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SHREWSBURY, N.J., April 23, 2014 (GLOBE NEWSWIRE) --
In January 2012, I took over as CEO and Chairman of Genesis Group Holdings, Inc. (the prior name of this Company). The Company was approximately a $5M a year business. I made changes to the Company's strategy, changed senior management and sold non-strategic assets. We refocused our strategy towards building an end-to-end IT solutions company with a "cloud platform of services" at its core. We set about this plan by attracting industry veterans to join our management team. We acquired new capabilities and brought new technology and services to our prominent customers in the enterprise and service provider segments.
We finished the 2012 calendar year with gross revenues of approximately $17 Million; $11 million of which came in the 4
th Quarter. By the middle of the second quarter of 2013 we had already surpassed our 2012 total gross revenues. As we reported earlier this month, our gross revenues for 2013 exceeded $50 Million. Our pro forma revenues, taking into account all of our acquisitions, exceeded $80 Million. We reported gross profit for the year ended December 31, 2013 at $14.1 million, compared to $5.1 million for fiscal year 2012. Our Pro Forma Adjusted EBITDA was approximately $6.9 Million. When looking at this significant growth over such a short period of time we are very pleased with what we have accomplished.
The 2013 financial year began with the excitement and expectations from our first two acquisitions and our name change to InterCloud Systems, Inc., reflecting our new direction and strategies. One of the most important accomplishments during 2013/2014 has been the development of our world-class management team. I am most proud of my ability to attract such successful industry veterans to help build InterCloud over the next several years. I encourage each investor to review the resumes of our senior management team and board of directors. This Company has never before had executives with this kind of pedigree and positive reputations in the IT and telecommunications industries. These are dedicated and hardworking achievers who understand the opportunities presented by the cloud and possess a vision on how our Company can participate in them. It is because of their efforts that InterCloud has become a serious participant in the cloud and managed services industry.