SOURCE: TEAM Nations Holdings Corp.

TEAM Nations Holdings Corp.

May 31, 2011 12:55 ET

TEAM Nation Announces $1,338,005.81 Positive Balance Sheet Adjustment After Removal of Financing Agreement Derivatives

NEWPORT BEACH, CA--(Marketwire - May 31, 2011) - TEAM Nation Holdings Corporation ("TEAM") (OTCBB: TEMN) is pleased to report JMJ Financial has provided written confirmation of the mutual termination agreement of it finance agreement with the company. As anticipated, the Company's independent auditors, Kelly & Associates, have confirmed the removal of all derivatives associated with the financing resulting in a positive balance sheet adjustment of $1,338,005.81. The Company had entered into the agreement on November 18, 2009 and to date the Company had received a total of $125,000 of total proceeds under the agreements, all of which had been converted under the operative agreements into common shares of the Company's stock. The determination for cancellation was made upon review of the accounting and conversion provisions of such notes; consideration matters and current market conditions called for the cancellation of such agreement.

Dennis R. Duffy, Cofounder and Board member of TEAM, stated, "We are pleased to follow through with the removal of liabilities that create a drag on our financial statements and present a skewed picture of the company's progress and potential. We will continue to seek operating capital that will fund our national expansion plan and will make every attempt to bolster our balance sheet wherever possible."

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

Contact Information

  • For more information contact:
    Violet Shockley
    713-444-0924