NU Online News Service, Dec. 17, 2004, 4:55 p.m. EST

A Henderson, Nev., company says it has taken a step toward setting up a Web-based financial services sales system.[@@]

The company, Millenium Holding Group Inc., says it has signed a letter of intent to acquire a life and annuity insurance company that is licensed to do business in 45 states and the District of Columbia.

The company has about 3,100 life insurance policyholders and $10 million in net admitted assets, according to Richard Ham, Millenium’s president.

Ham says he wants to set up a system that will sell insurance products along with securities brokerage and banking services.

The system will serve law firms, accountants and financial planners as well as members of the general public, Ham says.