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Global Cases at 39 Million; Singapore Numbers Ease: Virus Update

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(Bloomberg) —

Global coronavirus infections surpassed the 39-million mark. The U.S. reported the most daily infections in two months — the total number of covid cases in the country went past 8 million — as temperatures began to dip across the country.

Singapore had fewer than 100 active coronavirus cases on Friday, the first time it’s dropped below that level in seven months. The Australia-New Zealand travel bubble hit a snag.

The pandemic’s accelerating resurgence across Europe has forced fresh lockdowns. Londoners will be banned from mixing with other households indoors, while residents of Paris and eight other major French cities will be confined to their homes between 9 p.m. and 6 a.m. for four weeks.

Key Developments:

Global Tracker: Cases exceed 39 million; deaths top 1.1 millionCovid-19 cases spread across the U.S. as winter nearsVirus surge crimps Europe with London and Paris leading the wayMoody’s cut the U.K.’s rating by one notch to Aa3, its fourth-highest rankingBrexit promises to catch up with Boris Johnson in Covid hotspotsWho’s succeeding against the coronavirus and why: QuickTake

Subscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click CVID on the terminal for global data on coronavirus cases and deaths.

Ardern Leads in New Zealand Elections (3:11 p.m. HK)

Jacinda Ardern has snatched a big lead in early election counting as she bids for a second term as New Zealand prime minister. Voters are rewarding Ardern for crushing community transmission of Covid-19 while countries like the U.K., U.S. and even neighboring Australia are still battling to contain the virus.

New Cases in Western Australia (2:41 p.m. HK)

Western Australia state recorded two new cases of Covid-19, with crew members on separate ships testing positive.

A crew member from the Al Messilah livestock carrier, which is docked at Fremantle, was brought ashore for medical treatment, the state health department said in a statement. An infected person on board the Key Integrity bulk carrier, at Geraldton Port, remains on the ship in isolation.

The health department says it has previously managed four vessel outbreaks, with no risk to the community.

Belgium Cases Continue to Rise (2:31 p.m. HK)

Belgium’s 14-day running Covid-19 incidence rate is still rising and jumped to 621 per 100,000 population. That compared with 550 the day before and 494 on Thursday. While 358 patients were in ICU, 31 more than a day earlier, hospitalizations were slightly lower at 250 from 284 the day before.

Prime Minister Alexander de Croo had announced new stricter measures to control the pandemic on Friday evening, introducing a curfew, restricting close contacts further and closing restaurants and cafes for four weeks.

Czech Republic has Record Numbers (2:13 p.m. HK)

The Czech Republic posted a third consecutive record of new Covid-19 cases. The nation of 10.7 million people registered 11,105 new Covid-19 cases on Friday, bringing the total number of infections to 92,736. The army should start to build a field hospital in Prague this weekend to add extra 500 beds for patients who need to be hospitalized.

Czech Republic is the worst hit country in Europe based on the two week cumulative number of new infections and deaths, adjusted for population, according to the European Center for Disease Prevention and Control.

India Adds 62,000 Cases (12:20 p.m. HK)

India added 62,212 new cases, taking the total infections in the country to 7.43 million, according to government data. A day earlier, India had reported more than 63,000 cases. Death toll stood at 112,998.

India has identified 300 million beneficiaries to receive the initial booster doze of a coronavirus vaccine, the Times of India newspaper reported on Saturday. According to the draft of the vaccine implementation plan, priority will be given to high-risk populations, including healthcare workers, police, sanitation workers, elderly people, and those with co-morbidities, the report said, citing sources it did not identify.

Thailand has 10 New Cases (12:15 p.m. HK)

Thailand reported two local transmission cases and eight imported cases from state quarantine, bringing total to 3,679, according to the Covid-19 center. As many as 59 people have died from the pandemic in the country.

AirAsia X to Liquidate Indonesia Operations (11:40 a.m. HK)

AirAsia X Bhd. is liquidating its Indonesian arm in a bid to survive the virus pandemic that has left the low-cost airline’s planes grounded since late March.

The long-haul arm of AirAsia Group Bhd. has also written down its 49% stake in Thai AirAsia X, the airline’s deputy chairman Lim Kian Onn said in an interview with the Star newspaper.

Myanmar Seafarers Return (10:40 a.m. HK)

About 500 seafarers returned to Myanmar on Friday after they were stranded abroad due to suspended commercial flights amid the coronavirus pandemic, the state-controlled Global New Light of Myanmar reported.

