TEAM Nation Announces Termination of Financing Agreement; Anticipates Positive Balance Sheet Adjustment
Marketwire “Press Releases”
NEWPORT BEACH, CA — (MARKET WIRE) — 03/17/11 — 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.”