TEAM Nation Announces Increased Revenue Adjustment of $997,120 for 2009/2010 Operations
Team Nation Holdings (OTCBB:TEMN) Intraday Stock Chart Today : Monday 14 February 2011
TEAM Nation Holdings Corporation ("TEAM") (OTCBB: TEMN) is pleased to report that it has made, after conducting an internal audit of its costs under its Vendor Services Contract with Calcounties Title Nation, a one-time adjustment increasing its 2009/2010 revenue by $997,120. The increase will be reflected in the company's 10k, when filed in accordance with SEC deadlines. Under the existing contract, TEAM discovered it had been undercharging CCTN for services performed and felt the adjustment necessary to correctly reflect the income from operations. The increase, along with ongoing operating income, results in gross revenue of approximately $2,640,338 for fiscal 2010, an increase of approximately $620,000 over 2009. Dennis R. Duffy, Cofounder and Board member of TEAM, stated, "The increase in revenue after our review ensures that TEAM's financials reflect its true earnings, and sets the stage to rewrite our vendor contracts to ensure we are keeping ahead of costs, while providing value to our customers." 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: 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:
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IRVINE, CA, Feb 14, 2011 (MARKETWIRE via COMTEX) -- TEAM Nation Holdings Corporation ("TEAM") (OTCBB: TEMN) is pleased to report that it has made, after conducting an internal audit of its costs under its Vendor Services Contract with Calcounties Title Nation, a one-time adjustment increasing its 2009/2010 revenue by $997,120. The increase will be reflected in the company's 10k, when filed in accordance with SEC deadlines. Under the existing contract, TEAM discovered it had been undercharging CCTN for services performed and felt the adjustment necessary to correctly reflect the income from operations. The increase, along with ongoing operating income, results in gross revenue of approximately $2,640,338 for fiscal 2010, an increase of approximately $620,000 over 2009. Dennis R. Duffy, Cofounder and Board member of TEAM, stated, "The increase in revenue after our review ensures that TEAM's financials reflect its true earnings, and sets the stage to rewrite our vendor contracts to ensure we are keeping ahead of costs, while providing value to our customers."
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: 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.
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IRVINE, CA, Feb 15, 2011 (MARKETWIRE via COMTEX) -- 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.
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