MONTREAL, June 29, 2011 /CNW Telbec/ - IOU FINANCIAL INC. ("IOU Financial" or "the Corporation") (CNSX: IOU) announces its financial results for the three months ended March 31, 2011.
IOU Financial's net loss attributable to the common shareholders for the quarter ended March 31, 2011 was $3,034,259 versus $348,205 for the quarter ended March 31, 2010. Net loss per share attributable to the common shareholders was $0.26 for the quarter ended March 31, 2011 versus $0.04 attributable to the common shareholders for the quarter ended March 31, 2010. The increase in net loss for the quarter was primarily due to the difference in accounting treatment between IFRS and Canadian GAAP relating to the reverse takeover of IOU Central and its US subsidiary. The difference between the fair value of IOU Central and the net book value of IOU Financial ( plus transaction costs) has been expensed under IFRS.
IOU Financial's financial statements and Management Discussion & Analysis for the three months ended March 31, 2011 have been filed on SEDAR and are available at www.sedar.com.
About IOU Financial
IOU Financial, through its subsidiaries IOU Central Inc., a private corporation existing under the laws of Canada, and IOU Central Inc., a private corporation existing under the laws of Delaware, operates an Internet-based lending platform aimed at small businesses throughout the United States that IOU Financial believes are under served by banks today. To learn more visit: www.ioucentral.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.
The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
IOU Financial Inc.
Philippe Marleau, Chief Executive Officer
Mayco Quiroz, Chief Financial Officer