TIMIA Announces US$3 Million Financing for TransitScreen
Thursday, May 2, 2019 8:00 AM
TIMIA's US expansion continues with Washington, DC-based Software Company
VANCOUVER, BC / ACCESSWIRE / May 2, 2019 / TIMIA Capital Corporation ('TIMIA' or the 'Company') (TSX-V: TCA/OTC: TIMCF) announced that it has entered into a US$3 million investment facility for Washington, DC based software company TransitScreen, Inc. ('TransitScreen'). The financing facility includes an initial disbursement of US$1,000,000, which has been advanced, and a further US$2,000,000 to be disbursed upon certain milestones being met over the term of the agreement.
'TransitScreen has built a capital efficient business with great customer and revenue growth,' said Greg Smith, CIO of TIMIA. 'They see the value of retaining ownership of their destiny and we're happy to provide flexible and non-dilutive capital that meets their needs.'
'We looked at a variety of venture capital- and revenue-based financing firms, but we wanted to choose someone who was the right fit for our high-growth, revenue-generating business,' said Matt Caywood, CEO of TransitScreen. 'TIMIA is an innovative investor and the right partner for our growth plans.'
TIMIA is continuously seeking new and exciting investments in the software as a service or SaaS industry. Under TIMIA's revenue-based financing model, TIMIA advances capital to a SaaS business with a recurring revenue stream that allows the portfolio company to make monthly payments to TIMIA that are a combination of principal and interest with a repayment schedule sculpted to the portfolio company's revenue streams. The amounts advanced are secured and may be repaid early. The Company expects to make further investments in the coming months, in the pursuit of its business model, which is to earn a combination of monthly payments and periodic gains on investments.
TransitScreen is a Washington, DC-based software company known for its real-time displays of nearby mobility options, from public transit to bikeshare, carshare, and ridehailing services. The company works with leaders in commercial real estate and corporate workplace, such as JLL, Greystar, Cushman Wakefield, LinkedIn, Amazon, and more. In November, TransitScreen launched CityMotion, the first mobility app for business commuters. For further information, please visit us at www.transitscreen.com
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 further disbursements upon the completion of certain milestones and expectations regarding making further investments in the coming months. 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