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TIMIA Announces Substantial Year Over Year Growth in Revenue Financing Earnings
Thursday, March 30, 2017Company Profile | Follow Company
Vancouver, BC, March 30, 2017--(T-Net)--TIMIA Capital Corp. (TSX VENTURE:TCA) announced today its 2016 fiscal year results showing substantial year over year revenue growth.
Total Revenue in 2016 was $614,491 vs $136,398 in 2015.
TIMIA earns revenue in the form of interest from investments. As at November 30, 2016, its fiscal year end, TIMIA had invested $4.25M into 4 investments and has seen a steady increase in payments from that portfolio since inception, with the fourth quarter of 2016 indicating greater than $800,000 of annualized interest and principal payments.
TIMIA expects this amount to increase quarter over quarter as 1) management makes further investments into new investee companies and 2) payments increase from the existing investee companies.
All investee companies are current with their payments.
TIMIA reported that it paid interest to its debenture holders totalling $257,489 in 2016 vs. $28,027 in 2015. This increase in payments to investors is due to:
The Company also reported that it will continue to raise funds, with the most recent fundraise being a 12% 5 year debenture, with warrant coverage available for investments of $50,000 and over.
Operational Expenses, other than interest expense, increased to $793,997 in 2016, from $251,160 in 2015. The increase in Operational Expenses was primarily due to the expansion of the team, opening new regions, the building of the TIMIA brand, as well as the creation and scaling of TIMIA's back office systems.
Specifically:
Mike Walkinshaw, CEO of TIMIA, said "2016 was an exciting year for TIMIA, as we built out our platform and operations across Canada. We are looking forward to accelerating 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 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 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.
Contact:
TIMIA Capital Corp.
Mike Walkinshaw
Chief Executive Officer
(604) 398-8839
info@timiacapital.com
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