~Investment provides key growth capital for Toronto software company~
VANCOUVER, BC– October 10, 2018 – TIMIA Capital Corporation (“TIMIA” or the “Company”) (TSX-V:TCA) today announced that the Company has put in place a $2 million investment facility for FormHero Inc. (“FormHero”) of Toronto, ON. The financing facility includes an initial 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.
“Our non-dilutive capital for FormHero is aimed at increasing their marketing efforts and help drive new business,” said Andrew Abouchar, Chief Credit Officer of TIMIA. “FormHero is growing rapidly in their market, and adding additional firepower to expedite their objectives just makes sense.”
“This is a great time to expand our marketing efforts,” said Ryan Kimber, Co-Founder and CEO of FormHero Inc. “TIMIA’s financing facility provides key growth capital without the dilution of traditional equity-based funding.”
TIMIA is continuously seeking new and exciting investments in the software as a service or SaaS industry. The Company expects to make further investments in the coming months, in the pursuit of its business model, which is to earn a combination of monthly payments and periodic gains on investments.
FormHero is a data collection platform that helps enterprise organizations turn their internal and customer-facing processes into dynamic, user-friendly smart forms. We enable organization to rapidly digitize legacy and paper-based processes in order to provide the experience their clients desire without the need to overhaul expensive back-office systems. With FormHero, information is validated in real-time to ensure accuracy and then automatically translated into any/all of the required documents or integrations to power the process behind the scenes. Best of all, FormHero never persists any customers information; providing enterprises with the simplicity and scale of a cloud-based solution with the security and regulatory requirements of an on-prem installation. For more information about FormHero, please visit www.formhero.io
About TIMIA Capital Corporation
TIMIA Capital Corporation is a specialty finance company that provides growth capital to technology companies in exchange for payments based on monthly revenue. This alternative financing option complements both debt and equity financing, while allowing entrepreneurs and existing stakeholders to retain ownership and control of their business. TIMIA’s singular focus is the fast growing, global, business-to-business Software-as-a-Service (or SaaS) segment. We align ourselves with entrepreneurial management teams growing their sales from $1 Million to $10 Million in Annual Recurring Revenue. For more information about TIMIA Capital Corporation, please visit www.timiacapital.com
For more information, please contact:
Vice President, Capital Markets & Communications
Mike Walkinshaw, CEO
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.
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 further disbursements upon the completion of certain milestones and expectations regarding making further investments in the coming months. 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; availability of further investments that are appropriate for the Company on terms that it finds acceptable or at all; successful completion of exits from investments on terms that constitute a gain when no such exits are currently anticipated; intense competition in all aspects of business; reliance on limited management resources; general economic risks; new laws and regulations and risk of litigation. 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.