TIMIA Capital Provides Q4 and CY2018 Operational Update Plus CFO Appointment
Friday, January 11, 2019 5:15 PM
VANCOUVER, BC / ACCESSWIRE / January 11, 2019 / TIMIA Capital Corporation (TSX-V:TCA /OTC:TIMCF) ("TIMIA" or the "Company") today provided an operational update for the fourth quarter and year ended November 30, 2018 and announced the appointment of Andrew Abouchar to the position of Chief Financial Officer ("CFO").
Operational Highlights for Q4 & CY 2018:
- Total investment and related income for 2018 increased approximately 60% to approximately $1.6M compared to $1.0M in 2017,
- Completed 8 new investments in software companies in CY 2018 vs. 5 in 2017,
- Portfolio Company Exits in 2018 generated over $1.5M in additional income, and
- Launched TIMIA's first U.S. transaction with investment into Real Savvy in Q4 2018.
In addition to these operational highlights, the Company has appointed Andrew Abouchar, formerly TIMIA's Chief Credit Officer, to the position of CFO. The position was previously held by Jim Pratt as part of his responsibilities on TIMIA's Board of Directors through the first three and half years of TIMIA's growth.
"2018 was a great year for growth and expansion," said Mike Walkinshaw, CEO of TIMIA. "We saw more deals, more revenue, more successful exits and new U.S. deal flow. I would also like to thank Jim for his years of contribution acting as the CFO from his position on the Board of Directors. Andrew's appointment to CFO is a natural progression bringing the role in-house and meeting the increased demands on the CFO position. I would like to congratulate Andrew on his appointment. This is a great fit as he has a strong financial background and knows our business inside and out, having been our Chief Credit Officer since 2016."
All figures reported above with respect to the quarter ended November 30, 2018 are preliminary and are unaudited and subject to change and adjustment as the Company prepares its consolidated financial statements for the years ended November 30, 2018 and 2017. Accordingly, investors are cautioned not to place undue reliance on the foregoing information. The Company does not intend to provide preliminary results in the future. The preliminary results provided in this news release constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws, are based on several assumptions and are subject to a number of risks and uncertainties. Actual results may differ materially. See "Forward-looking Information".
*Non-GAAP Measures and Other Financial Measures
In managing our business and assessing our financial performance, we supplement the information provided by the GAAP-based financial statements with metrics and non-GAAP financial measures which are utilized by our management to evaluate our performance. Investment and related income represents revenue from the Company's investments in its investee companies. We believe investment and related income is a helpful measure because it allows us to evaluate our performance prior to the completion of the audit of our annual financial statements. Investment and related income is not a measure of financial performance under GAAP and should not be considered in isolation or as a substitute for revenue, the most directly comparable GAAP financial measure.
About TIMIA Capital Corporation
TIMIA Capital Corporation is a specialty finance company that provides growth capital to technology companies in exchange for payments based on monthly revenue. This alternative financing option complements both debt and equity financing, while allowing entrepreneurs and existing stakeholders to retain ownership and control of their business. TIMIA's singular focus is the fast growing, global, business-to-business Software-as-a-Service (or SaaS) segment. We align ourselves with entrepreneurial management teams growing their sales from $1 Million to $10 Million in Annual Recurring Revenue. For more information about TIMIA Capital Corporation, please visit www.timiacapital.com
For more information, please contact:
Vice President, Capital Markets & Communications
Mike Walkinshaw, CEO
TIMIA Capital Corporation
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Certain information and statements in this news release contain and constitute forward-looking information or forward-looking statements as defined under applicable securities laws (collectively, "forward-looking statements"). Forward-looking statements normally contain words like ‘believe', ‘expect', ‘anticipate', ‘plan', ‘intend', ‘continue', ‘estimate', ‘may', ‘will', ‘should', ‘ongoing' and similar expressions, and within this news release include any statements (express or implied) respecting expected financial results for the fourth quarter and year-ended November 30, 2018. Forward-looking statements are not guarantees of future performance, actions, or developments and are based on expectations, assumptions and other factors that management currently believes are relevant, reasonable and appropriate in the circumstances, including, without limitation, the following assumptions: that the Company and its investee companies are able to meet their respective future objectives and priorities, assumptions concerning general economic growth and the absence of unforeseen changes in the legislative and regulatory framework for the Company. Although management believes that the forward-looking statements are reasonable, actual results could be substantially different due to the risks and uncertainties associated with and inherent to Timia's business. Material risks and uncertainties applicable to the forward-looking statements set out herein include, but are not limited to, the Company having insufficient financial resources to achieve its objectives; availability of further investments that are appropriate for the Company on terms that it finds acceptable or at all; successful completion of exits from investments on terms that constitute a gain when no such exits are currently anticipated; intense competition in all aspects of business; reliance on limited management resources; general economic risks; new laws and regulations and risk of litigation. Although Timia has attempted to identify factors that may cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, predicted, estimated or intended. Also, many of the factors are beyond the control of Timia. Accordingly, readers should not place undue reliance on forward-looking statements. Timia undertakes no obligation to reissue or update any forward-looking statements as a result of new information or events after the date hereof except as may be required by law. All forward-looking statements contained in this news release are qualified by this cautionary statement.
SOURCE: TIMIA Capital Corporation