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Harris Aide Calls Senator’s Remarks ‘Racist’: Campaign Update

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(Bloomberg) — Georgia Senator David Perdue appeared to deliberately mispronounce Kamala Harris’ name at a rally for President Donald Trump. Google has shared information on attempted campaign hacks with U.S. agencies. And Trump called the Bidens “an organized crime family.”

Other Developments:

Trump Undercuts Campaign Reset as He Weighs Prospect of DefeatBiden Looks Inside the Beltway in Forging National Security TeamStates Shatter Early Voting Records as Democrats Drive TurnoutBiden Proves the Bigger Draw in Town-Hall Duel With Trump

Aide Says Senator’s Mangling of Harris’ Name Was ‘Incredibly Racist’

Perdue, Georgia’s senior senator, appeared to intentionally mispronounce Harris’ name on Friday, drawing a rebuke from the Democratic vice-presidential nominee’s spokesperson, who denounced the remarks as ”incredibly racist.”

“Kamala? Kamala? Kamala-mala-mala? I don’t know. Whatever,” Perdue, a Republican, said at a rally for Trump in Macon, Georgia.

Perdue, one of Trump’s closest allies, and Harris have served together for years in the Senate.

“Well, that is incredibly racist,” tweeted Sabrina Singh, Harris’ press secretary. “Vote him out and vote for @ossoff.”

Perdue is in a hotly contested race for re-election. His Democratic challenger, Jon Ossoff, tweeted out a video clip of the mangling of Harris’ name, and said “We are so much better than this.”

“Senator Perdue never would have done this to a male colleague. Or a white colleague. And everyone knows it,” Ossoff added in a later tweet.

Perdue campaign’s spokesman, John Burke, said in a text message.“Senator Perdue simply mispronounced Senator Harris’ name, and he didn’t mean anything by it.”

“He was making an argument against the radical socialist agenda that she and her endorsed candidate Jon Ossoff are pushing,” Burke added.

Trump frequently attacks Harris — the first Black and Indian-American woman to be nominated to join a major party ticket — calling her a “monster” and referring to her by her first name. — Steven Dennis and Billy House

Google Tells U.S. Agencies About Chinese, Iranian Phishing Attacks (6:08 p.m.)

Alphabet Inc.’s Google said it has been sharing intelligence with U.S. agencies about Chinese and Iranian hacking groups that targeted staffers of both major presidential campaigns with phishing attacks.

While Google has not seen any evidence that attacks on the campaigns — which the company reported in June — were successful, Google has seen other attacks by the Chinese group that was responsible for targeting the Biden campaign, according to a blog post on Friday. The group, known as APT31, has used difficult-to-detect techniques, including sending malware by impersonating McAfee, the antivirus software company.

“Overall, we’ve seen increased attention on the threats posed by APTs in the context of the U.S. Election,” Google said in the blog post.

“U.S government agencies have warned about different threat actors, and we’ve worked closely with those agencies and others in the tech industry to share leads and intelligence about what we’re seeing across the ecosystem.” — Alyza Sebenius

Trump Calls Bidens ‘Organized Crime Family’ (4:14 p.m.)

Trump called the Bidens “an organized crime family” during an event in Florida on Friday, complaining again that social media networks were limiting the sharing of an unsubstantiated New York Post story about Joe Biden’s son, Hunter.

“Hunter made no money until his father became vice president and now he’s like a vacuum cleaner,” Trump said at the official White House event in Fort Myers, ostensibly intended for him to deliver a speech about his agenda for seniors. “It’s an organized crime family, as far as I’m concerned.”

The Post story, citing unverified emails from a laptop abandoned at a Delaware computer repair shop, alleged that Hunter Biden introduced a Ukrainian business partner to his father, who has said he’s never talked with his son about his international business dealings. The emails provided no proof of a meeting. The Ukrainian businessman thanked Hunter Biden for “the opportunity to meet your father.”

The Biden campaign said his calendars showed no record that the former vice president ever met with the businessman.

The laptop’s hard drive was given to Trump ally Steve Bannon, who gave it to Rudy Giuliani’s lawyer, Robert Costello, who gave it to Giuliani, who gave it to the New York Post.

