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TIMIA's Fintech Platform Continues to Demonstrate Value with Successful Exit From BasicGov Financing Facility
TIMIA's Fintech Platform Continues to Demonstrate Value with Successful Exit From BasicGov...
About this update from Montfort Capital Corp
[{"type":"text","content":"\n\n\n\nTIMIA's Fintech Platform Continues to Demonstrate Value with Successful Exit From BasicGov Financing 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, Jan. 9, 2020\n\n\n\n~Financing facility payout generates 40% return in 9 months~\n VANCOUVER, Jan. 9, 2020 /CNW/ - TIMIA Capital Corporation (\"TIMIA\" or the \"Company\") (TSX-V:TCA/OTC: TIMCF), a specialty finance company providing growth capital to technology companies, today reported that its previously announced $2 million financing for Vancouver-based software company, BasicGov Systems, Inc., has been paid out. Over the last 9 months, BasicGov has paid TIMIA $2.8 million in a combination of return of principal, interest and early redemption payments. The buyout of this financing is expected to generate a gain in excess of $400,000, that will positively impact the Company's Q1 2020 consolidated net income.\n\"Over the past 5 years we've designed and developed a scalable fintech platform to identify and invest in exciting and growing software companies like BasicGov,\" said Mike Walkinshaw, CEO of TIMIA. \"We're very happy to see our investee companies be successful, attract additional capital allowing them to graduate to the next stage of their growth, and that our non-dilutive financing has played a part in this success. We wish the BasicGov team every success as we turn our attention to reinvesting this capital into new and exciting companies.\"\nIn March 2019, TIMIA announced and advanced a $2 million financing facility for BasicGov. The financing facility was held within TIMIA Capital I's Limited Partnership (\"LP1\"). The proceeds realized from the exit will be distributed to the holders of LP1 interests according to each holder's proportional entitlement. \nTIMIA is continuously seeking new and productive investments in the software as a service or SaaS industry. As part of TIMIA's revenue financing solution, it advances capital to growing SaaS businesses in exchange for monthly payments that are a combination of principal and interest...