VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 19, 2016) - TIMIA Capital Corp. ("TIMIA" or the "Company") (TSX VENTURE:TCA) is pleased to announce the continuance of its Revenue Finance investment program into high growth private software companies with a follow-on investment into iCompass Technologies Inc. ("iCompass").
This additional investment of $250,000 brings the total amount of Revenue Financing advanced to iCompass to $1,000,000. In exchange for this follow-on financing, TIMIA will receive an increase to its current monthly royalty on revenue until a defined maximum amount has been reached.
iCompass Technologies Inc. is a privately held corporation located in Kamloops, British Columbia. The company is an industry leader in providing paperless meetings, records and citizen engagement solutions for small and medium sized local governments.
The Company's cloud-based software is ideal for small and medium sized local governments as it constantly upgrades to suit the customers' needs. Local governments save thousands annually as this software drastically reduces the amount of time it takes to create an agenda and execute an appropriate follow-up.
Revenue Financing 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.
Mike Walkinshaw, CEO of TIMIA, said "We are excited to continue our support of the iCompass team. They have shown significant customer traction since the commencement of our formal investment relationship". Mike added "We look forward to continuing our momentum with more exciting technology company financings through the remainder of the year and into 2017."
About TIMIA Capital Corp.
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 compliments both debt and equity financing, while allowing entrepreneurs to retain control of their business. TIMIA's target market is the fast-growing growing business-to-business software-as-a- service (SaaS) segment. TIMIA is run by a seasoned investment team with a track record of originating and managing debt and equity investments, as well as monitoring, compliance and workouts.
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 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.