CHARLOTTE, NC--(Marketwire - Mar 5, 2012) - Premier Alliance Group, Inc. (OTCBB: [ PIMO ]), a professional services company focused on business and technology advisory and consulting services, announced today that it has closed its acquisition of GreenHouse Holdings, Inc. (OTCBB: [ GRHU ]). GreenHouse has merged with a newly formed subsidiary of Premier and became a wholly owned subsidiary of Premier.

"We are excited to announce the closing of this acquisition and achievement of this key milestone," said Mark Elliott, CEO of Premier Alliance. "We are pleased to add GreenHouse to our energy platform as this represents a major growth opportunity for the combined company. GreenHouse has an exceptional reputation for creativity, quality and customer service that has resulted in long-term relationships with well-known customers within the green energy space. We look forward to deepening our customer relationships and to sharing operational expertise between the companies, thereby enhancing the capabilities Premier Alliance can now provide."

The exchange ratio of shares of Premier Alliance for shares of GreenHouse is calculated to be 0.13954 of a Premier Alliance share for one GreenHouse share. In total Premier is issuing 7,114,315 shares of common stock, 1,334,667 of which will be held in escrow until the achievement of certain operation goals and in connection with certain indemnification obligations of GreenHouse.

About Premier Alliance Group, Inc.

Premier Alliance Group, Inc. (OTCBB: [ PIMO ]) is a leading provider of business and technology advisory and consulting services and solutions. 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, visit [ www.premieralliance.com ].

About GreenHouse Holdings, Inc.

GreenHouse Holdings is a leading provider of energy efficiency and sustainable facility services and solutions. The company audits, designs, engineers and installs solutions and technologies that enable clients to reduce their energy costs and carbon footprint. Target markets for energy solutions include government and military, as well as commercial and industrial markets. In addition, the company develops and designs rapidly deployable, sustainable facilities primarily for use in disaster relief and security in austere regions. For more information visit: [ www.greenhouseintl.com ] or follow GreenHouse on Twitter @greenhouseintl.

Safe Harbor Statement
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.