SOURCE: Team Nation Holdings, Corp.

Team Nation Holdings, Corp.

March 17, 2011 16:00 ET

TEAM Nation Announces Termination of Financing Agreement; Anticipates Positive Balance Sheet Adjustment

NEWPORT BEACH, CA--(Marketwire - March 17, 2011) - TEAM Nation Holdings Corporation ("TEAM") (OTCBB: TEMN) is pleased to report that the Company, on March 11, 2011, cancelled its agreements with JMJ Financial for the financing of the Company through six $500,000 convertible promissory notes. 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. The Company will be assessing, along with its independent auditors, the removal of approximately $2,000,000.00 of derivative liabilities associated with the agreement from its balance sheets.

Dennis R. Duffy, Cofounder and Board member of TEAM stated, "While the financing arrangement was deemed prudent in 2009, we are pleased that we are able to continue our growth plan without seeking financing under the convertible note platform. The anticipated removal of derivative liabilities associated with the financing will improve our balance sheet and allow for more conventional finance options in the future."

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