more news outTEAM Nation Renews Revenue Generating Vendor Services Agreement With CCTN; Allows for $500,000 Additional Revenues for 2011
Team Nation Holdings (OTCBB:TEMN)
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Today : Tuesday 15 February 2011
TEAM Nation Holdings Corporation ("TEAM") (OTCBB: TEMN) is pleased to announce that it has renewed its agreement with Calcounties Title Nation Company ("CCTN"), to provide HR, IT, Accounting, Compliance and production services to CCTN at increased fees per transaction. Effective January 3, 2011 fees in the Amended and Restated Vendor Services Agreement were increased an average of $20 per transaction to account for increases in volume, data costs and employees. While still incredibly competitive for their client, the increases have the potential to drive an additional $500,000 in revenue to TEAM during fiscal year 2011. Administration expenses were also increased by $10,000 (per month) to $50,000 total.
Dennis R. Duffy, Cofounder and Board member of TEAM, stated, "We are pleased and excited to continue our relationship with CCTN and are confident that the recent adjustments to our contract will allow us to continue to provide the excellent service CCTN expects from its production partner while supporting our revenue goals. Paired with our recently announced plans to expand into 12 additional states, this renewed contract will drive revenues up and make our balance sheet much easier on the eyes in the months to come."
About Calcounties Title Nation Company: Calcounties Title Nation Company, a California corporation, fka California Counties Title Company ("CCTN") is a full service underwritten title agency providing title, escrow and settlement services. Established in 1973 and in continuous operation since 1974, CCTN operates in Orange and Los Angeles counties, California and has applications pending for expansion into surrounding counties.
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 Nations 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: https://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