NEWPORT BEACH, Calif., March 8, 2010 (GLOBE NEWSWIRE) -- TEAM Nation Holdings Corporation ("TEAM") (OTCBB:TEMN) is pleased to announce that it has settled its lawsuit and arbitration proceedings with its lender, Professional Business Bank ("PBB"), and has resumed performance on its loan facility. Dismissals of the court and arbitration proceedings were completed on February 16, 2010 and result in a net reduction of the facility of $1,031,842.00. Neither TEAM nor PBB made any concessions regarding the merits of the parties' claims and counterclaims in the settlement agreement.
Janis Okerlund, President of TEAM, stated, "The settlement of the PBB litigation returns key company resources to the pursuit of additional revenue generating enterprises and growth for TEAM and its shareholders. The board is pleased with the outcome and look forward to devoting even greater attention to the day-to-day business objectives of the company."
About TEAM Nation Holdings Corporation
TEAM Nation Holdings Corporation, a Nevada corporation ("TEAM-NV"), is a management and services company specializing in title insurance and escrow services through our affiliate title agency(ies), and the provision of management, production services, HR administration, IT support, and accounting administration for title insurance companies and related real estate ventures. TEAM Nation Holdings, a Nevada Corporation ("TEAM-NV"), is a holding Corporation for TEAM Title, a national title agency, and engages in direct settlement and ancillary operations through its Lender Solutions and Resource Solutions Divisions.
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.