BOCA RATON, Fla., Aug. 22, 2011 (GLOBE NEWSWIRE) -- Genesis Group Holdings, Inc. which operates through its wholly owned subsidiaries, including Digital Comm, Inc. (DCI), has announced that it has reached an agreement to acquire Tropical Communications Inc., a Miami, Florida based company. Tropical Communications Inc. is a state-licensed Low Voltage and Underground Utility Contractor. Tropical's expertise is in structured cabling for commercial and governmental entities. It is currently the primary voice and data vendor for Miami-Dade County Public Schools. Tropical is expected to add approximately $2 million in revenues to the Company's consolidated reports for 2011.
William (Bill) DeVierno, the founder of Tropical, has over twenty five years of telecommunications wiring and underground experience. "We are excited about this opportunity. Joining Genesis Group and teaming up with DCI will enable Tropical Communications to take its operations to another level."
Last week, the Company released its financial results for the period ended June 30, 2011. The Company's DCI subsidiary reported almost $1.2 million in revenues for the period. That was more than a 100% increase over the same period last year. Disregarding corporate overhead for the public company and stock-based compensation paid during the period, the DCI subsidiary earned approximately $200,000 on $1.2 million in revenues. DCI had over $800K in revenues for the Second Quarter alone.
Gideon Taylor, CEO of Genesis, stated: "Bringing Tropical Communications into our fold will provide immediate value to our shareholders. This acquisition will enable us to rapidly expand the business of the Company and better serve our customers."
.About Tropical Communications Inc.
Tropical Communications Inc. is a state-licensed Low Voltage and Underground Utility Contractor. Tropical specializes in commercial installations, office buildings, hotels, restaurants, stores, schools and government buildings. Tropical is currently the primary voice and data vendor for Miami-Dade County Public Schools. It also has master contracts with major telecommunications providers. Tropical's services include any and all types of communications wiring, splicing and testing as well as wireless services.
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, and utility infrastructure--water, sewer, electric, gas, fiber/copper buried and aerial cable. Its subsidiaries have master contracts with AT&T, Verizon, and other communications providers.
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