Premier Alliance Group, Inc., a professional services company focused on business and technology consulting, announced today it has entered into a letter of intent to transact a stock exchange and acquire San Diego, CA-based GreenHouse Holdings, Inc. ("GreenHouse"), a leading provider of energy efficiency solutions and sustainable infrastructure solutions. In 2010, GreenHouse reported annual revenues of $6.7 million, an increase of 50% over 2009.
"We are very excited about our proposed merger with GreenHouse, which will immediately add to our expertise and knowledge base in the energy and federal government sectors. GreenHouse is a leader in providing auto demand response (Auto-DR) programs, including energy and technology site assessments, feasibility studies, project development, engineering, and the installation of its energy-efficient enabling technologies. Year-to-date, GreenHouse Holdings has been awarded a number of million-dollar contracts, which can result in additional revenues streams and added shareholder value upon the close of our merger," said Mark Elliott, Premier Alliance CEO.
"GreenHouse has made significant strides in developing customized infrastructure and interactive training suites to assist the U.S. government with its green procurement goals. Their record as a past performer with the federal government will allow us to collaborate and extend our 360-degree intelligence delivery to a broader target market," added Elliott.
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, including GreenHouse Holdings' shareholder approval. Accordingly, while completion of the transaction is targeted to be completed by December 15, 2011, no assurances can be made that the transaction will be consummated or completed by such time.
"To have access to the additional expertise of Premier's people will be a tremendous benefit to our clients. Premier's knowledge base, growth strategy and clients are completely in line with ours. Premier has over 16 years of success including Finance, Business Performance and Technology, Mergers & Acquisitions. The combining of our two organizations will allow us to more effectively expand and move all of our capabilities to market more aggressively," states John Galt, CEO of GreenHouse.
About Premier Alliance Group, Inc.
Premier Alliance Group, Inc. is a leading provider of business and technology advisory and consulting services. Practice areas of expertise encompass Governance, Risk & Compliance (GRC), Business Performance & Technology, and Finance & Accounting as we assist clients with Risk Management, Compliance, Mergers & Acquisitions, Organizational Effectiveness, Project/Program Management, Information Management, Architecture and Software Development. Premier Alliance Group is headquartered in Charlotte, NC. For more information, please visit www.premieralliance.com.
About GreenHouse Holdings, Inc.
GreenHouse Holdings, Inc. is a leading provider of energy efficiency and sustainable facilities solutions. The company designs, engineers and installs solutions 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.