BOCA RATON, Fla., Nov. 26, 2012 (GLOBE NEWSWIRE) -- Genesis Group Holdings Inc. (OTCQB:GGHO), a leading end-to-end infrastructure solutions provider, announces that it has signed a definitive agreement to acquire Integration Partners-NY Corporation ("IPC-NY"). IPC-NY serves both corporate enterprises and service providers. The acquisition of IPC-NY will support the Company's cloud and managed services, systems integration and applications capabilities. Annual sales revenue generated from IPC-NY is expected to exceed $24 Million in 2012 with similar revenues in 2013.
Genesis CEO Mark E. Munro stated, "We are very excited about the synergies this acquisition will bring to the Company. IPC-NY is a growing business with a seasoned and successful management team. We believe that there will be significant growth opportunities in cloud-based solutions that allow both enterprises and service providers to integrate their applications and various services into a web-hosted environment in order to deliver services to their customers. With the acquisition of IPC-NY, along with our existing capabilities, we believe we are creating an organization that has the capabilities to understand and support the many facets of cloud, applications and managed services."
About Genesis Group Holdings, Inc.
We are a leading end-to-end solutions provider of professional and specialty services that offer infrastructure for networking requirements of service providers, enterprises, governments, research and public sector organizations worldwide. Our breadth of services enables our customers to selectively augment existing services or to outsource entire projects or operational functions. Please visit our website at: www.genesisgroupholdingsinc.com.
About Integration Partners-NY Corporation
Integration Partners-NY focuses on cloud based solutions, voice and data infrastructure design, implementation, maintenance and optical networking. Infrastructure sales are augmented by a professional services group, where we add customer and business value through a myriad of service offerings. To that end, IPC-NY provides managed services and consulting for voice and data; maintenance, installation, project management and contract engineering on site. In addition, IPC-NY's applications group can customize unified communications; call center and interactive voice response applications to the needs of our customers.
The Private Securities Litigation Reform Act of 1995 (the "PSLRA") provides a "safe harbor" for forward-looking statements so long as those statements are identified as forward looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in such statements. Any forward-looking statements contained herein speak only as of this release. The Company does not undertake any obligation to update or revise publicly any forward-looking statements, whether to reflect new information, future events or otherwise.
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 under the PSLRA. GGHO intends that such forward-looking statements be subject to the safe harbor created thereby. Such forward-looking statements are based on current assumptions but involve known and unknown risks and uncertainties that may cause the Company actual results, performance or achievements to differ materially from current expectations. These risks include economic, competitive, governmental, technological and other factors discussed in the Company's annual, quarterly and other periodic public filings on record with the Securities and Exchange Commission which can be viewed free of charge on its website at http://www.sec.gov.
CONTACT: Lawrence Sands Senior Vice President, Genesis Group Holdings, Inc. 561-988-1988Source:Genesis Group Holdings, Inc.