GGHO News Genesis Group Holdings Secures $13 Mi

GGHO News

Genesis Group Holdings Secures $13 Million Financing Commitment

2012-08-06 09:30 ET - News Release

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."