SOURCE: Premier Alliance Group, Inc.

Premier Alliance Group, Inc.

October 02, 2009 08:30 ET

Premier Alliance Group, Inc. Purchases the Assets of PeopleSource, Inc.

CHARLOTTE, NC--(Marketwire - October 2, 2009) - Premier Alliance Group, Inc. (OTCBB: PIMO), a business and technology consulting firm, announced today that it purchased the assets of PeopleSource, Inc., a privately held, Winston Salem based technology staffing and consulting company, pursuant to an Asset Purchase Agreement dated September 18, 2009.

Premier Alliance Group will acquire substantially all of the assets of PeopleSource in return for an aggregate of $500,000, comprising (a) shares of Premier's restricted common stock determined by the closing price of the stock, and (b) cash payouts. The transaction closed on October 1, 2009.

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 its services include compliance and regulatory, merger and acquisition, and business process reengineering efforts.

PeopleSource, Inc. has been a longstanding reputable service provider with a strong focus on technology services. The assets include customer contracts and industry relationships. PeopleSource, Inc. conducted approximately three million dollars in annual revenue during its last year in business.

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