MONTREAL, May 23, 2014 /CNW Telbec/ - IOU FINANCIAL INC. ("IOU" or "the Company") (TSXV: IOU) recorded revenue for the quarter
ended March 31, 2014 of $1,344,401 versus $476,665 for the quarter
ended March 31, 2013. The Company closed its first quarter of fiscal
2014 with a net loss attributable to common shareholders of $414,784,
or $0.01 per share, compared with a net loss of $415,807 or $0.01 per
share during the same period in 2013. Excluding one-time expenses
associated with the migration to the TSX-V as well as a one-time legal
expense, net loss for the first quarter 2014 was $275,906.
As of March 31, 2014, total assets amounted to $18,879,251 compared with
$15,921,263 as of December 31, 2013, and consisted mostly of commercial
loans receivable and cash. Total liabilities amounted to $10,932,341
compared with $8,688,312 as of December 31, 2013, and consisted mostly
of funds borrowed from the company's financial credit facility.
Shareholders' equity showed a surplus of $7,946,910, compared with a
surplus of $7,232,951 on December 31, 2013.
IOU Financial's financial statements and management discussion &
analysis for the period ended March 31, 2014 have been filed on SEDAR
and are available at www.sedar.com.
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 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 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 TSX-V 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