VANCOUVER, BRITISH COLUMBIA–(April 4, 2016) – TIMIA Capital Corp. (“TIMIA” or the “Company”) (TSX VENTURE:TCA) is pleased to announce that it has continued its exciting momentum into 2016 by closing its 4th Royalty-based Financing (“RBF”) investment.
iCompass Technologies Inc. (“iCompass”) has received a total financing of $1.25 Million, with $750,000 being closed in the first tranche. In exchange for this financing, TIMIA will receive a monthly royalty on total revenue until a defined maximum amount has been reached.
iCompass is a privately held corporation located in Kamloops, British Columbia and is an industry leader in providing paperless meetings, records and citizen engagement solutions for small and medium sized local governments. Their software solution helps local governments save significant costs by saving staff time in creating and managing agendas and follow-up actions.
RBF is attractive to companies that are not yet qualified for traditional bank debt but do not want to suffer the dilution and control issues associated with equity issuances. Revenue growth and high gross margins are key attributes required by applicants in order for the successful application of Revenue Financing.
Paulin Laberge, CEO of iCompass said “iCompass is looking forward to executing its expansion plans.” Paulin added “TIMIA’s capital was the flexible solution that fit our company’s needs.”
Mike Walkinshaw, CEO of TIMIA, said “We are excited to be supporting iCompass Technologies Inc. Their customer base is committed to their product and we look forward to watching them add significantly more customers in the years to come.” Mike added “2016 is off to a strong start for TIMIA. We look forward to continuing our momentum with more exciting technology company financings through the year.”
About TIMIA Capital Corp.
TIMIA (pronounced “Te-MY-ah”) is a Revenue-Based Financing company that provides investment capital to technology companies in exchange for a royalty on revenue. This new financing option complements both debt and equity financing while allowing entrepreneurs to retain control of their own business.
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.
ON BEHALF OF THE BOARD
Michael Walkinshaw, Chief Executive Officer
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s issuance of Debentures, payment of interest thereon, acceptance of the offering by the TSX Venture Exchange and the Company’s use of the proceeds of the offering, including investment in RBF instruments. 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.
TIMIA Capital Corp.
Chief Executive Officer