VANCOUVER, BC – TIMIA Capital Corporation (TSX-V:TCA) held its Annual General Meeting on Wednesday, May 10th, 2017.
Over 46% of registered shareholders were represented at the meeting as TIMIA CEO Mike Walkinshaw reported on the 2016 results and provided guidance for 2017. The TIMIA team wishes to thank its investors for their strong support.
The Company took the innovative step of broadcasting the AGM on Facebook Live, allowing investors and analysts from across the country to attend.
New Board Members
With the retirement of Alan Werenko from the board of directors, two new board members were approved during the meeting, with Howard Atkinson and David Demers joining. Both board members bring a wealth of experience in public markets to the group.
The TIMIA team wishes to thank Alan Werenko for his long and committed service to the Company.
Atkinson is the former President of Horizons ETFs Management (Canada) and welcomes the appointment.
“I’m looking forward to working with the team at TIMIA Capital to build on its success thus far and to continue to build its portfolio of SaaS companies in the future,” says Atkinson. “TIMIA Capital offers a unique financing solution to the Canadian tech industry and I’m thrilled to bring my experience to the table in order to help this innovative young organization succeed.”
Demers, former CEO and Co-Founder of Westport Fuel Systems has extensive TSX and board experience.
“It’s an exciting time to be in the technology space,” says Demers. “We’re confident that TIMIA’s innovative approach to revenue financing can continue to deliver substantial returns for its investors. We’ve identified a clear gap in the market and will continue to connect public market investors and private market entrepreneurs to foster the growth of promising SaaS companies.”
Key elements of the 2017 guidance were as follows:
- Complete as many as four more new deals in 2017, investing a further $2.0M to $2.5M into those new deals, and
- Manage operational expenses to $200,000 per quarter.
Issuance of Share Options
The shareholders of TIMIA approved a new Share Option Plan at the AGM increasing the total available share options to 15% of the total outstanding common shares. Subsequent to the AGM, the Board of TIMIA authorized the issuance of share options totalling 1,330,000 to members of the management team, the new board members, and the returning board members.
“After building a solid foundation over the last year, we are working to double the number of new investments in 2017,” says Walkinshaw. “We will capitalize on our continued success and are pursuing several new investment opportunities which are expected to position TIMIA as a leader in Canada’s tech landscape.”
About TIMIA Capital Corporation
TIMIA Capital Corporation is a specialty finance company that provides revenue financing to technology companies in exchange for a royalty stream on revenue. The alternative financing option complements both debt and equity financing, while allowing entrepreneurs to retain control of their business. TIMIA’s target market is the fast-growing business-to-business software-as-a-service (SaaS) segment. TIMIA is managed by a seasoned investment team with a track record of originating and managing debt and equity investments, as well as monitoring, compliance and workouts. For more information about TIMIA Capital Corporation, please visit www.timiacapital.com
New TIMIA Board Member bio’s
David Demers was the CEO and Co-Founder of Westport Fuel Systems (TSX:WPT) for over 20 years. Mr. Demers has extensive TSX and board experience, as well as strong knowledge of the technology sector.
Howard Atkinson has over 30 years of investment management experience, and has published four books on Exchange Traded Funds. Mr. Atkinson is the former President of Horizons ETFs Management (Canada).
For more information, please contact:
Chief Executive Officer
TIMIA Capital Corporation
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Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. The Company disclaims any obligation to update the forward-looking statements except as required by law.