MINNEAPOLIS, Minn.,
May 6, 2021 /PRNewswire/ -- Mill
City Ventures III, Ltd. (OTCBB: MCVT) ("Mill City" or the
"Company"), a non-bank lender and specialty finance
company, is pleased to announce that it has entered into a
non-binding Letter of Intent ("LOI") with AMMO, Inc. (Nasdaq:
POWW ) ("AMMO"), a premier American ammunition and munition
components manufacturer and owner of GunBroker.com, the leading
online marketplace dedicated to the lawful sale of firearms,
hunting, shooting and related products, whereby the two companies
will work together to provide GunBroker.com customers with the
option to purchase items through the GunBroker.com website using
short-term consumer financing provided by Mill City.
Mill City's Chief Executive Officer, Douglas M. Polinsky, stated that "we are proud
to continue growing our relationship with the world's greatest
manufacturer of premier ammunition and are excited about the
opportunity to work with AMMO now that it has successfully closed
on the GunBroker.com merger. As a result, we look forward to
helping AMMO grow its business while at the same time offering
attractive returns for the Mill City shareholders. The financing
program we are developing with AMMO is being designed to
provide consumer-friendly financing options for interested
users. Our clear charge is to measurably increase consumer access
and revenue opportunities for AMMO and Mill City."
AMMO's Chief Executive Officer Fred
Wagenhals, addressed the LOI, noting that, "the development
of our Mill City relationship is the first of many steps our
management team has in store to unlock the exciting GunBroker.com
platform. Our plan from the outset with GunBroker.com was to
leverage the incredible "eBay®-type" platform by providing
important consumer services and expanded product offerings through
multiple channels. Each of these initiatives are designed to
further open the GunBroker.com platform to more users by presenting
them with a variety of opportunities to purchase such as split
payment, monthly installments etc. Our research indicated the
Company could reasonably target a 30% average order volume
increase, with repeat user metrics potentially increasing
approximately 20% when our point of sale consumer financing program
is rolled out. We believe the program we are developing with
Mill City will be well-received by the GunBroker.com patrons, while
placing the Company in a position to substantially enhance the
platform's already impressive sales metrics at every level, with
strong revenue increases expected to follow, all of which enhances
AMMO shareholder value."
Pursuant to the terms of the LOI, the parties intend to finalize
the terms and conditions of their working relationship over the
course of the second calendar quarter and arrive at a definitive
financing agreement. No assurances can be given, however,
that the parties will successfully negotiate and enter into a
definitive agreement.
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.
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.
View original
content:http://www.prnewswire.com/news-releases/mill-city-ventures-iii-and-ammo-to-partner-on-gunbrokercom-customer-financing-301285493.html
SOURCE Mill City Ventures III, Ltd.