Singapore Active Cases Drop (10:37 a.m. HK)

Singapore’s active coronavirus cases fell to the lowest level in seven months as the government reigns in local transmissions. There were 89 active cases in the city-state, falling below 100 for the first time since March 12, the Ministry of Health said Friday.

Australia-New Zealand Travel Bubble (9:57 a.m. HK)

The fledgling travel bubble between Australia and New Zealand hit an early snag after 17 passengers who flew into Sydney on Friday broke the rules and caught a connecting flight to Melbourne. In an effort to boost tourism, Australian Prime Minister Scott Morrison’s government is encouraging visitors from New Zealand, which has crushed community transmission of Covid-19, and says they can enter the country without having to undergo hotel quarantine for 14 days.

Mexico, Argentina Cases Increase (8.38 a.m. HK)

Mexico reported 6,751 new Covid-19 cases, bringing the total to 841,661, according to data released by the Health Ministry Friday night. Deaths rose by 419 to 85,704.

Argentina reported 16,546 new Covid-19 cases, bringing the total to 965,609, according to the government’s evening report. There were 381 deaths reported in the past 24 hours for a total of 25,723.

U.K.’s Ratings Cut by Moody’s (8.35 a.m. HK)

The U.K., beset by growing coronavirus concerns and struggling to bridge the gap with the European Union over a post-Brexit trade deal, has had its credit rating cut by Moody’s Investors Service. The pandemic has blown a hole in the public finances, with the government spending tens of billions to support jobs and prop up an economy which has already suffered its biggest-ever quarterly contraction.

The credit assessor cited softer economic growth, an erosion of fiscal strength and a weakening in institutions and governance as it lowered the nation’s grade by one notch to Aa3, its fourth highest ranking.

Texas Cases Surge Most in 7 Weeks (7:35 a.m. HK)

Texas virus cases climbed by more than 5,600 in the past 24 hours, the biggest increase since Aug. 25, according to state health department data. The surge brought the cumulative total 815,678.

Meanwhile, statewide hospitalizations dropped for the first time in five days even as available intensive-care beds dwindled in the hot spots of El Paso, Lubbock and Amarillo, state figures showed.

Australia’s Hot Spot State Records Just One New Case (6:34 a.m. HK)

Victoria, the state at the center of Australia’s coronavirus outbreak, has recorded just one new case overnight and no deaths, raising pressure on authorities to ease lockdown restrictions.

The 5 million residents of the state capital, Melbourne, remain under stay-at-home orders until the rolling 14-day average drops below 5 new cases and there are fewer than five cases with an unknown source. Critics, including the federal health minister, say the target is too onerous, and that the prolonged lockdown is risking people’s mental health and weighing on the national economy.

State Premier Daniel Andrews is due to address the media on Sunday and is being urged to ease restrictions.

Lab That Provided False Test Results Faces License Threat (4:32 p.m. NY)

A company that performed Covid-19 tests for dozens of Massachusetts nursing homes is facing federal sanctions, including the possible loss of its license, for lab practices that resulted in “immediate jeopardy to patient health and safety.”

Last month, Bloomberg News reported that the company, Orig3n Inc., a consumer DNA-testing company that pivoted to Covid-19 testing amid the pandemic, was responsible for hundreds of false positive results at nursing homes across the state.

U.S. Cases Top 8 Million (2:12 p.m. NY)

Total Covid-19 cases in the U.S. topped 8 million, according to data compiled by Johns Hopkins University and Bloomberg. There were 63,330 cases reported on Thursday, the most in more than two months.

Cases nationwide have been rising since mid-September, after a summertime peak as the virus spread through the Sun Belt. The trailing seven-day average of cases rose by almost 9% this week compared to the previous week, illustrating the upward curve faced by the U.S. less than three weeks before the general election.

Cases are climbing as temperatures begin to dip across the U.S., students return to classrooms and more people stay indoors where the virus spreads easily.

Pandemic Drives Budget Deficit to Record (2 p.m. NY)

The U.S. budget shortfall ballooned to more than $3.1 trillion in the government’s fiscal year ended in September, Treasury Department data showed Friday.

The deficit as a share of the economy surged to 16%, the largest since 1945, based on second-quarter gross domestic product. At the end of the financial crisis in 2009, the ratio was close to 10% before slowly narrowing through 2015.

