IOU Financial announces New Addition to its Board of Directors
MONTREAL, March 7, 2014 /CNW Telbec/ - IOU Financial Inc. ("IOU Financial") (CSE: IOU) is pleased to announce that Mr. David Cynn has joined its Board of Directors.
Mr. Cynn is a Partner at Killearn Capital, a New York private equity firm focused on specialty finance companies. Prior to joining Killearn Capital, Mr. Cynn was a Partner at Lightyear Capital, a New York private equity firm focused on financial services investments. Mr. Cynn, who spent over ten years at Lightyear, led that firm's specialty finance efforts. Prior to Lightyear Capital, Mr. Cynn worked in Morgan Stanley's Mergers and Acquisition Department for four years as well as two years in HSBC's Mergers and Acquisition Department. He began his career in Chase Manhattan's Management Development Program.
Mr. Cynn received an MBA from the University of Chicago's Graduate School of Business where he graduated with high honors and received a BS from Cornell University.
"Mr. Cynn brings a wealth of industry experience and we are excited to have him join our Board", said Mr. Evan Price, Chairman of the Board. "His experience and expertise on the US financial market will constitute an important asset for the Corporation."
"I am looking forward to joining IOU Financial's Board as the Corporation's strong management and significant growth opportunities are unique in the financial service sector", said Mr. Cynn.
About IOU Financial Inc.
IOU Financial, via its U.S. subsidiary, IOU Central, provides small businesses throughout the U.S. access to the capital they need to seize growth opportunities quickly. Typical customers include medical and dental practices, grocery and retail stores, restaurant and hotel franchisees and e-commerce companies. In a unique approach to lending, IOU Central's advanced, automated application and approval system accurately assesses applicants' financial realities, with an emphasis on day-to-day cash flow trends. It makes loans of up to $100,000 to qualified applicants within a few business days, with affordable charges favorable to cash-flow management. IOU Central's speed and transparency make it a trusted alternative to banks. To learn more visit: www.ioucentral.com
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of IOU Financial including, but not limited to, the impact of general economic conditions, industry conditions, dependence upon regulatory and shareholder approvals, the execution of definitive documentation and the uncertainty of obtaining additional financing. The transaction is still subject to due diligence by Palos Management and there can be no assurances that it will be completed. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. IOU Financial does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE IOU FINANCIAL INC.For further information:
Chief Executive Officer
(514) 789-0694 ext. 225
Chief Financial Officer
(514) 789-0694 ext. 298