PR Newswire | Sep 21, 2021 08:35AM EDT

09/21 07:34 CDT

Mill City participates in $1.62M short term insurance settlement MINNEAPOLIS, Sept. 21, 2021

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.