CVS, Walgreens to Give Covid-19 Shots in Nursing Homes (1:55 p.m. NY)

CVS Health Corp. and Walgreens Boots Alliance Inc. will give free Covid-19 vaccines to residents and employees of long-term care facilities, the Trump administration announced Friday.

Residents and employees of long-term care facilities are slated to be among the first vaccinated because the novel coronavirus is especially dangerous in these settings. No Covid-19 vaccines are currently available.

Belgium Plans Shutdown, Curfew (1:40 p.m. NY)

Belgium will close restaurants and cafes from Monday for four weeks and introduce a curfew from midnight to 5 a.m., Prime Minister Alexander de Croo said in a press conference Friday evening. The country’s 14-day incidence rate rose to 550 cases per 100,000 from 494 Thursday, trailing only the Czech Republic as the hardest hit country in Europe.

French Senators Test Positive (12:44 p.m. NY)

Eight French senators have tested positive for Covid-19, the French Senate’s press office said Friday. One of the senators has been hospitalized, France Info reported earlier, citing anonymous sources. The cases were detected in a testing campaign among 125 of the nation’s 348 senators.

The country reported 25,086 new coronavirus cases Friday, down from a record of more than 30,000 infections a day earlier.

WHO to Revise Guidance on Remdesivir in Coming Weeks (12:29 p.m. NY)

The World Health Organization will revise its guidance on the use of remdesivir in coming weeks following the results of the Solidarity trial in which it was found not to reduce the risk of death, Chief Scientist Soumya Swaminathan said at a briefing in Geneva. The review will take into account all studies on the drug.

The WHO will only give recommendations on vaccines once it has Phase 3 data about them, Swaminathan said when asked about Russian health authorities approving a second vaccine for public use.

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Aaron Wudrick: Chrystia Freeland comes bearing good news

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If all that doesn’t worry you enough, consider Freeland citing journalist Kevin Carmichael’s line that “it’s unfair to saddle the next generation with our debt, but it would be worse to bequeath them a weak economy.”

The unstated assumption, of course, is that the government has either the capacity or wisdom to simply “make” a strong economy to bequeath.

Set aside for a moment whether this is possible in theory. What has the Trudeau government’s track record on this front been in practice? It can’t provide any paperwork for a staggering 20,000 infrastructure projects. Its billion-dollar “innovation superclusters” project is failing to hit every single one of its promised targets. The much-hyped Strategic Innovation Fund was supposed to create 56,000 jobs at a cost of $2.3 billion, but instead produced 11,300.

Which part of this terrible track record should inspire confidence?

Exactly which part of this terrible track record should inspire confidence that when it comes to reshaping an entire economy, they’re going to get it right?

Freeland asserts any and all spending is an unalloyed good, to which any objection can be safely framed as heretical. She suggests a binary choice between a debt-funded sunlit upland and a dystopian hellscape of “austerity.” And she seeks to pre-empt pressure to wind down spending after the pandemic ends by asserting that whatever the government continues to spend will, by definition, be critical to “laying a foundation” for the economy of tomorrow. It is a speech that pledges literally nothing but spending today and spending tomorrow with a vague shrug that someday, maybe, we’ll stop.

The finance minister, a keen student of history, noted that it is a poor general who fights the last war. But if government debt was the enemy in the last war, Freeland is betting on an immensely risky proposition that the former adversary is now a friend. If she’s wrong, Canada will be both weighted down with mounting debt and mired in a struggling economy.

Aaron Wudrick is federal director of the Canadian Taxpayers Federation.

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Conservative leader says party must take financial inequality more seriously – National

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OTTAWA — Conservative Leader Erin O’Toole took aim Friday at what he called financial elites, saying his own party needs to take inequality more seriously and to support ongoing emergency aid.

He used the midday speech to a largely business audience to say that how the country creates wealth needs to be reframed, or else “less reasonable” forces will do it instead.

“Too much power is in the hands of corporate and financial elites who are happy to outsource jobs abroad,” O’Toole warned the Canadian Club of Toronto, according to his text.

“It’s now expected of a shareholder to ask a CEO: ‘Why are we paying a worker in Oshawa $30 an hour when we could be paying one in China 50 cents an hour?’ And while that shareholder gets richer, Canada gets poorer.”

Read more:
Income inequality in Canada divided along racial lines, new report says

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O’Toole blamed the Liberals for favouring elites over workers, trade deals over domestic jobs.