The Washington Post reported Thursday that Trump was warned last year Giuliani had been targeted by Russian intelligence for an influence operation. Giuliani’s efforts to obtain disparaging information about the Bidens from Ukrainian officials contributed to Trump’s impeachment in the House of Representatives. — Jordan Fabian and Mario Parker

Leadership Among Topics at Final Debate (3:53 p.m.)

Thursday’s dueling town halls featured topics like conspiracy theories and White supremacy. It appears that next week’s debate will be a bit tamer.

President Donald Trump and Biden will be asked to discuss the fight against Covid-19, American families, race in America, climate change, national security and leadership, the Commission on Presidential Debates announced Friday.

NBC’s Kristen Welker will moderate and the topics are subject to change based on news developments.

The debate will be held Thursday at Belmont University in Nashville, Tennessee. It will start at 9 p.m. New York time and will run for 90 minutes without commercial interruption.

The forum was supposed to be the third of three debates but the second event was canceled after Trump pulled out when the CPD announced it would be virtual in response to his recent diagnosis and hospitalization for Covid. Instead, the candidates held simultaneous town halls broadcast on separate networks. — Emma Kinery

Obama Is Hitting the Road for Biden in Campaign’s Final Days

Biden is getting a little help from his old boss as the presidential campaign enters its final stretch. Obama is heading to Philadelphia next week, the Biden campaign said Friday.

While the former president has for months been campaigning virtually for Biden and other Democrats since Covid restrictions shut down most travel, the Wednesday stop will be his first in-person event of the cycle with less than two weeks until Election Day.

Obama has helped Democrats raise millions of dollars and has appeared at fundraisers with Biden and vice-presidential candidate Kamala Harris. He’s also taped solo videos, as well as conversations with Biden and Harris.

He would likely have taken on a much larger in-person campaign role if events hadn’t been limited by Covid-19 restrictions.

Philadelphia is a key target for Obama, since it’s a place where he can work to energize young Black voters who may not be particularly enthusiastic about Biden. — Jennifer Epstein

Republican Senator Ahead in Polls, Behind in Fundraising (1:45 p.m.)

Republican Senator Dan Sullivan is ahead in Alaska polls, but he’s behind when it comes to fundraising.

In a New York Times/Siena College poll released Friday, 46% of likely voters in Alaska backed Sullivan, 39% backed Democratic challenger Al Gross, and 10% backed third-party candidate John Howe. Trump leads Democratic presidential nominee Joe Biden by 6 percentage points in the reliably Republican state.

But while Sullivan is ahead 7 points, he’s behind $7 million. In third-quarter filings with the Federal Election Commission, Gross raised $8.6 million, while Sullivan only raised $1.3 million. Other Republican incumbents also came in behind their Democratic challengers in the third quarter, including Senators Lindsey Graham, John Cornyn, Kelly Loeffler, David Perdue, Thom Tillis, Cory Gardner, Susan Collins, Joni Ernst, Martha McSally and Cindy Hyde-Smith as well as Senate Majority Leader Mitch McConnell.

The poll was conducted Oct. 9-14 and has a margin of error of 5.7 percentage points. — Emma Kinery

Republican Consultant Says Undecided Voters Like Trump’s Policies, Dislike Trump (1:06 p.m.)

Republican political consultant Frank Luntz says undecided voters are split: They like Biden personally, but they also like Trump’s policies.

In an interview with Bloomberg TV, the consultant known for his focus groups of undecided voters said they’re different from years past, when they often just needed to learn more about the candidates.

“These people are undecided because they agree with what the administration has done but they don’t like Donald Trump,” he said. “They don’t like the way he communicates, they just don’t like the way that he relates to people.”

At the same time, he said that they “like Joe Biden very much” and feel that he empathizes with them, but they are “still scared about his economic policy and that he won’t be candid on how he stands on the Supreme Court.”

“It’s Joe Biden’s persona versus Donald Trump’s policies,” he said. “They can’t decide which one is more important to them.” — Emma Kinery

Impeachment Witness Featured in Anti-Trump Ad (10:36 a.m.)

