MINNEAPOLIS, MN/ACCESSWIRE/October 18, 2022/ Mill City Ventures III, Ltd. (“Mill City” or the “Company”) (NASDAQ:MCVT) today announced that it has provided $2.225 million in short-term debt financing to Liberated Syndication Inc. (“Libsyn”), a leading “Podcasting As A Service”, to facilitate Libsyn’s recently announced acquisition of German podcast company Julep Media GmbH (“Julep”).
Founded in 2004, Libsyn is one of the premier podcast hosting companies in the industry and today hosts over 75,000 shows and delivers over 6 billion downloads annually to listeners worldwide. Libsyn accelerated its efforts in podcast advertising in 2021 through a merger with AdvertiseCast LLC. Libsyn said that with Julep’s combination, the combined companies will connect more than 3,000 creators to more than 750 advertisers looking to tap into the growing podcast media market. Additionally, Libsyn reports that according to the PwC/IAB Podcast Ad Revenue Report, podcast ad revenue is expected to exceed $2 billion in 2022 and nearly triple to more than $4 billion by 2024.
Brad Tirpak, CEO of Libsyn, said, “Libsyn is thrilled to welcome Julep to its growing platform of ad solutions for creators. Germany is one of the largest podcast markets in Europe, and Julep provides Libsyn with the immediate scale to become a leading force in podcast monetization in Germany and the wider European market. We are grateful for our partnership with Mill City which helped us close this transaction in a timely and efficient manner which brought value to both parties. »
Mill City Chief Financial Officer Joseph Geraci said: “We have noticed in the past that the market for our type of loan is robust and underserved by large financial institutions. Our ability to create unique and tailored financing solutions allows us to offer many different services. types of financial needs. Providing financing to meet a short-term liquidity need as part of the closing of the merger of two companies is just one more example of how we can create strong results for our investors subject to well-managed risks. »
Debt financing matures in 180 days.
About Mill City
Founded in 2007, Mill City is a non-bank short-term lending and specialty finance company. Additional information is available at www.sec.gov.
Forward-Looking Statements and Safe Harbor Notices
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). These forward-looking statements include our expectations and statements that use forward-looking terms such as “projected”, “expect”, “possibility” and “anticipate”. The realization or success of the matters covered by these 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 the statements and assumptions made in this press release constitute forward-looking statements and makes no guarantee of future performance. Forward-looking statements are based on management’s estimates and opinions at the time the statements are made. The information presented here is valid only as of the date hereof. The Company and its management undertake no obligation to revise these statements after the date of this press release, except as required by law.
Joseph A. Geraci, Chief Financial Officer
THE SOURCE: Mill City Ventures III Ltd.