ARLINGTON, Va., June 19, 2013 /PRNewswire/ -- Timios National Corporation OTCBB: HOMS ("Timios"), a national provider of real estate services to banks, financial institutions and mortgage lenders today announced that it has completed the purchase of Glenn County Title Company (GCTC) after receiving regulatory approval from the California Department of Insurance on June 6 th 2013. Located in Willows, California, GCTC was a privately held title company serving businesses and residents in Glenn County California since 1891.
Pursuant to the purchase agreement signed and disclosed in May 2012, GCTC will be wholly owned by Timios, Inc., the primary Title and Settlement subsidiary of the Company, and its financial results will be consolidated under Timios, Inc and into Timios National Corporation.
C. Thomas McMillen, President and CEO of Timios National Corporation commented, "We are pleased the acquisition has been completed on the terms of our purchase agreement. This acquisition will allow us to enter the title insurance in California and will expand our coverage area and continue to grow our revenue."
Trevor Stoffer, CEO of Timios, Inc. commented, "I am excited to confirm our entry into the California title insurance market with the acquisition of GCTC. GCTC has an excellent history of dedication to their customers. We look forward to leveraging our technology service model to expand and support their clients, and welcoming Richard Thomas, President of GCTC, into the executive management team."Richard and DeAnnah Thomas owned and operated Glenn County Title Company for the last 15 years and combine for over 60 years of experience in the industry. Mr. Thomas has managed a diversified suite of title insurance products ranging from commercial to residential policies. Mr. Thomas, President of GCTC added, "We are excited to begin our partnership with Timios, Inc. and will now be able to bring new technology and services to our highly valued clients within Glenn County California." About Timios National Corporation Timios National Corporation is a company engaged in the strategic acquisition, development, and consolidation of real estate service businesses. The company is focused on creating long-term value by taking controlling interest and developing its subsidiary companies through superior operations and management. Former Maryland Congressman C. Thomas McMillen, who served three consecutive terms in the U.S. House of Representatives from the 4th Congressional District of Maryland, heads the company. Timios National Corporation operates businesses that provide real estate products and service solutions, growing organically and by acquisitions. The company is targeting emerging companies that are generating revenues but face challenges in scaling their businesses to capitalize on growth opportunities.