TIMIA Capital Corporation (“TIMIA” or the “Company”) (TSXV: TCA)/(OTC: TIMCF) announced today that its previously announced financing for Wagepoint Inc. (“Wagepoint”), of Waterloo, Ontario has been paid out. Since the initial financing, originally completed in December 2017, Wagepoint has paid TIMIA $2,700,000 in a combination of return of principal, interest and early redemption payments. The buyout of this financing is expected to generate a gain of approximately $500,000, which will positively impact the Company’s Q3 2020 consolidated results.
“Wagepoint is another success story for TIMIA’s non-dilutive financing model allowing entrepreneurs to grow their companies without impacting their capital structure,” said Mike Walkinshaw, CEO of TIMIA. “The non-dilutive funds provided by TIMIA helped the maker of payroll automation software grow significantly over the past two years. Furthermore, TIMIA’s successful exit reflects the strength of the recurring revenue software businesses in our portfolio and their continued success during these uncertain times due to the impact of the COVID-19 pandemic.”
On December 18, 2017, the Company announced a $2 million financing facility for Wagepoint including an initial disbursement of $750,000. An additional $750,000 was disbursed in August 2018 and all disbursements have now been re-paid. The financing facility was held by TIMIA and the Company’s first limited partnership (“LP1”). The proceeds realized from the exit will be distributed to TIMIA and the holders of LP1 interests according to each holder’s proportional entitlement.
This $500,000 gain is an example of the periodic gains that TIMIA’s fintech platform has produced, having a meaningful impact on the Company’s EPS. Over its five year history, TIMIA has exited 9 revenue finance investments, out of the total of 28 investments it has made, generating total gains of over $2.4M in its consolidated income statement. Furthermore, from the inception of the revenue financing model to date, TIMIA has never realized a loss of capital on any of its investments.
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.
2023 Global Business and Law Conference held in Beijing
BEIJING, Sept. 24, 2023 /PRNewswire/ — The 2023 Global Business and Law Conference was held in Beijing on the evening of September 22. At the opening ceremony, former Canadian Prime Minister Jean Chrétien, and WTO Deputy Director-General Zhang Xiangchen delivered video messages. Wang Binying, WIPO Deputy Director-General; Shoichi Okuyama, President of the AIPPI; and Marcelo Vazquez-Bermudez, First Vice-President of the International Law Commission (ILC), delivered speeches at the venue.
Ren Hongbin, CCPIT President, presided over the opening ceremony and issued Beijing Declaration of the Global Business and Law Conference on behalf of participants. The Declaration features: safeguarding the multilateral trading system and advancing the global governance reform; strengthening the role of the rule of law and stimulating enterprise innovation; deepening international exchanges on rule of law and fostering global business cooperation; improving international economic and trade rules and optimizing business environment; gathering global forces to achieve common prosperity.
At the main forum, Tao Kaiyuan, Vice President of the Supreme People’s Court; Zhang Mingqi, Vice President and Secretary-General of China Law Society; Wu Pengyi, Permanent Secretary of Singapore’s Ministry of Law and Second Permanent Secretary of the Ministry of Foreign Affairs; John Denton, Secretary-General of the International Chamber of Commerce (video), and Teresa Cheng Yeuk-wah, former Hong Kong Justice Secretary, delivered keynote speeches. Yu Jianlong, Vice President of CCPIT, presided over the forum. Huang Jin, President of the Chinese Society of International Law; Stephan Wernicke, Chief Legal Officer of the Association of German Chambers of Industry and Commerce; Sheng Leiming, Vice President of All China Lawyers Association; Zhang Jinwei, Vice President of Alibaba Group; and C.M. Chan, President of the Law Society of Hong Kong, entered into discussions around the theme to promote the construction of an open world economy.
