TIMIA Enters into $2 Million Financing Facility with Echosec

Source: Yahoo Finance
 

TIMIA Enters into $2 Million Financing Facility with Echosec
Established Customer Base and Revenue Growth a Great Match for TIMIA's Non-Dilutive Capital Solution

 

VANCOUVER, BC / ACCESSWIRE / April 24, 2019 / TIMIA Capital Corporation ("TIMIA" or the "Company") (TSX-V:TCA / OTC:TIMCF) today announced that it has entered into a three year, $2 million investment facility for Victoria, BC-based software company, Echosec Systems Inc., ("Echosec"). The initial disbursement amount of $1 million has been advanced and a further $1,000,000 is to be disbursed upon certain milestones being met over the term of the agreement.

"Our flexible capital structure allows Echosec to increase their marketing and sales efforts to expand within their existing market, and explore new promising opportunities," said Greg Smith, CIO of TIMIA. "We're providing growth capital to a great company who understand how to provide value and service through their software with established customers ranging from small business to enterprise."

"The cost of capital includes critical factors such as dilution, debt servicing and access to more capital as we scale," said Karl Swannie, CEO of Echosec. "Finding flexible and non-dilutive financing solutions was our goal, and TIMIA provided the capital within a framework that worked for us and our team. We look forward to working with TIMIA going forward as a financial partner."

TIMIA is continuously seeking new and exciting investments in the software as a service or SaaS industry. Under TIMIA's revenue-based financing model, TIMIA advances capital to a SaaS business with a recurring revenue stream that allows the portfolio company to make monthly payments to TIMIA that are a combination of principal and interest with a repayment schedule sculpted to the portfolio company's revenue streams. The amounts advanced are secured and may be repaid early. 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.

About Echosec Systems Inc.

Echosec is a web-based data discovery platform that helps organizations detect online data for threat intelligence. Aggregating and mapping content from hundreds of sources including social media, blogs, news, and the Dark Web (with Beacon), Echosec gives users instant visibility into any place on earth through a digital window. Echosec uses machine learning technology to recognize Images and keywords so users get notified when specific content is posted. Beacon is the newest service offering from Echosec, and is a dark web search platform. For more information, please visit: https://www.echosec.net.

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:

Darren Seed
Vice President, Capital Markets & Communications
Mike Walkinshaw, CEO
TIMIA Capital Corporation
604.398.8839
IR@timiacapital.com

Paula Hingley
Director of Marketing & Communications 
Echosec 
250.213.9916
paula@echosec.net

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.