TEAM Nation Announces 2010 Results; Overall Improvement of $4,175,603 From 2009
19 4월 2011 - 10:00PM
Marketwired
TEAM Nation Holdings Corporation ("TEAM") (OTCBB: TEMN)
(PINKSHEETS: TEMN) is pleased to report the results of its 2010
audited financials, which were filed after extension on April 11,
2010. The financial statements reflect a year over year improvement
in three critical categories: net income, operating losses and
total liabilities. Net income in 2010 was $553,157 vs. 2009 losses
of $3,622,446, an improvement of $4,175,603 from 2009. Losses from
operations were reduced to $382,972 in 2010 from $1,322,934 in
2009. The operations improvement of $939,962 in 2010 largely
resulted from management's review of its title production and
administration services and its modification of its key vendor
contracts. The improvement offsets increased expenses associated
with the establishment and licensing of Team Title, Inc. in 2010.
The Company also reduced its liabilities by $1,218,000 in 2010 and
expects to continue reducing liabilities in 2011 chiefly by
removing derivatives associated with terminated convertible note
financing.
Dennis R. Duffy, Cofounder and Board member of TEAM stated, "Our
2010 financial statements show a marked improvement over 2009 in
areas that are critical to our growth. Our key goals in 2011 and
2012 remain unchanged and our focus on license expansion and the
driving of direct revenue into our national agency will propel us
to greater profitability in 2011 and beyond."
About TEAM Nation Holdings Corporation
TEAM Nation Holdings Corporation, a Nevada corporation ("TEAM"), is
a management and services company specializing in title insurance
and escrow services through our affiliate title agency(ies). TEAM
Nation Holdings Corporation also services the provision of
management, production services, HR administration, IT support, and
accounting administration for title insurance companies and related
real estate ventures. For more information please visit:
http://www.teamnationholdings.com/
Team Nation Holdings, a Nevada Corporation ("TEAM"), is also a
holding Corporation for Team Settlement Solutions, (fka Team Nation
Holding Corporation, a California corporation) ("TSS") along with
TSS Escrow, Inc., a California Corporation. TEAM Nation Holdings
Corp. also includes Mortgage Nation, Inc., a California
Corporation, and TEAM Title, Inc., a national settlement services
agency as part of their company.
This news release contains forward-looking
statements. The company undertakes no obligation to publicly update
or revise any forward-looking statements, whether because of new
information, future events or otherwise. Forward-looking statements
are inherently subject to risks and uncertainties, some of which
cannot be predicted, or quantified. Future events and actual
results could differ materially from those set forth in,
contemplated by, or underlying the forward-looking statements. The
risks and uncertainties to which forward-looking statements are
subject include, but are not limited to, the effect of government
regulation, competition and other material risks described in the
company's filings with the SEC.
For more information contact: Violet Shockley 713-444-0924
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