Mill City finances short term insurance settlement
MINNEAPOLIS, April 28, 2021 /PRNewswire/ -- Mill City Ventures III, Ltd. ("Mill City") (OTCQB: MCVT) announced today its purchase of a settled insurance claim. Mill City's portion of participation was approximately $840,000. The investments has maturity date 90 days from purchase.
Mill City Chief Executive Officer Douglas M. Polinsky said, "Opportunities such as this continue to abound for Mill City. We are especially attracted to settled-claims financing due to their short duration, low-risk profile and exceptional returns. The annualized returns on these investments generally exceeds 30 percent. And we are able to provide a valuable service in allowing people due money on adjudicated settlements to wait no longer than necessary."
We continue to work diligently with NASDAQ to meet applicable listing requirments.
Forward-Looking Statements
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 reflect current beliefs and underlying assumptions, and 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, 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 specialty finance company providing short-term non-bank lending. Additional information can be found at www.sec.gov.
SOURCE Mill City Ventures III, Ltd.
