Mill City finances short term insurance settlement

Rhea-AI Summary

Mill City Ventures III, Ltd. (OTCQB: MCVT) announced the funding of a settled insurance claim valued at approximately $1.27 million, with a maturity date of 90 days from purchase. CEO Douglas M. Polinsky highlighted the appeal of settled-claims financing, citing its low-risk profile and potential annualized returns exceeding 30 percent. The company remains focused on meeting NASDAQ listing requirements. Caution is noted regarding forward-looking statements, which are subject to various risks and uncertainties including competition and changes in loan market rates.

Positive

• Investment of approximately $1.27 million in settled insurance claims.
• Attractive annualized return potential exceeding 30%.
• Low-risk profile associated with settled-claims financing.

Negative

• Risks related to competition in the lending market.
• Uncertainties regarding the company's ability to grow its investment portfolio.
• Potential fluctuations in loan market rates impacting returns.

MINNEAPOLIS, May 19, 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 $1.27M maturity value. The investment has a maturity date 90 days from purchase.

Mill City Chief Executive Officer Douglas M. Polinsky said, "We are especially attracted to settled-claims financing due to their short duration, low-risk profile and exceptional returns. The annualized return on these investments generally exceeds 30 percent. In addition, we are able to provide a valuable service in helping people due money on adjudicated settlements to wait no longer than necessary."

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:http://www.prnewswire.com/news-releases/mill-city-finances-short-term-insurance-settlement-301294839.html

SOURCE Mill City Ventures III, Ltd.

FAQ

What was the amount funded by Mill City Ventures for the insurance claim?

Mill City Ventures funded a settled insurance claim valued at approximately $1.27 million.

What is the expected annualized return on Mill City's settled-claims financing?

The expected annualized return on these investments generally exceeds 30 percent.

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

The maturity date for the recent investment is 90 days from purchase.

How does Mill City Ventures plan to meet NASDAQ listing requirements?

Mill City Ventures continues to work diligently with NASDAQ to meet applicable listing requirements.

What risks are associated with Mill City Ventures' forward-looking statements?

Forward-looking statements are subject to risks such as competition, market rate changes, and the ability to grow the investment portfolio.