BOCA RATON, Fla., Aug. 15, 2011 (GLOBE NEWSWIRE) -- Genesis Group Holdings, Inc. (OTCBB:GGHO) ("GGHO" or the "Company") released their quarterly financials for the quarter ended June 30, 2011, reporting an increase in operating revenues of over 100% from this time last year. The progressive upswing in revenues is attributed to their Digital Comm, Inc. ("DCI") subsidiary's ongoing expansion of business with Verizon and other telecom providers. DCI has been working to expand its customer base. It has executed master contracts and has become an approved supplier for several major telecom providers.
DCI is providing infrastructure services to major telecommunications providers; building, upgrading and maintaining telecommunications equipment and networks. The funding provided to the Company in recent months provides DCI with necessary working capital to take on substantial additional work and expand operations geographically. DCI has been cash flow positive during the quarter.
"We are pleased with the recent growth of DCI and expect continued growth from our Company moving forward," said Gideon Taylor, Chairman and CEO of the Company. "We expect our growth both organically and through strategic acquisitions."
About Genesis Group Holdings, Inc.
Genesis Group operates through its wholly owned subsidiaries. The Company provides turnkey operations in outside plant construction, voice-data network technologies, utility infrastructure- water, sewer, electric, gas, fiber/copper buried and aerial cable. The Company's DCI subsidiary has master contracts with AT&T, Verizon, and other communications providers.
FORWARD-LOOKING STATEMENTS
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.
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. The Company 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's 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.