NEW YORK, Aug. 10, 2009 (GLOBE NEWSWIRE) -- Genesis Group Holdings, Inc. (Pink Sheets:GGHO) (or the "Company") today announces that it has entered into a Stock Purchase Agreement with Gideon D. Taylor and has appointed Mr. Taylor Chief Executive Officer of the Company. Gideon Taylor founded Able Telcom Holding Corp., ("Able"), a telecommunications installation, engineering and infrastructure company in 1987. Between 1987 and 1998, Mr. Taylor took that company from $0 to more than $400,000,000 in annual revenues.
Mr. Taylor's first order of business as CEO will be to acquire an operating entity in the same general industry that Able had been in. Going forward, Mr. Taylor intends to increase revenues and enhance shareholder value through a series of acquisitions.
Genesis Group Holdings, Inc. does not have significant operations at this time. The company was founded in 1999 and is based in New York, New York.
FORWARD-LOOKING STATEMENTS
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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.PK 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