VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 6, 2016) - TIMIA Capital Corp. ("TIMIA" or the "Company") (TSX VENTURE:TCA) is pleased to announce that it has closed a follow-on $1 Million investment, as part of its $2 Million commitment to QuickMobile Inc. which was originally announced on November 2nd, 2015.
The first $1 Million tranche of the QuickMobile financing was completed on the date of the initial commitment.
In exchange for this follow-on financing, TIMIA will receive a monthly royalty on gross software license revenue until a defined maximum amount has been reached. This is in addition to the monthly royalty received on gross software license revenue under the first tranche of the investment.
TIMIA has completed Revenue Finance investments into four recurring revenue software companies with this investment being the first follow-on investment into an existing investee.
The Company expects to complete further new and follow-on investments in the near term.
Revenue Finance is attractive to growing companies, with less than $25M in revenue, that do not want to suffer the dilution and control issues associated with equity issuances. Revenue growth and high gross margins are key company attributes for Revenue Finance.
Mike Walkinshaw, CEO of TIMIA, said, "QuickMobile is a mature company with significant revenue and growth and we are excited to be supporting them as they continue their rapid global expansion."
David Smith, CEO of QuickMobile, added, "TIMIA's Revenue Finance option was an effective complement to our existing financing tools as we rapidly scale our business."
About TIMIA Capital Corp.
TIMIA is a Revenue Finance company that provides investment capital to established recurring-revenue software 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.
About QuickMobile Inc.
Designed for today's mobile-savvy attendee, QuickMobile's mobile app and analytics platform creates meaningful and lasting experiences. QuickMobile helps its customers deliver personalized, productive and fully-integrated events and meetings-across the enterprise and beyond-that captivate and engage attendees. With unparalleled expertise and a commitment to best practices, QuickMobile has helped thousands of high-performance organizations around the world transform their meetings and events. QuickMobile's head office is located in Vancouver, Canada.
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 Revenue Finance 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.