Mill City Ventures reports record year for revenues, earnings for 2021

WAYZATA, Minn., March 17, 2022 /PRNewswire/ -- Mill City Ventures III, Ltd. ("Mill City" or the "Company") (OTCQB: MCVT), a non-bank lender and specialty finance company, announced today record revenue and net income for the year ended December 31, 2021.

• Revenues increased 100% to $2.56M from $1.3M for the prior year
• Earnings from operations was $1.3M an increase from $561,000 for the prior year
• Shareholder equity increased 16% to $13.4M from $11.6M, after giving effect to $1.6M in shareholder dividends paid in 2021

Mill City's net margins from operations were 49%, up from 43% in 2020. Net asset value per share increased to $1.24 from $1.08.

Chief Executive Officer Douglas M. Polinsky stated, "We undertook to transform our business in 2020. In doing so, we have tried to remain nimble so as to take advantage of opportunities as they arise.  This has proven critical to our success since potential borrowers often come to us in situations not bankable due to time constraints or other issues.  We take the time to understand the situation, confer with our board and receive input from advisors on how to analyze the opportunity."

"We continue to find opportunities in high rate lending in the first quarter as disclosed in the public domain. Our continuing goals are: to raise the average stated rated of the portfolio; being more efficient in lending by increased loan size per borrower; and finding ways to mitigate our risk in the portfolio ," Mr. Polinsky continues.

Mill City continues to work diligently with NASDAQ to met applicable listing requirements.

Mill City's 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, increased levels of competition, new products or offerings introduced by competitors, changes in the general economy, changes in interest rates or the market for 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. Additional information can be found at www.sec.gov.

SOURCE Mill City Ventures III, Ltd.