Trump’s impeachment earlier this year has come up as a topic in the election only when he’s raised it to complain about unfair treatment.

But a new anti-Trump ad highlights it.

The one-minute ad from the Lincoln Project, an anti-Trump group, and VoteVets, a liberal veterans group, features retired Lieutenant Colonel Alexander Vindman and his wife, Rachel, talking about Trump’s attacks on him.

The ad shows Vindman testifying before the House of Representatives, where he discussed his concerns about phone calls between Trump and the president of Ukraine, followed by Trump saying he’s “not happy” with him and news reports of his firing.

“The first time I felt threatened was just after Alex’s testimony,” Rachel Vindman says. “The most powerful man in the world came after our family, but what happened to us can happen to anyone.”

The ad will run through the weekend on local news outlets and cable news, a strategy that ensures the kind of news coverage that the president will see. The Lincoln Project has said part of its strategy is to provoke Trump into reacting poorly to its ads and videos.

Price of Soybeans Becomes Viral Debate Moment in Iowa (9:56 a.m.)

It’s a staple of debate questions for incumbents designed to test how well they relate to the average person: What’s the price of milk? But a variation in Iowa flustered a Republican senator in a moment that went viral.

During a debate between Senator Joni Ernst and Democratic challenger Theresa Greenfield Thursday, both candidates were asked about the break-even price on local crops — the amount at which a typical farmer could recoup their investment.

Greenfield, who grew up on a family farm, correctly put the price of corn at around $3.68 per bushel, noting that was roughly at the break-even point depending on the farmer’s debt load and their crop yield. But Ernst, who also grew up on a farm, struggled when posed the same question about soybeans, saying she thought the moderator asked about corn and saying the price was $5.05, off by about half for soybeans.

Friday morning, corn futures for December delivery on the Chicago Board of Trade traded at $4.06 a bushel, up 0.5%, and soybeans for November delivery were down 0.3% at $10.59 a bushel.

Ernst and Greenfield were participating in the debate remotely, which led to technical difficulties at points in the debate, which Ernst’s defenders pointed out after Greenfield posted a clip of the moment online.

Greenfield is currently ahead by 4.8 percentage points in the RealClearPolitics average of polls, and the Cook Political Report calls the race a “toss-up.”

Trump Tweets Satirical News Story (7:20 a.m.)

The president tweeted a satirical news story about Twitter without noting that it is literally fake news.

On Friday morning, Trump tweeted a link to the Babylon Bee, a conservative humor site that posts satirical news articles.

Riffing on the recent controversy over Twitter’s decision to slow the spread of a controversial New York Post story on Hunter Biden as well as a recent Twitter outage, the Bee article claimed that Twitter had shut down its “entire network” to slow the “spread of negative Biden news.”

“Wow, this has never been done in history,” Trump tweeted. “This includes his really bad interview last night. Why is Twitter doing this. Bringing more attention to Sleepy Joe and Big T.”

Stories from the Babylon Bee are often mistaken for news stories and circulated on social media, leading at least one fact-checking site to regularly point out that they are attempts at satire.

At Thursday’s town-hall forum, “Today” show host Savannah Guthrie challenged Trump over his tweets of conspiracy theories, saying that as president he’s “not, like, someone’s crazy uncle who can just retweet whatever.”

Trump responded by saying that he uses social media to “get the word out” because “the media is so fake and so corrupt.”

Biden Narrowly Ahead in Florida Poll (6 a.m.)

Democratic nominee Joe Biden has a 3 percentage-point advantage over Trump in Florida, a critical battleground in November, according to a Mason-Dixon poll released Friday.

The poll showed that 48% of registered voters in Florida backed Biden, while 45% favored Trump. But the number of undecided voters in the poll, 6%, indicates the race remains wide open. Biden’s lead was also within the survey’s margin of error of 4 points.

The poll showed Biden leading among Democrats, independents, women, African-Americans and Hispanics. Trump was ahead among Republicans, men and White voters.

Florida remains the most closely fought battleground, with Biden ahead by 2.7 percentage points in the RealClearPolitics average of polls.

The poll of 625 registered voters in Florida was conducted Oct. 8-12.

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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.


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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.


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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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