Mill City participates in $1.62M short term insurance settlement

Rhea-AI Summary

Mill City Ventures III, Ltd. (OTCQB: MCVT) announced its funding participation in a settled insurance claim valued at approximately $1.08M. This investment has a maturity date of 90 days from the date of purchase. CEO Douglas M. Polinsky noted that these claims represent a favorable risk and reward for shareholders, offering higher returns with lower risks. Mill City is also exploring other lending opportunities including asset-based loans and real estate backed loans. The company is actively working with NASDAQ to meet listing requirements.

Positive

• Investment in a settled insurance claim valued at $1.08M with a 90-day maturity offers potential for higher returns.
• CEO highlights favorable risk-reward proposition for shareholders.
• Exploration of diverse lending opportunities beyond settled claims.

Negative

• Potential competition and market changes may impact future returns.
• Reliance on continued demand for short-term specialty non-bank loans presents inherent risks.

MINNEAPOLIS, Sept. 21, 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 $1.08M maturity value. The investment has a maturity date 90 days from purchase.

Mill City Chief Executive Officer Douglas M. Polinsky said, "As the opportunities to participate in additional settled insurance claims present themselves, we move swiftly to participate. In our view the settled claims represent a favorable risk and reward proposition for our stockholders. These claims purchases 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 also continue to pursue favorable loans outside of the settled claims business including asset-based loans, real estate backed loans and other creative lending arrangements."

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.

 

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SOURCE Mill City Ventures III, Ltd.

FAQ

What recent investment did Mill City Ventures III (MCVT) announce?

Mill City Ventures III announced its participation in a $1.08M settled insurance claim.

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

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

What does Mill City Ventures III (MCVT) see as a benefit of settled insurance claims?

Mill City views settled insurance claims as a favorable risk and reward proposition for shareholders.

Is Mill City Ventures III working on meeting NASDAQ listing requirements?

Yes, Mill City Ventures III is actively working with NASDAQ to meet applicable listing requirements.