TORONTO, ONTARIO- - Grenville Strategic Royalty Corp. (TSX VENTURE:GRC) ("Grenville") is pleased to announce that it has contracted for a gross sales royalty from Humble Abode, Inc. ("Humble Abode") in exchange for an advance of $550,000 USD, with an option, if agreed upon by both companies, to advance an additional $450,000 USD. In exchange for this advance, Grenville will receive a royalty based on Humble Abode's gross revenue within Grenville's average royalty rate of between 1% and 4%.
Humble Abode is a California-based online retailer of furniture and home furnishings founded by e-retail pioneer, James Wickersham. Since inception in 1999, Humble Abode has become one of the US's fastest growing retailers in the online furniture segment, listed on the Inc. 5000 list of fastest growing private companies in the US every year from 2007 to 2014. Humble Abode curates designer quality furniture made in the US and around the world, operating out of their Santa Rosa office, warehouse and customer service center in Sonoma County, California.
"James and his team at Humble Abode are true innovators in the online furniture market. From a standing start in 1999 they've managed to be one of the U.S's fastest growing private companies, developing strong relationships with their broad supplier base during that period", said William (Bill) R. Tharp, President and Chief Executive Officer of Grenville. "We're confident the team can continue to grow and with a little outside capital believe the growth will be at an accelerated pace".
"We are focused on expanding our designer quality furniture line and maintaining premium service", said James Wickersham, founder, President and Chief Executive Officer of Humble Abode. "Our design-conscious customers want a curated product offering with online convenience, and 16 years refining our process of building trust and confidence with online shoppers has developed a scalable model for continued growth".
To date, Grenville has completed approximately $29.85 million in royalty financings, building a diversified portfolio in Canada and the United States.
About Humble Abode
More than furniture, Humble Abode is selling a lifestyle. Founded 16 years ago as an online furniture retailer at www.humbleabode.com, Humble Abode is one of the fastest growing businesses in the USA 8 years in a row. Humble Abode is a curator of designer quality furniture bringing personalized service and premium home delivery to thousands of online shoppers throughout the US and Canada. The company is headquartered in Santa Rosa, California, the Sonoma County wine country north of San Francisco where nearly all operations are managed in-house including product sourcing, web operations, customer service center and west coast fulfillment center. Humble Abode® is a registered trademark of Humble Abode, Inc.
Grenville is a Toronto-based company that was formed to provide royalty-based finance solutions by acquiring revenue streams generated by growing public and private, small to medium sized enterprises operating across a broad range of industrial and technology sectors. Grenville has identified a large and underserviced finance market for well-managed companies generating up to $50 million in revenue, which face difficult financing hurdles from traditional debt and equity markets. The non-dilutive royalty financing structure offered by Grenville can bridge the financing needs of these companies until traditional debt or equity is available to them on more attractive commercial terms. The application of Grenville's royalty financing structure into sectors not traditionally serviced by royalty companies represents a new and innovative financing model - Capital Simplified - that has already attracted a considerable number of opportunities with attractive potential returns.
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