Premier Alliance Group, Inc. Purchases the Assets of PeopleSource, Inc.
CHARLOTTE, NC--(Marketwire - October 2, 2009) - Premier Alliance Group, Inc. (OTCBB: PIMO), a
business and technology consulting firm, announced today that it purchased
the assets of PeopleSource, Inc., a privately held, Winston Salem based
technology staffing and consulting company, pursuant to an Asset Purchase
Agreement dated September 18, 2009.
Premier Alliance Group will acquire substantially all of the assets of
PeopleSource in return for an aggregate of $500,000, comprising (a) shares
of Premier's restricted common stock determined by the closing price of the
stock, and (b) cash payouts. The transaction closed on October 1, 2009.
Premier Alliance Group, Inc. provides business consulting services to
customers with a focus on core areas of business processes used throughout
the corporate world, including project management, business analysis,
business consulting and strategic consulting. Typical initiatives in which
the Company provides its services include compliance and regulatory, merger
and acquisition, and business process reengineering efforts.
PeopleSource, Inc. has been a longstanding reputable service provider with
a strong focus on technology services. The assets include customer
contracts and industry relationships. PeopleSource, Inc. conducted
approximately three million dollars in annual revenue during its last year
Certain information contained in this press release may be forward-looking.
Actual results might differ materially from any forward-looking statements
contained in this press release. Such forward-looking statements involve
known and unknown risks, uncertainties and other unknown factors that could
cause the actual results of Premier Alliance Group to be materially
different from any future results expressed or implied by such
forward-looking statements. In addition to statements which explicitly
describe such risks and uncertainties, readers are urged to consider
statements labeled with the terms "believes," "belief," "expects,"
"intends," "anticipates" or "plans" to be uncertain and forward-looking.