The Opposition leader gave the broad strokes of how the Tories would tackle an economic divide widened by the pandemic, with higher-income earners faring better than low-wage workers.

O’Toole said government policy should focus on building “solidarity,” not just wealth, and talked about the need to intervene in the economy when good outcomes aren’t shared, or when it was in the national interest.


Click to play video 'Coronavirus: Tam says pandemic has ‘shone a spotlight’ on inequalities in Canada’s health-care system'



Coronavirus: Tam says pandemic has ‘shone a spotlight’ on inequalities in Canada’s health-care system


Coronavirus: Tam says pandemic has ‘shone a spotlight’ on inequalities in Canada’s health-care system

He also a mirrored a call from Liberal Finance Minister Chrystia Freeland, for ongoing aid to combat the health and economic crisis brought on by COVID-19.

“I don’t like deficits. But the alternatives were much worse. We had to do what needed to be done,” O’Toole said.

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“This is not something I would support in normal times. But we are facing more than a health crisis. We are facing the greatest economic crisis of our lifetime.”

Read more:
ILO report shows increasing income inequality — Where does Canada stand?

In the question-and-answer session after his speech, O’Toole added that he doesn’t support the depth of the deficit the Liberals have created.

Freeland’s department produced an update Friday on how much the federal government has borrowed to supply that aid so far.

The federal deficit hit $170.5 billion through the first five months of the government’s fiscal year. The deficit figure from April to August compared to a $5.2-billion deficit recorded in the same period one year earlier, thanks to billions of dollars in spending on emergency aid.

The monthly fiscal monitor from the Finance Department showed the Canada Emergency Response Benefit payments at $58.8 billion and the federal wage subsidy program at $37.4 billion over the five-month stretch.


Click to play video 'The Age of Increasing Inequality'



The Age of Increasing Inequality


The Age of Increasing Inequality

A further $19.2 billion in spending over that time included money for a business loan program the Liberals have since widened and a rent-relief program for businesses the government plans to revamp.

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Read more:
Women earn less than men in Canada right after graduation — then it gets worse: report

The deficit numbers landed just after Statistics Canada reported the pace of economic growth slowed in August, and offered a preliminary estimate that it had slowed further in September. If the figures hold, the growth in gross domestic product for the the third quarter would be about 10 per cent.

O’Toole said federal spending should focus on preserving Canada’s economic potential.

“That should be our approach, growing the GDP, having more people working, and getting a balance to our fiscal situation _ a balance over the next decade _ ramp down program spending in a way that’s fair and equitable,” O’Toole said.

“If people aren’t working when they come off CERB, we’re going to see a prolonged debt crisis in Canada, and we’re gonna see more capital leave our country rather than come to it.”


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Trudeau empathizes with G20 protesters over economic inequality


Trudeau empathizes with G20 protesters over economic inequality

The Canada Emergency Response Benefit was the Liberal government’s $500-a-week relief payment to people who lost work in the first months of the pandemic. Its replacement, known as the Canada Recovery Benefit, has paid out $1.48 billion to over 917,000 people since it launched. A further $1.15 billion has been paid in EI benefits among the nearly 1.6 million claims approved out of the 1.8 million claims filed.

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The figures provide a partial view of the labour force ahead of next week when Statistics Canada will release the unemployment rate for October. The rate was nine per cent in September.

Freeland, in a speech of her own to Montreal’s chamber of commerce, said the Liberals will soon introduce legislation to provide more economic aid, including extending the wage subsidy to next summer, and help for businesses subject to lockdown orders.

“We urge all parliamentarians to join us in approving these critical measures,” she said, noting the support for income-support changes enacted last month.

“I hope we can all take the same Team Canada approach with these support measures for our small businesses.”




© 2020 The Canadian Press



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TIMIA Capital Announces Third Quarter 2020 Financial Results

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~Company’s growth profile continues with record quarterly revenue~

VANCOUVER, BC, Oct. 30, 2020 /CNW/ – TIMIA Capital Corporation (“TIMIA” or the “Company”) (TSXV: TCA) (OTC: TIMCF) today announced consolidated financial results for the third quarter ended August 31, 2020. All figures are reported in Canadian dollars unless otherwise noted.

