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
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