Genesis Group Board Of Directors Provides Outlook For 2012
BOCA RATON, Fla., Jan. 11, 2012 /PRNewswire/ --
Dear Genesis Group Holdings Shareholders:
We would like to take a moment to review 2011; which was a transformative year for Genesis Group Holdings, Inc. (OTCBB: GGHO) and to look ahead to 2012 and beyond.
We began 2011 with one operating entity, Digital Comm, Inc., that had produced approximately $950K in revenues in 2010. We finished 2011 with three operating subsidiaries producing approximately $6 million in revenue. We are expected to substantially exceed those numbers in 2012.New Financing In July, 2011 the Company entered into a definitive master funding agreement with Tekmark® Global Solutions, LLC (Tekmark) and MMD Genesis LLC. Pursuant to the parties' funding agreement, the Company received financing in the original principal amount of up to $2,000,000 from Tekmark and a line of credit in the original principal amount of up to $1,000,000 from MMD Genesis LLC. The financing arrangement was geared towards the development and expansion of the Company's wireless infrastructure work. With that financing in place the Company was able to generate over $1.5 million in wireless infrastructure work in 2011. Acquisitions On August 22, 2011, the Company acquired Tropical Communications, Inc. ("Tropical"), a licensed low voltage and underground contractor that constructs, installs, optimizes and maintains structured cabling for commercial and governmental entities in the Southeast. On December 29, 2011, the Company acquired Rives Monteiro Engineering LLC. ( "RME"), an engineering firm and certified woman owned business with offices in Houston, Texas, and Tuscaloosa, Alabama. Rives-Monteiro has been in business since 1998, performing cable-engineering services in the Southeastern United States with additional services performed internationally. New Projects/Customers Verizon Wireless became a key customer of the Company's DCI subsidiary. Through the acquisition of Tropical, the Company has been doing work for Hotwire Communications and Miami Dade Schools. In the 4th Quarter, DCI and Tropical teamed up on a wireless infrastructure install at Miami International Airport. That project is ongoing. DCI and the Companies new RME subsidiary have teamed up to provide services for Alpha Technologies, Inc. in connection with installs of Alpha's broadband and cable network powering products.
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