This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Genesis Group Holdings, Inc. To Acquire Engineering Firm

BOCA RATON, Fla., Oct. 19, 2011 /PRNewswire/ -- Genesis Group Holdings, Inc. (OTCBB: GGHO ) which operates through its wholly owned subsidiaries, including Digital Comm, Inc. ("DCI"), and Tropical Communications Inc., ("Tropical"  ) has executed a memorandum of understanding with Rives-Monteiro Engineering, LLC,( http://monteiro-eng.com ) an engineering firm with offices in Houston, Texas and Tuscaloosa, Al.   Rives-Monteiro has been in business since 1998, performing cable-engineering services in the Southeastern United States with additional services performed internationally.

Under the terms of the parties' memorandum of understanding, the Company will acquire 100% of Rives-Monteiro for 5 million shares of Company stock, plus certain cash compensation and an earn-out.  The acquisition of Rives-Monteiro, is subject to the completion of due diligence and financing.

Adding Rives-Monteiro, and its engineering capabilities, will enable the Company to take on larger and more profitable work going forward.  Rives-Monteiro is expected to add approximately $3 million of profitable revenue to the Company's consolidated reports.  The consolidation of Rives-Monteiro with DCI and Tropical should bring the Company to a run rate of over $6 million annually.

Gideon Taylor, CEO of Genesis stated: "As we announced earlier, we will continue to strategically team up with companies that can provide immediate benefits to our shareholders.  While we are disappointed with our current stock price; we will not let that price distract us from our strategic plans for growth."

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.  

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs