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TIMIA Invests in Cova Software Through New Finance Facility
TIMIA Invests in Cova Software Through New Finance Facility Canada NewsWire VANC...
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[{"type":"text","content":"\n\n\n\nTIMIA Invests in Cova Software Through New Finance Facility\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, May 25, 2020\n\n\n\n~Cova selects TIMIA's non-dilutive finance solution to support the expansion of its award-winning technology platform, POS and inventory management system for cannabis retailers~\n VANCOUVER, May 25, 2020 /CNW/ - TIMIA Capital Corporation (\"TIMIA\" or the \"Company\") (TSX-V: TCA/OTC: TIMCF) announced that it has entered into a $2 million investment facility for Retail Innovation Labs LLC doing business as Cova Software (\"Cova\"), a Denver, CO and Vancouver, BC-based developer of an award-winning point of sale (\"POS\") and Inventory Management platform designed to streamline cannabis retail. The 2 year financing facility includes an initial disbursement of $1,250,000, which has been advanced, and an additional $750,000 to be disbursed upon certain milestones being met over the term of the agreement. \n\"Cova has developed the market leading technology platform and POS currently powering nearly 90% of Ontario cannabis stores and over 50% of all cannabis retailers in Canada,\" said Rob Foxall, Vice President of Origination of TIMIA. \"Given their success, the team at Cova has selected TIMIA's innovative non-dilutive financing to support their continued growth. Our financial solution is a great alternative for organizations like Cova that require funding to increase their customer base and drive sales, while maintaining equity ownership and control over their company.\"\n\"We are seeing tremendous growth in the highly regulated cannabis industry and our software solution allows retailers to successfully navigate and grow in this complex and changing environment,\" said Gary Cohen, CEO of Cova Software. \"Recognizing the need for expansion capital, we explored several alternatives and found that TIMIA had the best solution for our needs. We look forward to working with the team at TIMIA as we continue to strengthen our competitive position in the growing cannabis industry...