Third Quarter 2020 Highlights include:

  • Record total revenue of $1.4 million, up 56% over the same period last year.
  • Posted interest income from investments of $1.3 million, included in total revenue, an increase of 46% year over year.
  • Total assets increased 37% to $37.0 million as at August 31, 2020 compared to November 30, 2019. Cash balance, as part of assets, was $8.2 million compared to $4.7 million as at November 30, 2019.
  • TIMIA’s loan investment portfolio (loans receivable) increased by 26% to $27.3 million in comparison to the same period last year.
  • During the third quarter 2020 the Company received approximately $10 million (US$7.5 million) in subscription agreements towards a second Limited Partnership (“LP II”).
  • Reported consolidated net income of $333,243, which includes a significant unrealized foreign exchange loss of $747,259, compared to a consolidated net loss of $54,658 for the same period last year. Outside of foreign exchange impacts, the improvement in consolidated net income on a year-over-year basis is representative of the increase in total revenue plus gains on investments.
  • The portion of consolidated net loss attributable to the shareholders of the company is $23,580 as compared to $189,781 for the same period last year.

On a comprehensive basis:

  • Reported consolidated net comprehensive loss of $73,584 compared to a consolidated net comprehensive loss of $54,658 for the same period last year. The current year includes a new foreign currency translation adjustment for the consolidation of the Company’s LP II, which held its first close in July, 2020 and is denominated in US$.

“We are reporting very strong third quarter 2020 results with record total revenue, a 56% growth over Q3 2019, along with a 66% increase in total assets versus the same period in 2019,” said Mike Walkinshaw, CEO of TIMIA Capital Corporation. “These strong results in the midst of the COVID-19 pandemic demonstrate the resiliency of the Company’s model.   Our proprietary fintech platform continues to perform beyond expectations with a single loan exit and resulting gain on investment during the third quarter, and with four additional exits during the subsequent two months of the fourth quarter.  For the year to date, the Company has seen seven exits from its portfolio and a combined gain of approximately $1.6 million. With these exits and the $10 million raised in our second Limited Partnership, we have the necessary capital to continue our growth initiatives.”

Portfolio and Revenue Review

The Company’s investment portfolio has continued to deliver returns in accordance with the underlying loan agreements during the quarter.  For the 9 month period ended August 31, 2020, TIMIA has completed 6 new investments and has had 3 companies exit their loan facilities bringing the loan portfolio to 21 companies and a loan book of $27.3 million.

Subsequent to the end of the 3rd quarter, the Company has completed 2 new investments and seen exits from a further 4 portfolio companies.  Year to date, the Company has seen total gains of approximately $1.6 million based upon the 7 exited portfolio companies and has completed 8 new investments.

Interest income earned from the portfolio in the three months ended August 31, 2020 was $1.3 million compared to $0.9 million in the same period last year, a 46% increase.  Income from transaction and other fees was $123,513 in the three months ended August 31, 2020 compared to $26,644 in the same period last year. The change in transaction and other fees reflects an increase in investing activity after having taken a pause on these activities during the initial phases of COVID-19 in Q2. Reflecting the increase in transaction fee revenue, total revenue for the three months ended August 31, 2020 increased 56% to $1.4 million compared to $0.9 million for the three months ended August 31, 2019.

Impact of Foreign Exchange

The Company generated significantly positive financial returns this past quarter but also experienced foreign exchange headwinds related to the Canadian US dollar exchange rate.  During the third quarter, the Canadian US dollar exchange rate declined by approximately six cents to its lowest point of approximately 1.30 at quarter end.   The Company has hedged a substantial portion of the foreign exchange risk related to common shareholders, however the limited partners of LP I and LP II have chosen to bear the risk of foreign exchange swings.  These foreign exchange losses are reflected in our consolidated net income of $333,243, our consolidated comprehensive net loss of $73,584 as well as the net income attributable to non-controlling interests of $356,823.  Consolidated net income, prior to unrealized foreign exchange losses and the offsetting gains from the forward contract, was $894,252*.

Subsequent to quarter end, the Canadian US $ exchange rate has reversed a portion of its decline, increasing by approximately 300 basis points to 1.33 as of today’s date.

Operational and Interest Expenses.

The Company is investing to support its future growth and the continued development of its fintech platform.  Total expenses, including interest expense, for the quarter ended August 31, 2020 were $1.0 million compared with $0.9 million for the same period last year. The change reflects a decrease in expected credit loss, investor relations and communications, and share-based compensation, offset by increases in accounting and legal, administrative, management, and director fees, amortization,  interest expense, marketing services and promotion, and office, travel, systems, and miscellaneous expenses, year-over-year.

