~$1 Million Financing Facility for Aprio Helps Drive Vancouver Software Company Growth Efforts~
VANCOUVER, BC – October 23, 2018 – TIMIA Capital Corporation (“TIMIA” or the “Company”) (TSX-V:TCA) today announced that it has entered into a $1 million investment facility for Aprio Inc. (“Aprio”) of Vancouver, BC. The financing facility includes an initial disbursement of $400,000, which has been advanced, and a further $600,000 to be disbursed upon certain milestones being met over the term of the agreement.
“We’re excited to support Aprio’s increased sales and marketing efforts with new capital,” said Greg Smith, CIO of TIMIA. “Aprio has a great reputation, long track record of success and have been a great team to work with.”
“We appreciated TIMIA’s quick response and flexible approach to our financing needs,” said Ian Warner, President & CEO, Aprio Inc. “They understood our business and provided the capital we’re looking for, without the dilution of traditional equity-based funding.”
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 requires 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, triggering a bonus payment to TIMIA. 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.
About Aprio Inc.
Aprio makes good governance simple and affordable. The Aprio board portal helps organizations large and small to efficiently run board meetings, keep directors up to date, and keep information secure. Aprio provides premium features without premium pricing, all delivered with unmatched service. Our simplicity and affordability make us the first choice of credit unions, financial institutions, crown corporations, non-profits and public companies across North America. Founded in 2003, Aprio is proud of our reputation for the best customer experience in our industry. Visit www.aprio.net to learn more.
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 early repayment of loans resulting in bonus payments, 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.