BOCA RATON, Fla., Sept. 20, 2011 /PRNewswire/ -- (OTCBB:GGHO) Genesis Group Holdings, Inc. is pleased to announce that it has officially acquired Tropical Communications Inc. ("Tropical"); a Miami, Florida based State licensed Low Voltage and Underground Utility Contractor. Tropical is currently the primary voice and data vendor for Miami-Dade County Public Schools. The Company's Digital Comm, Inc. ("DCI") subsidiary is providing infrastructure services to major telecom providers nationwide. Tropical will be able to take advantage of economies of scale and jointly pursue with DCI additional infrastructure work in the South Florida area.
As previously reported, the purchase of Tropical is a stock based transaction with an earn-out. There was no cash outlay by the Company. In being able to consolidate the financials of Tropical with the Company for 2011, the Company and its shareholders receive immediate value.
Gideon Taylor, CEO of Genesis, stated: "Tropical is a great stepping stone in the growth of our Company. We will continue to grow the Company through these strategic acquisitions."
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. 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.