Balance Sheet

As at August 31, 2020, the Company’s consolidated cash balance was approximately $8.2 million and consolidated working capital was approximately $3.6 million, compared with approximately $4.7 million and $4.6 million, respectively, as of November 30, 2019. The change in working capital at quarter end reflects the nearing maturity of certain of the debentures and convertible debentures.  Subsequent to quarter end, these convertible debentures matured on October 7th, 2020.  In settlement of these debentures and in accordance with the instructions of the individual debenture holders, the Company converted $530,000 of these debentures to common shares at $0.14 per share, repaid $887,500 in the form of cash, and extended the maturity of $663,500 of debentures to Nov 27th, 2020 in order to allow for the potential exchange into a proposed offering of preferred shares. There is no guarantee that the proposed offering of preferred shares will be completed.

Net Loss Attributable to Common Shareholders

The Company has generated strong returns for its non-dilutive investors benefiting common shareholders by earning a portion of those returns in the form of management fees, recovery of administrative costs, and performance fees.  As the size of the loan book increases, these fees should also increase. In the current quarter, the net loss attributable to common shareholders is $23,580 as compared to $189,781 in the same period prior year.  Management expects continued improvement in net income attributable to common shareholders in the coming quarters.   

This news release is qualified in its entirety by the Company’s condensed interim financial statements for the three months ended August 31, 2020 and August 31, 2019 and the associated Management’s Discussion & Analysis respecting the same periods, which can be downloaded from the Company’s profile on SEDAR at http://www.sedar.com.

COVID-19 Update
TIMIA is providing an update with respect to the impact from the COVID-19 virus outbreak on its current operations. To date, there have been no known cases of COVID-19 at any of TIMIA’s offices.

Management believes that recurring revenue software companies offer security and stability. The Company utilizes a proprietary credit scoring process that focuses on high customer retention rates as well as a well-diversified customer base. These two factors, along with other key attributes such as size and cash runway, are structured to provide downward protection in an uncertain economic environment. Many of our portfolio companies have been agile in this environment, including in many instances transitioning employees to work remotely. At this time, none of the Company’s investments are in arrears. However, it may be several months before the full effect of the economic slowdown is felt in the portfolio. Management is in the process of reviewing revised and updated forecasts for each of the portfolio companies and are working with them to determine the best way to support them through the crisis. Management has decided to increase the size of our capital reserves thereby reducing our allocation to new deals

TIMIA has been a remote-friendly working environment since its formation.  Our employees have been able to transition seamlessly to working from home and have been able to maintain close contact and relationships with current portfolio companies and new and exciting SaaS investment opportunities.

* Defined as net income removing foreign exchange loss and the gain on forward contract.

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 $2 Million to $20 Million in Annual Recurring Revenue. For more information about TIMIA Capital Corporation, please visit www.timiacapital.com

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.

Forward-Looking Information
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 the belief that as the size of the loan book increases fees should also increase, expectations as to  continued improvement in net income attributable to common shareholders in the coming quarters, beliefs that recurring revenue software companies offer security and stability, ,  expectations as to re-financing, extending or converting the debentures to equity, and statements about growing the Company’s business. 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, the Company being able to obtain financing on acceptable terms, the Company’s ability to attract and retain skilled staff, the absence of unforeseen changes in the legislative and regulatory framework for the Company, the COVID-19 pandemic not having a material impact on the Company’s operations, the products and technology offered by the Company’s competitors and the Company’s ability to protect intellectual proprietary rights . 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, worldwide pandemics, such as the recent outbreak of the novel coronavirus COVID-19, may adversely impact multiple aspects of the Company’s business; the Company having insufficient financial resources to achieve its objectives; uncertainty as to the Company’s ability to raise additional funding; 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; the Company’s dependence upon certain key personnel and their loss could adversely affect the Company’s ability to achieve its business objectives; general economic risks; new laws and regulations, risk of litigation, the Company may not achieve its publicly announced business objectives according to schedule, or at all; the Company’s success depending upon its ability to protect its intellectual property and its proprietary technology; the price of the Company’s shares may be subject to fluctuation in the future based on market conditions; the Company’s success depends on its ability to effectively manage growth; and significant disruptions of information technology systems or security breaches could adversely affect the Company’s business. 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.

SOURCE TIMIA Capital Corp.

For further information: Darren Seed, Vice President, Capital Markets & Communications; Mike Walkinshaw, CEO, TIMIA Capital Corporation, (604) 398-8839, [email protected]

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