BELLINGHAM, WA–(Marketwired – Apr 30, 2015) – eXp Realty International Corporation (OTCQB:EXPI), The Agent-Owned Cloud Brokerage™, today announced that starting May 1st all eXp Realty Agents and Brokers will be eligible to contribute 5% of their commission income to the purchase of eXp Realty International Corporation stock as part of a Direct Purchase Program.
Agents and Brokers who have signed an Addendum to their Independent Contractor Agreement shall have 5% of the commission that would have normally been paid to the agent or broker at close instead retained by the company as “Paid in Capital” and Agents and Brokers will receive shares from Treasury. The shares will be restricted shares carrying a restrictive legend. The number of shares issuable will be determined using a price per share that is a 20% discount to the average closing price of the Company’s common stock over the 30-day period preceding the last day of the month, subject to the other terms and conditions of the Program. Shares will then be issued the following month to those agents who contributed and will be held in book form with the Company transfer agent unless delivery is requested by the agent or broker.
eXp Realty, CEO and Founder Glenn Sanford stated, “We are committed to agent ownership. Many agents are accustomed to paying 5%, 6% or even 7% franchise fees. At eXp Realty, a non-franchise operation, we believe that those monies are better put to use for the direct benefit of the agent by allowing them, if they wish to, to increase their ownership stake in the brokerage on favorable terms rather than going to a third party franchisor. Agents and brokers of any brokerage ultimately generate the sales and revenues for the brokerage and at eXp Realty, we believe they should be owners, whether through this program, our Icon Agent program, or simply by doing those things that good, productive professionals are going to do naturally by being in the business.”
About eXp World Holdings, Inc.
eXp World Holdings, Inc. is the holding company for a number of companies most notably eXp Realty LLC, the Agent-Owned Cloud Brokerage™ as a full-service real estate brokerage providing 24/7 access to collaborative tools, training, and socialization for real estate brokers and agents through its 3-D, fully-immersive, cloud office environment. eXp Realty, LLC and eXp Realty of Canada, Inc. also feature an aggressive revenue sharing program that pays agents a percentage of gross commission income earned by fellow real estate professionals who they attract into the Company.
eXp World Holdings, Inc. also owns 90.5% of First Cloud Mortgage, Inc. a Delaware corporation launched in 2015 and now licensed to originate mortgages in Arizona, California, New Mexico and Texas.
The corporate name change to "eXp World Holdings, Inc." has been approved by our Board and stockholders but is not yet effective, pending the mailing of a definitive information statement to our stockholders in accordance with applicable rules and a 20-day notice period thereafter.
As a publicly-traded company, eXp World Holdings, Inc. uniquely offers professionals within its ranks opportunities to earn equity awards for production and contributions to overall company growth.
The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Such forward-looking statements speak only as of the date hereof, and the Company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the Company's expansion, revenue growth, operating results, financial performance and net income changes. Such statements are not guarantees of future performance. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include changes in business or other market conditions; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Company's Securities and Exchange Commission filings, including but not limited to the most recently filed Annual Report on Form 10-K.