Mill City finances $1.48M short term insurance settlement

Rhea-AI Summary

Mill City Ventures III, Ltd. (OTCQB: MCVT) announced funding of a $1.48M settled insurance claim. This investment, with a maturity date of 100 days from purchase, reflects the company’s strategy to provide lower-risk, higher-return opportunities. CEO Douglas M. Polinsky emphasized their commitment to expediting financing for clients awaiting adjudicated settlements. Mill City is also working with NASDAQ to meet listing requirements. The company faces uncertainties regarding demand for non-bank loans and competition in the specialty finance sector.

Positive

• Funding of a $1.48M settled insurance claim indicates a commitment to low-risk, high-return investments.
• Investment maturity set at 100 days enhances liquidity.
• CEO's focus on expediting financing adds value to customer service.

Negative

• Risks associated with demand fluctuations for specialty non-bank loans.
• Increased competition could impact profitability.
• Uncertainties regarding the company's ability to grow its investment portfolio.

MINNEAPOLIS, July 1, 2021 /PRNewswire/ -- Mill City Ventures III, Ltd. ("Mill City" or the "Company") (OTCQB: MCVT) announced today its funding of a settled insurance claim. Mill City's portion of participation was approximately $1.48M maturity value. The investment has a maturity date 100 days from purchase.

Mill City Chief Executive Officer Douglas M. Polinsky said, "We are excited to continue to fund settled claims purchases as they represent a higher return lower risk investment from our perspective. In addition, we can provide a valuable service in helping people due money on adjudicated settlements to wait no longer than necessary. We continue to strive to provide financings to borrower expeditiously as well as increase the total return on our loan portfolio."

We continue to work diligently with NASDAQ to meet applicable listing requirements.

Forward-looking statements in this release are made pursuant to the "safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements, including without limitation continued demand for short-term specialty non-bank loans, the Company's ability to continue growing its investment portfolio while receiving attractive returns, increased levels of competition, new products or offerings introduced by competitors, changes in the market rates of loans, and other risks.

About Mill City Ventures III, Ltd.
Founded in 2007, Mill City Ventures III, Ltd., is a short-term non-bank lending and specialty finance company. More information about the Company can be obtained at www.sec.gov.

 

View original content:https://www.prnewswire.com/news-releases/mill-city-finances-1-48m-short-term-insurance-settlement-301324239.html

SOURCE Mill City Ventures III, Ltd.

FAQ

What was Mill City Ventures' recent funding announcement?

Mill City Ventures III announced a funding of a $1.48M settled insurance claim.

What is the maturity date for Mill City Ventures' recent investment?

The maturity date for the recent $1.48M investment is 100 days from the purchase.

What are the risks mentioned in the Mill City Ventures press release?

The risks include demand fluctuation for non-bank loans, competition, and uncertainties in growing the investment portfolio.

What is Mill City Ventures III's stock symbol?

The stock symbol for Mill City Ventures III is MCVT.