Premier Alliance Group, Inc. Announces New Governance, Risk and Compliance-Based Contract With a Top Financial Institution

CHARLOTTE, NC--(Marketwire - February 1, 2010) - Premier Alliance Group, Inc. (OTCBB: PIMO), a business and technology consulting firm, announced that they have engaged with one of the nation's top financial institutions to work on additional BASEL II initiatives.

BASEL II efforts involve working on bank regulations to help financial institutions manage operational and financial risks. This includes providing tools to regulators to use in assessing the institution and includes systemic, pension, strategic and liquidity risks. The regulations are an international standard that all banks must comply with and is managed by the four US federal banking agencies (Office of the Controller, Federal Reserve Board, FDIC, and Office of Thrift Supervision).

Premier Alliance Group assisted this institution on the first phases of these efforts throughout 2008 and 2009 including BASEL I and have been awarded contracts to continue working on additional phases throughout 2010.

Premier Alliance Group, Inc. provides business consulting services to customers with a focus on core areas of business processes used throughout the corporate world; including project management, business analysis, business consulting and strategic consulting. Typical initiatives in which the Company provides services include compliance and regulatory, merger and acquisition, and business process reengineering efforts.

Certain information contained in this press release may be forward-looking. Actual results might differ materially from any forward-looking statements contained in this press release. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of Premier Alliance Group to be materially different from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates" or "plans" to be uncertain and forward-looking.

Contact Information: Contact: Patrick Kolenik 800-521-8077 investor@premieralliance.com