iCan Generates Annual Earnings of Over $4.5 Million On $37 Million of Premium Revenue
Stephen Tucker Will Become Chief Revenue Officer
EDGEWATER, NJ / ACCESSWIRE / August 28, 2020 / Quad M Solutions, Inc. (OTC PINK:MMMM) (“Quad M” or the “Company”), a public holding company that offers staffing services and employee benefits such as health plans, HR-human resources, and payroll services, to small and mid-sized group employers, today announced that it has signed a Definitive Agreement to acquire iCan Benefits Group in a stock transaction by issuing 4% of the outstanding common shares of the Company at the time of acquisition. In addition, the Company will inject $17.5 million to pay off iCan’s debt prior to the completion of the acquisition by September 29, 2020. iCan has consistently generated in excess of $4.5 million of operating earnings on nearly $37 million of premium revenue over the last several years.
iCan sells insurance directly to consumers in all 50 states working with a variety of providers to ensure that the consumer finds the most affordable plan with a maximum potential to meet their client’s needs. iCan has been in existence since 2005 and has sold nearly 1 million insurance contracts among various insurance products such as short-term medical insurance indemnity, homeowners, property insurance as well as other medical related insurance products. This database of clients is invaluable and is considered a prime asset in allowing the combined company to cross sell the Company’s staffing solutions and major medical, group products to independent contractors, Gig economy workers and freelancers.
Mr. Pat Dileo, CEO of Quad M Solutions, commented, “Stephen Tucker and I have known each other for several years. I am extremely proud to welcome him as our Chief Revenue Officer. His capabilities fill a missing element. Steve’s execution capabilities are unparalleled. We believe that he will be able to cross sell our staffing solution that provides the lowest cost major medical insurance coverage in the country. His database combined with his salesmanship could provide in excess of 100,000 lives over the next several years at an estimated average price of $1,000/per life per month, making the revenue substantial. In addition, iCan comes with a national distribution of agents and a call center, which would help the Company aggressively sell its staffing solution. This would be in addition to the rapid growth that iCan has been experiencing on its own. I cannot tell you how excited I am to be working with Steve.”
Mr. Stephen Tucker, CEO of iCan Benefits Group, stated, “Most of our customers since 2005 have been people who work for themselves, notably independent contractors and freelancers. These people are the backbone of the US labor supply. I am extremely excited to partner with Pat Dileo and the Quad M Solutions team to try to bring our solutions as well as the best major medical, group insurance solution to this labor supply. We have always felt that offering a major medical solution along with our various insurance products would be extremely well received by the marketplace. Quad M’s staffing solution enables companies that utilize independent contractors the ability to provide group medical insurance utilizing pre-tax dollars to individuals who have their own business. Combined with our focus on indemnity policies and other insurance policies that supplement what an individual who has their own business needs, we believe that iCan will continue to be among the fastest growing insurance marketing companies in the U.S. I look forward to explaining how I as the Chief Revenue Officer with my team combined with the Quad M Solutions team can achieve this result.”
About Quad M Solutions, Inc.
Quad M Solutions, Inc., is a public holding company that offers self-funded health plans, staffing services, HR-human resources, payroll services, retirement, supplemental and workers compensation insurance to small and mid-sized group employers with 1-500 employees, and to the exploding essential worker “Gig Economy,” a labor market that is characterized by the prevalence of short-term contracts or freelance work, not permanent jobs. The company’s four subsidiaries, NuAxess 2, Inc., PrimeAxess, Inc., OpenAxess, Inc. and PrimeAxess 2, LLC are important in conveying who we are and what we do.
We strive to provide those employers and individuals the right tools to be able to manage and control all the facets in their healthcare experience and their eventual health outcomes. Prevention, wellness, and cures have become part of our corporate mission to individuals who want to manage and control their short and long-term healthcare needs.
Our self-insured programs are consumer-driven and technology-leveraged and, by itself, self-insurance is affordable, transparent and responsive to the healthcare and retirement needs of employees who are looking for higher quality benefits, integrated health information and better medical provider access and outcomes.
The statements contained herein that are not historical facts are forward-looking statements within the meaning of the federal securities laws (Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). You can identify such forward-looking statements by the words “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “likely,” “possibly,” “probably,” “goal,” “opportunity,” “objective,” “target,” “assume,” “outlook,” “guidance,” “predicts,” “appears,” “indicator” and similar expressions. Forward-looking statements involve a number of risks and uncertainties. In the normal course of business, Quad M Solutions, in an effort to help keep our stockholders and the public informed about our operations, may from time to time issue such forward-looking statements, either orally or in writing. Generally, these statements relate to business plans or strategies, projected or anticipated benefits or other consequences of such plans or strategies, or projections involving anticipated revenues, earnings, profits, pricing, operating expenses or other aspects of operating results. We base the forward-looking statements on our expectations, estimates, and projections at the time such statements are made. These statements are not guarantees of future performance and involve risks and uncertainties that we cannot predict. In addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. The actual results of the future events described in such forward-looking statements could differ materially from those stated in such forward-looking statements.
CEO, Chairman, Quad M Solutions, Inc.
SOURCE: Quad M Solutions, Inc.
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