BOCA RATON, Fla., Aug. 6, 2012 (GLOBE NEWSWIRE) -- Genesis Group Holdings, Inc. ("GGHO" or "the Company") (OTCBB:GGHO), announces that it has secured a commitment from MidMarket Capital Partners, LLC to provide a $13 Million senior secured loan facility.
The primary purpose of this facility will be to assist GGHO in financing certain targeted acquisitions. This loan is expected to fund in a single tranche, will have five-year repayment terms, and be contingent upon the closure of acquisitions having at least $5 Million in adjusted EBITDA, among other requirements.
The Company previously announced, earlier this year, its intention to grow through strategic acquisitions. Mark Munro, CEO of Genesis Group Holdings stated, "This loan facility should enable us to complete several sizable acquisitions in the near future."
About Genesis Group Holdings, Inc.
Genesis Group Holdings operates through its wholly owned subsidiaries. The Company is a provider of engineering, construction management and installation fulfillment services to companies specializing in the telecommunications, broadband cable, wireless, two-way radio, transportation, public safety and satellite industries. For more information, please visit: www.genesisgroupholdingsinc.com
About MidMarket Capital Partners, LLC.
MidMarket Capital Partners, LLC. (MMCP) is focused on providing senior, subordinated and mezzanine loans to middle market companies with facilities ranging from $5 million - $25 million. www.midmarketcapitalpartners.com
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. 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'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.