MONTREAL, March 14, 2013 /CNW Telbec/ - IOU Financial Inc. ("IOU")
(CNSX: IOU), via its U.S. subsidiary, IOU Central, a leading online
small business lender, announced today that it has renewed its secured
credit facility (the "Credit Facility") with Accord Financial Inc. (the
"Lender" or "Accord") (TSX: ACD) for a one-year term. In addition, the
credit facility has been increased to US$10.0 million from the current
limit of CDN$3.0 million. The Lender has an option to extend the
contract by an additional year by providing IOU with an increase in the
facility to US$15.0 million. The proceeds drawn on the Credit Facility
will primarily be used to support the growth of IOU's loan portfolio.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this news release are forward-looking
and are subject to numerous risks and uncertainties, known and unknown.
For information identifying known risks and uncertainties, relating to
liquidity risks, risks inherent in growing a new business, dependence
on third-party service providers, credit risks, competition, regulatory
risk, and assumptions that could cause the company's actual results to
differ from current expectations, please refer to the section "Risks
and Uncertainties" of IOU's most recent Management's Discussion and
Analysis ("MD&A"), which may be consulted at www.sedar.com. IOU cautions that the foregoing list of factors is not exhaustive. The
forward-looking statements presented in the MD&A reflect IOU's
expectations as at the date of the MD&A. IOU Financial does not
undertake any obligation to update publicly or to revise any such
forward-looking statements, unless required by applicable legislation
SOURCE: IOU FINANCIAL INC.
For further information:
Chief Executive Officer
(514) 789-0694 ext. 225
Chief Financial Officer
(514) 789-0694 ext. 298
The Canadian National Stock Exchange (CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.