Chicago, IL 3/5/12 (StreetBeat) -- GreenHouse Holdings, Inc. (OTCBB: GRHU), a leading provider of energy efficiency solutions and sustainable infrastructure products (the "Company"), Friday announced that stockholders ofthe 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.
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