TIMIA Capital Announces $2 Million Investment into Parkbench Inc.
~Investment provides growth capital for Parkbench and drives cash flow and income for TIMIA~
Vancouver, British Columbia (FSCwire) - TIMIA Capital Corporation (“TIMIA” or the “Company”) (TSX-V:TCA) today announced a $2 million investment facility for Parkbench Inc., of Toronto. The revenue-based financing facility includes a first disbursement of $1,000,000 and a further $1,000,000 to be disbursed upon certain milestones being met over the term of the agreement.
“Parkbench is driving more than 50% revenue growth on their topline, and in the right position to benefit from our revenue finance model,” said Mike Walkinshaw, CEO of TIMIA. “We have an extensive analytics platform and management process to evaluate potential investments, and Parkbench emerged as an exciting company with growth potential in which we’re happy to invest.”
TIMIA has invested in three new deals and successfully exited three previous investments in the last four months. With six current investments under management, TIMIA has $10.4 million committed and is continuously seeking new and exciting investments in the software as a service or SaaS industry.
“We evaluated a number of finance options and TIMIA’s revenue-based finance model makes the most sense,” said Grant Findlay-Shirras, CEO of ParkBench. “We maintain control of the Company versus traditional equity-based lenders and the capital infusion will help us grow our business.”
Parkbench is a prospecting tool for real estate agents and mortgage brokers. At the most basic level Parkbench produces a neighborhood focused website that provides local information, serving much the same function as the small-town newspaper used to. Parkbench rents these website properties to local service providers, mainly real-estate agents who become the “sponsors”. The sponsors populate the site with content: events, interviews with local businesses owners etc. The sponsors develop prospects through the process of generating content. The theory being that people move on average every 15 years. If the sponsor generates 15 free “advertorials” for local business owners one of them will be thinking about moving. Parkbench presents that opportunity to build a relationship with the potential client.
About TIMIA Capital Corporation
TIMIA Capital Corporation is a specialty finance company that provides revenue financing to technology companies in exchange for a stream of payments based 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 and compliance.
For more information about TIMIA Capital Corporation, please visit www.timiacapital.com
For more information, please contact:
Vice President, Capital Markets & Communications
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.
Disclaimer for Forward-Looking Information
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 future funding commitments of $1,000,000 which are subject to certain milestones being met. 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, the regulated nature of the industry in which the Company operates, intense competition in all aspects of business, reliance on limited management resources, general economic risks, new laws and regulations, risk of litigation, and volatility of the price of the Company’s common shares. 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.
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Source: TIMIA Capital Corp. (TSX Venture:TCA)
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