MONTREAL, July 7, 2015 /CNW Telbec/ - IOU Financial Inc. (TSXV: IOU) ("IOU Financial" or the "Company"), a leading online lender to small businesses, today announces that it has commenced legal proceedings against Qwave Capital LLC ("Qwave") and its manager Serguei Kouzmine before the Québec Superior Court.
IOU Financial alleges that, in making its unsolicited partial offer for 34,000,000 common shares of IOU Financial dated June, 25, 2015 (the "Unsolicited Partial Offer"), Qwave misused confidential information and otherwise acted in a manner not permitted by a confidentiality agreement dated November 5, 2014. Accordingly, IOU Financial is seeking, among other things, an order suspending the Unsolicited Partial Offer.
Shareholders are reminded not to take any action with respect to the Unsolicited Partial Offer until the Board of Directors of the Company has made a statement with respect thereto.
About IOU Financial Inc.
IOU Financial 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 Financial'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 $150,000 to qualified applicants within a few business days, with affordable charges favorable to cash-flow management. IOU Financial's speed and transparency make it a trusted alternative to banks. To learn more visit: www.ioufinancial.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. 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE IOU FINANCIAL INC.
For further information: Philippe Marleau, Chief Executive Officer, (514) 789-0694 ext. 225