Novus Signs Agreement with Cutting-Edge FinTech Platform to Sell its Novus Cannabis MedPlan
Aug. 20, 2018
Ideal Timing for Health Insurance Market Place Open Enrollment Process in Fall 2018
MIAMI, FL / ACCESSWIRE / August 20, 2018 / Novus Acquisition and Development, Corp. (OTC PINK: NDEV ), through its wholly-owned subsidiary WCIG Insurance Services, Inc., is a diversified insurance entity in health, liability, annuity and accident, and, the nation's first carrier/aggregator offering a cannabis health plan, today announced an agreement with a FinTech technology that will automate and streamline the enrollment process as the insurance industry begins to re-enroll millions of Americans to their health plans.
Revolution Insurance Technologies (RIT): Is a FinTech driven services platform designed for insurance carriers and brokers to custom bundle insurance products from a multitude of carriers that meets the needs and budgets of their customers all in a single enrollment process.
RIT's technology allows any agent to create customized benefit packages from diverse carriers and bundle those products that meet the needs and price of the customer. RIT business lines are primary health insurance, critical illness, integrative medicine, and now, Novus Cannabis MedPlan. RIT platform supports risk and non-risk products for the individual and group markets assisting in two critical components:
a) Pre-Enrollment: For sales that is face-to-face, online, web assist or on the phone and;
b) Enrollment Execution: Policy execution with signature options through email, SMS, Voice Verification, or in person.
This benefits Novus at a perfect time. Coming in the fall of 2018, millions of Americans are faced with re-enrollment of their health plans and having RIT's platform will help Novus capture more potential enrollees than ever before. The deal calls for 5% of all enrollments and 1% of renewals signed up through their platform. To learn more please visit: http://revolutioninsure.com
Frank Labrozzi, Chief Executive Officer of Novus, states, "We salute RIT's new technology and look forward to a mutually beneficial relationship. Additionally, I am pleased to see that the insurance industry and their ancillary services are now recognizing that medical cannabis is viable market and are embracing the fact it is here to stay. We experienced in the past where insurance entities showed resistance in selling cannabis as a benefit package, we are now seeing Novus Cannabis MedPlan gain recognition as another avenue of sustainable revenue recognition as we think long term."
Novus Capital Structure as of June 30, 2018:No Convertible Notes 98,233,624 common shares issued and outstanding No sales of insider shares since the third quarter of 2015
We invite you to review Novus filings here: https://www.otcmarkets.com/stock/NDEV/filings
About Novus Acquisition & Development Corp.
Novus Acquisition & Development Corp. ( NDEV ), through its subsidiary WCIG Insurance, provides health insurance and related insurance solutions within the wellness and medical marijuana industries in states where legal programs exist. Novus has developed its infrastructure within many lines of the insurance business such as health, property & casualty, life, accident and fixed annuities.
Novus medical cannabis benefits package will work as outside developers and will not cultivate, handle, transport grow, extract, dispense, put up for sale, put on the market, vend, deliver, supply, circulate, or trade cannabis or any substances that violate the United States law or the Controlled Substances Act, nor does it intend to do so in the future and will continue to follow state and federal laws. The statements made about specific products have not been evaluated by the United States Food and Drug Administration (FDA) and are not intended to diagnose, treat, cure or prevent disease. All information provided on these press releases or any information contained on or in any product label or packaging is for informational purposes only and is not intended as a substitute for advice from your physician or other healthcare professional. Once a push notification is completed the transaction is solely between the state-licensed dispensary and the registered patient.
The state laws are in conflict with the federal Controlled Substances Act. The current administration has effectively stated that it is not an efficient use of resources to direct federal law enforcement agencies to prosecute those lawfully abiding by state-designated laws, allowing the use and distribution of medical marijuana. However, there is no guarantee that the current administration, nor any future administration, will not change this policy and decide to enforce the federal laws strongly. Any such change in the federal government's enforcement of current federal laws could cause significant financial changes to Novus Medical Group. While we do not intend to harvest, distribute or sell cannabis or cannabis related products, we may be harmed by a change in enforcement by federal or state governments.
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, includes codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. Novus disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Chairman and CEO
SOURCE: Novus Acquisition and Development, Corp.