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ARLINGTON, Va., Sept. 16, 2013 (GLOBE NEWSWIRE) --
Timios National Corporation (OTCBB:HOMS), a national provider of real estate services to banks, financial institutions and mortgage lenders announces the Company has executed a purchase agreement for the assets of Adobe Title, LLC.
Adobe Title, LLC, which recorded $12 million in revenue in 2012, is a privately held title insurance and escrow company with 14 offices across Texas in the major metropolitan areas of Dallas/Fort Worth, Houston, Austin, and San Antonio servicing 23 counties.
C. Thomas McMillen, HOMS Chairman and CEO, stated, "This purchase represents a great opportunity to further diversify our business, and have a larger presence in the high growth market of the major metropolitan areas of Texas."
Trevor Stoffer, HOMS COO and CEO of Timios, Inc. commented, "We are excited to extend our newly developed technology offerings to the retail title insurance market in Texas, and enable the newest members of our team to grow within this highly attractive market."
Geoff and Hudson Henley, the current owners of Adobe Title, LLC commented, "We are looking forward to growing our law firm, but will miss our association with Adobe Title. We have great confidence in the management team of Timios to continue to grow the organization, and wish them the best in their success."
The Company consolidates the results of its 100% owned subsidiary Fiducia Real Estate Services, Inc., which owns 100% of Timios, Inc., Timios Appraisal Management, Inc. and Default Servicing USA, Inc. The assets of Adobe Title, LLC are acquired by Timios, Inc.
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 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.