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Homeland Security Capital Corporation (OTCBB: HOMS), an international provider of specialized technology-based radiological, nuclear, environmental, disaster relief, and electronic security solutions to government and commercial customers, added a second acquisition as part of its entry into the mortgage and settlement services industry by completing the acquisition of all of the stock of Timios, Inc. (Timios), as previously reported in its Current Report on Form 8-K filed on May 27, 2011.
The acquisition of Timios, Inc., a technologically advanced, paperless provider of title insurance and escrow services, adds additional core services to Fiducia Real Estate Solutions, Inc. (Fiducia), a recently formed subsidiary under HOMS. Timios is a licensed title insurance and escrow agent operating in approximately 40 States offering comprehensive title and escrow services for mortgage origination refinance, reverse mortgage, real estate owned and deed-in-lieu transactions, listing some of the largest lenders and servicers nationwide as clients. Timios is headquartered in Westlake Village, California, and has offices in Plano, Texas, as well as satellite offices in four other states. The initial purchase price is $1,150,000, subject to working capital adjustments, plus contingency payments of up to $1,350,000 payable over the next 12 months.
C. Thomas McMillen, HOMS Chairman and CEO, stated, “Completion of this transaction and the Default Servicing transaction we previously announced represent a big step forward in immediately expanding our presence nationwide in this new line of business.” McMillen continued, “The extensive experience of both management teams increases our ability to reach new customers and provide current customers with enhanced default and title products and services.”
Trevor Stoffer, the CEO of Timios, Inc., went on to say, “Timios has come a long way in a short period of time. Our growth in volume and new clients through difficult times is a testament to what we believe to be our high level of service and great partnerships. Our new partnership with Homeland Security will allow us to extend our service to more clients, expand our product offerings, and drive increasing value to our customers and investors.”