NEW YORK, NY -- (Marketwire) -- 03/02/12 -- GreenHouse Holdings, Inc. (OTCBB: GRHU), a leading provider of energy efficiency solutions and sustainable infrastructure products (the 'Company'), today announced that stockholders of the Company voted overwhelmingly at the Company's Special Meeting of Shareholders held on February 29, 2012 to approve the merger of the Company with and into a newly formed subsidiary of Premier Alliance Group, Inc. ('Premier') and become a wholly owned subsidiary of Premier.
Approximately 95% of the shares voting at the special meeting of stockholders voted in favor of the adoption of the Agreement and Plan of Merger, which represented approximately 65% of the Company's total outstanding shares of common stock as of January 30, 2012, the record date for the special meeting.
'We are extremely pleased in our shareholders' decisive approval of the merger with Premier Alliance Group,' stated John W. Galt, Chief Executive Officer and Chairman. 'Management believes that the merger presents a strong growth opportunity for the Company and provides an excellent platform for increased earnings. Our strong governmental relationships coupled with Premier's industry expertise will allow us to leverage new contract awards and expand our market presence. We expect to complete the integration of both companies immediately, and look forward to commercializing projects from our pipeline shortly. Going forward, we anticipate a smooth transition and expect to increase revenue, expand margins and improve overall shareholder value.'
Each of the parties is a reporting company under the Securities Exchange Act of 1934 and its reports can be found by going to www.sec.gov, and then search for companies, and inserting name of Premier Alliance Group, Inc. and/or GreenHouse Holdings, Inc.
About GreenHouse Holdings, Inc.
GreenHouse Holdings is a leading provider of energy efficiency and sustainable facilities solutions. The company designs, engineers and installs disparate products and technologies that enable its clients to reduce their energy costs and carbon footprint. Its target markets for energy efficiency solutions include government and military, as well as commercial, residential and industrial markets. In addition, the company develops, designs and constructs rapidly deployable, sustainable facilities primarily for use in disaster relief and security in austere regions. For more information, please visit: www.greenhouseintl.com or the GreenHouse YouTube channel at http://www.youtube.com/greenhouseintl or follow GreenHouse on Twitter @greenhouseintl.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by GreenHouse Holdings, Inc. are 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company's expectations include, but are not limited to, those factors that are disclosed under the heading 'Risk Factors' and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission and other regulatory authorities.
GreenHouse Holdings, Inc.
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