TIMIA Capital Corp.(TSX VENTURE:TCA) has announced the sale of its equity position in dPoint Technologies Inc.
According to the press release:
dPoint was acquired by the Zehnder Group AG (“Zehnder”) on November 30, 2015 (“Close”).
The sale proceeds received by TIMIA are CDN$1,031,561, of which CDN$917,898 will be received in cash shortly following the Close, and CDN$113,663 will be held in escrow for 16 months from the Close. If no claims arise during the escrow period relating to the period prior to the Close, then amounts in escrow will be released to TIMIA.
Based upon TIMIA’s original investment of CDN$350,000, this represents a gain of $681,561 and a 2.95X cash-on-cash multiple on its investment. The cash proceeds represent approximately $0.048 per TIMIA common share in cash.
dPoint was one of the first equity investments made in the GreenAngel Energy equity portfolio prior to the Company changing its name to TIMIA Capital, reflecting a change from early stage equity to growth stage royalty based financing. TIMIA will continue to seek every opportunity to profitably monetize its portfolio of equity investments.
Mike Volker, Chairman of TIMIA says “We congratulate James Dean and the rest of his dPoint team on their very successful exit to Zehnder. James’ commitment to creating value for his dPoint investors over the years has been second to none. We wish James continued success as he continues to grow the dPoint product line under the Zehnder Group umbrella.”
Click here to read the full press release.