MINNEAPOLIS, Feb. 7, 2019 /PRNewswire/ -- Mill City Ventures III, Ltd. (OTCQB: MCVT) ("Mill City" or "MCV") announced that one of its portfolio companies, Bitesquad.com, LLC ("Bitesquad") has been acquired by Waitr Holdings, Inc., (NASDAQ: WTRH) a publicly traded on-demand and food ordering and delivery company. As a result of the merger Mill City received approximately $3.8M of value in exchange for its preferred and common units of Bitesquad.  The transaction represents approximately a 300% return for Mill City.

"The acquisition of Bitesquad represents a successful investment in a private local company that will provide a substantial return to our investors. As a public business development company, we are constantly searching for investment opportunities that lie just out of view of other investors, " said Chief Executive Officer Douglas M. Polinsky.

Mill City received cash consideration of $2.12M and 166,118 of restricted shares of Waitr Holdings common stock. The shares are subject to a leak out lock up arrangement allowing for the resale of the shares over time. The acquisition was completed January 28, 2019.

About Mill City Ventures III, Ltd.
Mill City Ventures III Ltd. is a business development company (BDC). Mill City invests in or lends to private and small-capitalization public companies and makes managerial assistance available to such companies. Mill City intends to invest capital in portfolio companies for purposes of financing acquisitions, organic growth, recapitalizations, buyouts and working capital. Additional information is available at www.sec.gov or www.millcityventures3.com.

Disclaimer:
Forward-Looking Statements
This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect MCV's current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release, including the factors set forth in "Risk Factors" set forth in MCV's most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission ("SEC"), and subsequent filings with the SEC. Please refer to MCV's SEC filings for a more detailed discussion of the risks and uncertainties associated with its business, including but not limited to the risks and uncertainties associated with investing in private, micro- and small-cap companies. Except as required by the federal securities laws, MCV undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. The reference to MCV's website has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.

 

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SOURCE Mill City Ventures III, Ltd.