CHARLOTTE, NC--(Marketwire - July 13, 2010) -  Premier Alliance Group, Inc. (OTCBB: PIMO), a business and technology consulting firm, today announced it has entered into a letter of intent to execute a stock purchase of Q5 Group, Inc., a privately held, San Diego based business, finance and accounting consulting company.

"We are very excited about Q5, they have an excellent team with solid leadership and will strengthen and expand our overall services, enhancing the knowledge based expertise we provide to our customers. The culture and direction of the companies fit very well and combined we have tremendous potential as we continue building our brand," said Mark Elliott, Premier Alliance Group's president.

The acquisition is subject to certain requirements including due diligence; execution of a definitive purchase agreement, approval by the boards of both companies and various other customary conditions. Accordingly, while completion of the transaction is targeted to be complete by August 31, 2010, no assurances can be made that the transaction will be consummated.

"To have access to the extensive expertise of Premier's people will be a tremendous benefit to our clients. The combining of our two organizations will greatly expand the services we offer and will accelerate our expansion in new and existing markets," states Mike Rose, president and CEO of Q5 Group.

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.

Leveraging the expertise of veteran financial professionals, Q5 Group, Inc. has established credentials in all areas of financial, accounting, internal audit, compliance, and business consulting. Primarily focused in southern California, Q5 delivers right-sized solutions scaled for specific needs that help businesses plan and execute intelligent growth. Q5 Group has projected approximately $4 million in annual revenue for the current fiscal 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.

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Patrick Kolenik