. (DCI), has finalized its agreement to acquire Tropical Communications Inc., a Miami, Florida based company. Closing on the purchase is expected to occur within the next week. Tropical Communications Inc., a State licensed Low Voltage and Underground Utility Contractor, will add close to $2 million in revenues to the Company's consolidated reports for 2011.
As previously reported, the purchase of Tropical is a stock based transaction with an earn-out. There was no initial cash outlay by the Company. Tropical has a strong reputation in telecommunications infrastructure and will be able to assist DCI with much of its work in South Florida. Gideon Taylor, CEO of Genesis stated: "By bringing Tropical Communications into our fold we will be able to immediately expand the customer base of the Company and collectively pursue new opportunities. We will continue to strategically team up with those companies that can provide immediate benefits to our shareholders."
About Tropical Communications Inc.
Tropical Communications Inc. is a State licensed Low Voltage and Underground Utility Contractor. Tropical specializes in commercial installations, office buildings, hotels, restaurants, stores, schools and government buildings. Tropical is currently the primary voice and data vendor for Miami-Dade County Public Schools. It also has master contracts with major telecommunications providers. Tropical's services include any and all types of communications wiring, splicing and testing as well as wireless services.About Genesis Group Holdings, Inc. Genesis Group operates through its wholly owned subsidiaries. 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. Its subsidiaries have master contracts with ATT, Verizon, and other communications providers.
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