BOCA RATON, Fla. -- Genesis Group Holdings, Inc. which operates through its wholly owned subsidiaries, including Digital Comm, Inc. (DCI), announced that it has reached an agreement to acquire Tropical Communications Inc., a Miami, FL-based company and state-licensed low voltage and underground utility contractor.
Tropical's expertise is in structured cabling for commercial and governmental entities. It is currently the primary voice and data vendor for Miami-Dade County Public Schools. Tropical is expected to add approximately $2 million in revenues to the Genesis Group-DCI's consolidated reports for 2011.
William (Bill) DeVierno, the founder of Tropical, has over twenty five years of telecommunications wiring and underground experience. "We are excited about this opportunity. Joining Genesis Group and teaming up with DCI will enable Tropical Communications to take its operations to another level," he commented.
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Last week, Genesis Group released its financial results for the period ended June 30, 2011. The company's DCI subsidiary reported almost $1.2 million in revenues for the period, more than a 100% increase over the same period last year, according to a press release. Disregarding corporate overhead for the public company and stock-based compensation paid during the period, the DCI subsidiary earned approximately $200,000 on $1.2 million in revenues. DCI had over $800K in revenues for the Second Quarter alone.
Gideon Taylor, CEO of Genesis, stated, "Bringing Tropical Communications into our fold will provide immediate value to our shareholders. This acquisition will enable us to rapidly expand the business of the company and better serve our customers."