NOTE 14 – SUBSEQUENT EVENT
On November 1, 2012, through a wholly-owned subsidiary, RGL, the Company acquired the operations and assets of one of its independently-owned agent offices serving the Los Angeles market and operating under the Airgroup brand. The acquisition provides the Company with increased company owned operations as well as potential cost synergies. The Company has structured the transaction similar to previous acquisitions with a portion of the expected purchase price payable in subsequent periods is based on future performance of the acquired operation. The Company has concluded that the transaction is not material to its financial statements.