~Strong performance at Wagepoint drives further investment in payroll automation company~
VANCOUVER, BC – August 16, 2018 – TIMIA Capital Corporation (“TIMIA” or the “Company”) (TSX-V:TCA) today announced a further $750,000 investment in Wagepoint Inc. (“Wagepoint”) of Waterloo, ON. The $750,000 investment is part of the software Company’s existing $2 million revenue financing facility with TIMIA, and the second disbursement based on strong performance and related metrics by Wagepoint.
“Wagepoint is driving growth and delivering on strong customer metrics,” said Mike Walkinshaw, CEO of TIMIA. “We’re happy to support the team at Wagepoint with the right capital solution and to foster further growth and expansion.”
“TIMIA has been an incredible partner for Wagepoint,” said Shrad Rao, CEO of Wagepoint Inc. “Their involvement has given us the opportunity to do what is right for our business in terms of investing in areas that make the customer experience better and driving exponential growth. We made the decision to go with a revenue-financing solution last year and we haven’t looked back since.”
TIMIA is continuously seeking new and exciting investments in the software as a service or SaaS industry. 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.
Wagepoint helps 4,000 small business across Canada and the United States pay 30,000 employees — all with one easy, cloud-based format featuring an interface purposefully designed to pass the “my-grandma-could-use-it” sniff test. For more information on how Wagepoint makes payroll simple, fast and friendly, visit www.wagepoint.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
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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 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.