MIAMI, Dec. 4, 2018 /PRNewswire-PRWeb/ -- Non-Invasive Monitoring Services, Inc. (OTCBB: NIMU.OB) (the "Company" or "NIMS"), I RA Financial Group LLC and IRA Financial Trust Company (collectively, "IRA Financial") announced today that they have entered into an agreement to combine in a reverse acquisition transaction.
IRA Financial, a financial technology provider of self-directed retirement plans, was established in 2009 by its CEO, Adam Bergman, a former tax and ERISA attorney. IRA Financial has helped more than 12,000 retirement account clients invest in excess of $3 billion of retirement funds, including in alternative asset investments such as real estate, cryptocurrency and private businesses.
Under the terms of the agreement, upon closing, the current shareholders of NIMS and IRA Financial will own 15% and 85% of the combined company, respectively, on a fully diluted basis. The transaction is expected to close in the first quarter of 2019 and, in addition to customary closing conditions, is subject to the approval of the South Dakota Division of Banking and a recaptialization of NIMS involving the completion of a $1.25 million equity financing and the conversion of NIMS' outstanding preferred stock and debt into NIMS common stock. Upon competion of the transaction, Adam Bergman would become the Company's CEO and President.
Commenting on the transaction, NIMS Chair, Jane Hsiao, stated, "We believe that IRA Financial is uniquely positioned to become a leading financial technology company through its offering of retirement accounts and administrative services that facilitate investments in asset opportunities not typically offered in traditional IRA and retirement plans. Moreover, alternative asset investments is currently one of the fastest growing segments of the retirement market."
Adam Bergman added, "Based on our reputation, expertise and new digital application, we believe that we can take advantage of the growing alternative asset marketplace for retirement funds by allowing our clients to establish self-directed retirement accounts seamlessly, rollover funds, and initiate investments, all online or via smart phone. We are extremely excited for the future at IRA Financial, and we believe that with access to the public capital markets we will be better able to take advantage of growth opportunities presented by the fragmented self-directed IRA and pension administration industries."
Bergman continued, "With over 50 million IRAs in the United States valued at over $9 trillion dollars and with an overall U.S. retirement industry valued at approximately $30 trillion dollars, we believe there are enormous organic and strategic growth opportunities in the self-directed retirement industry, especially with 10,000 baby boomers currently retiring each day and approximately $380 billion in IRA rollovers each year between 2012 and 2017."
About IRA Financial Group and IRA Financial Trust
IRA Financial Group is a growing financial technology provider of self-directed retirement plans as well as pension plan administrative services. IRA Financial Group has helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate, cryptocurrency, and private business investments. IRA Financial Trust is one of the leading IRA custodians that offers cryptocurrency investment options. IRA Financial Trust's new mobile application allows its clients to establish a self-directed account, rollover funds, and initiate alternative asset investments all online or via smart phone.
IRA Financial Group is headquartered in Miami Beach, FL, and IRA Financial Trust Company is headquartered in Sioux Falls, SD.
Adam Bergman is a leading voice in the self-directed retirement industry and has authored seven books on self-directed retirement plans, including one on how to use retirement funds to purchase cryptocurrencies. Bergman is also a frequent contributor to Forbes.com, where he writes on various Self-Directed retirement topics.
About NIMS
NIMS' business is the research, development, manufacture and marketing of a line of motorized, non-invasive, whole body, periodic acceleration platforms, which are intended as aids to increase local circulation and temporary relief of minor aches and pains, produce local muscle relaxation and reduce morning stiffness. NIMS' current products are derivatives of its original acceleration platform and are intended for use in homes, wellness and fitness centers, healthcare providers offices and clinics, nursing homes, assisted living facilities, sports facilities and hospitals.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements may address, among other things, the Company's expectations with respect to its transaction with IRA Financial. These forward-looking statements are distinguished by use of words such as "will," "would," "anticipate," "expect," "believe," "designed," "plan," or "intend," the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, the Companhy's actual results may differ materially from the results discussed in its forward-looking statements. The forward-looking statements contained herein speak only as of the date of this press release. Factors or events that the Company cannot predict, including whether the transactions described herein will be successfully completed and those described in the risk factors contained in its filings with the Securities and Exchange Commission, may cause the Company's actual results to differ materially from those expressed in forward-looking statements. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be achieved, and it undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.
SOURCE IRA Financial Group
Share this article