MINNEAPOLIS, Minn., August 23, 2022 – Mill City Ventures III, Ltd. (“Mill City” or the “Company”) (Nasdaq: MCVT) announced today its funding of a settled insurance claim in the amount of $550,000. The related short-term note is expected to mature in 120 days with a payback of $616,667, representing an annualized return of 36.36%.
Mill City’s Chief Executive Officer, Douglas M. Polinsky, said, “We’re happy to update our shareholders with today’s announcement. While the total dollar amount of this particular transaction is not overly large, it represents a good picture of the favorable environment in which we operate. We’re generating sizeable returns on what we believe to be well-managed risks, and we continue to feel that we’ll demonstrate robust returns as we fund larger and larger loans. We look forward to updating our shareholders appropriately as these transactions occur.”
About Mill City
Founded in 2007, Mill City is a short-term non-bank lending and specialty finance company. Additional information can be found at www.sec.gov.
Forward-Looking Statements and Safe Harbor Notice
All statements other than statements of historical facts included in this press release are “forward-looking statements” (as defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements include our expectations and those statements that use forward-looking words such as “projected,” “expect,” “possibility” and “anticipate.” The achievement or success of the matters covered by such forward-looking statements involve significant risks, uncertainties and assumptions. Actual results could differ materially from current projections or implied results. Investors should carefully read the risk factors set forth in the Company’s prospectus on Form S-1 filed with the SEC on April 26, 2022, as amended, subsequent filings and future periodic reports filed with the SEC. All of the Company’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements.
The Company cautions that statements and assumptions made in this press release constitute forward-looking statements and make no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. The information set forth herein speaks only as of the date hereof. The Company and its management undertake no obligation to revise these statements following the date of this news release, other than as required by law.
Joseph A. Geraci, CFO