MONTREAL, May 13 /CNW Telbec/ - IOU FINANCIAL INC. ("IOU Financial" or "the Corporation" ticker symbol CNSX/IOU) announces
the filing, as of today, of the consolidated financial statements of
its wholly owned subsidiary IOU Central Inc. ("IOU Central") for its
fiscal year ended December 31, 2010. In addition, IOU Central's interim
consolidated financial statements for the three and nine-month periods
ended September 30, 2010 were also filed today.
On February 28, 2011, IOU Financial acquired all of the outstanding
shares of IOU Central by way of a reverse take-over ("RTO")
transaction. Now a wholly owned subsidiary of IOU Financial, IOU
Central is a Canadian corporation which, through its American
subsidiary, operates an Internet-based lending platform in the United
Stated aimed at small businesses with daily sales, and which in the
Company's opinion are currently under-served by the traditional banking
IOU Central reported a net loss of $955,237 and $1,161,409 for the
fiscal years ended December 31, 2010 and 2009 respectively. IOU
Central's financial statements for the fiscal year ended December 31,
2010 and third quarter ended September 30, 2010 are available at www.sedar.com.
The CNSX does not accept responsibility for the adequacy or accuracy of
SOURCE IOU FINANCIAL INC.
For further information:
Philippe Marleau, Chief Executive Officer
Mayco Quiroz, Chief Financial Officer
IOU Financial Inc.