Approximately 500 people attended offline, including representatives of international organizations such as the WTO, the WIPO, the ILC, and the AIPPI, representatives of government departments of Canada, Germany, Singapore, representatives of envoys in China, Chinese and foreign legal service organizations, business associations, and enterprises, and local and industry trade promotion associations. Representatives from over 30 countries, including Egypt, Thailand, India, Japan, Turkey, Switzerland, Germany, Denmark, Britian, France, Belgium, Italy, and the U.S., attended online.
Three parallel forums themed “strengthening law-based protection for innovative development”, “leveraging rule of law to foster business cooperation” and “improving international rule of law and leading the change of the times” will be held on September 23.
Office of the Executive Committee of the WMC: Anhui Strengthens Scientific and Technological Innovation Capacity to Attract Multinational Enterprises
HEFEI, China, Sept. 23, 2023 /PRNewswire/ — Multinational corporations are an important force in building an open world economy. The matchmaking meeting of multinational companies at the 2023 World Manufacturing Convention (WMC) was held on the afternoon of September 20, in Hefei. This matchmaking meeting resulted in 33 cooperation projects with a total investment of 15.6 billion RMB.
Volkswagen, Continental, NIO, Corning, Saint-Gobain and other multinational companies continue to expand investment in Anhui; BEA, HSBC, Mizuho, Standard Chartered, Nanyang Commercial Bank and other international financial institutions have successively made deployments in Anhui. According to the data, more than 4,600 foreign-funded enterprises had taken root in Anhui by the end of 2022, and 89 overseas Forbes Top 500 companies had set up 180 enterprises in Anhui, with foreign-funded enterprises contributing 23% of Anhui’s imports and exports.
The technological innovation is the most beautiful business card in Anhui. The world’s first quantum satellite “Mozi”, the world’s first commercial “quantum microscope” and many other world records are made in Anhui. According to statistics, Anhui has 23.7 effective invention patents per 10,000 people. With 121 universities, 7074 scientific research institutions, and 324 vocational schools, Anhui is also rich in innovation resources. Large scientific installations are forming clusters, and the key national laboratories have made plans in Anhui. The construction of Hefei Comprehensive National Science Center speeds up, and the Hefei-Wuhu-Bengbu National Independent Innovation Demonstration Zone develops rapidly. On average, there are about 11 national high-tech enterprises more every day.
Anhui is also an important manufacturing base in China, with all 41 industrial categories, of which 14 industries have a yield value of more than 100 billion RMB, and the yield of home appliances, laptops, and LCD screens is leading in the country. About 4 trillion-level industrial clusters consisting of a new generation of IT, automotive and parts, equipment manufacturing, new materials are being built, of which the “top” automotive industry has gathered 7 finished vehicle factories, more than 1100 parts and components enterprises are above the designated size, the exportation of finished vehicles with independent brands is the highest in China.
Anhui’s integration into the global supply chain system has been effective in recent years. In the first seven months of 2023, the actual use of foreign capital in Anhui’s manufacturing and high-tech industries increased by 33.7% and 68.3% respectively, accounting for 52% and 45.2%.
Meanwhile, Anhui has various open platforms, including China (Anhui) Pilot Free Trade Zone, 21 national development zones, 7 first-class open ports, 5 comprehensive bonded zones, 11 Anhui’s international cooperation industrial parks, 24 national bases of foreign trade transformation and upgrading as well as other international economic and trade cooperation platforms such as the “Investment Tour to Anhui“, the WMC, the Haike Commerce Roundtable, and the “Anhui Going Global” FDI attracting operation, which provide a strong support for Anhui’s opening up to the outside world.
Contact: Yuan Fan
E-mail: [email protected]
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Savory and Partners: Surge in demand for second passports as displacement fears at a high
DUBAI, UAE, Sept. 23, 2023 /PRNewswire/ — There has been a surge in demand from Moroccan, Syrian and Indian expats living in the GCC for obtaining second passports, according to new data released from Dubai-headquartered citizenship and residency by investment advisors Savory and Partners.
A sudden spike in interest from Moroccan nationals was seen soon after the devastating earthquake earlier this month, while there’s also been a 30% increase in applications from Syrians and Indians owing to unstable political and economic conditions, as per the advisory.
Over 220,000 Indians renounced their citizenship in 2022, while there is an equally growing desire for a plan B for tax purposes from US and UK citizens.
The Coronavirus Pandemic, followed by wars in Ukraine and now Sudan, has triggered a sense of urgency, and many high-net-worth individuals are finally taking the plunge to acquire second citizenship and passports.
Sudan is currently in its 6th month of a war, which started in April, and according to the United Nations, roughly 3 million people are displaced, and more than half a million are sheltering in neighbouring countries.
Thousands of successful business owners have found themselves trapped in the chaos, with large families yearning for safety and a way out.
“Life in Khartoum was going well, but it became clear that this would be a long war, and the situation worsened. We worked very hard to create this life in Sudan, and it was challenging to sell our properties and assets and decide to leave completely,” says M.L., a Sudanese businessman.
M.L., a holder of a St. Kitts and Nevis second passport, was evacuated with his family to Egypt amidst the tensions. From there, he found a way to swiftly move his family to Cyprus, a residency he has held for three years.
According to an expert at Savory and Partners, the Caribbean Citizenship by Investment programs are among the top three most popular programs selected by expats. “With uncertainty around the Portuguese golden visa and price increases with the Greece and Caribbean programs, the latter remains a favourable and stable option.”
“A powerful second passport is the ultimate insurance in times of a crisis, offering not just global mobility, but personal security, a second home and investment opportunities.
“People have understood that wealth planning is more than just managing your finances; it involves creating a comprehensive strategy to ensure long-term financial security, “she added.
Like many others who planned ahead, ML found a pathway to escape the horrors of war, and his current residency in Cyprus will open doors to Cypriot citizenship for himself and his family.
Savory & Partners is an accredited agent for multiple governments where citizenship by investment is offered. The company has coverage in over 20 jurisdictions, including Europe and was the first firm to obtain all five authorised agent licenses for the governments of the Caribbean Islands. It has processed second passports for over 4,000 citizens with a 100 per cent success rate.
With a presence in 3 continents and 7 countries and more than 60 experts worldwide, the company’s multinational staff comprises advisors who guide clients in English, Arabic, Farsi, French, Spanish and Hindi.
- 2023 Global Business and Law Conference held in Beijing
- Office of the Executive Committee of the WMC: Anhui Strengthens Scientific and Technological Innovation Capacity to Attract Multinational Enterprises
- Savory and Partners: Surge in demand for second passports as displacement fears at a high
- The First Exhibition at Ray Waterhouse’s New Gallery and Modern Fine Art presents EDWARD POVEY, HUMAN: October 5 – November 3, 2023 in New York
- The Office of the Executive Committee of the WMC Released the List of “Top 500 Chinese Manufacturing Enterprises in 2023”
- Asian International Arbitration Centre and SOAS University of London, Arbitration and Dispute Resolution Centre sign MoU to promote best practice in arbitration
- Revolutionary Cancer Treatment Advances Promise Brighter Future Amid Federal Funding Uncertainty
- Takeda Receives Positive CHMP Opinion Recommending Approval of Lanadelumab for Routine Prevention of Recurrent Attacks of Hereditary Angioedema (HAE) in Patients Aged 2 years and Older
- 67% of larger hospitality operators are unhappy with their current tech stack: insights unveiled in new research report from Vita Mojo
- Ghana launches USD 550 billion Energy Transition and Investment Plan for achieving net-zero emissions, creating 400,000 jobs by 2060
- World Investment Forum to incentivize global investment in sustainable development
- Anhui Targets Rapid Expansion into a Leading Smart and Green Manufacturing Hub
- Xinhua Silk Road: China services trade fair provides huge opportunities for global businesses
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