MONTREAL, Oct. 19, 2012 /CNW Telbec/ - IOU Financial Inc. (CNSX: IOU; "IOU" or the "Company") announced today an update on its activities.
For the nine-month period ending September 30, 2012, IOU Financial processed approximately US$29.1 million in loan applications. This compares to a total of US$17.2 million in all of 2011, and US$3.5 million in 2010. This strong flow of loan applications was generated online and through a growing base of business loan brokers across the U.S.
Moreover, for the nine-month period ending September 30, 2012, IOU Financial originated over US$6.4 million in loans. This compares to a total of US$2.4 million in all of 2011, and US$0.4 million in 2010.
The Company also announced today that Mr. Brendan Dunn has resigned from the Board of Directors for personal reasons. The Chairman of the Board of Directors of IOU, Mr. Evan Price, commented: "I would like to personally thank Brendan for his contribution as a member of the Board of Directors over the years."
About IOU Financial
IOU Financial Inc., via its U.S. subsidiary, IOU Central Inc. ("IOU"), operates an online lending platform which services store-front businesses (traditional and internet-based) throughout the United States, that it believes are under served by banks today. IOU allows these businesses to obtain loans of up to $100,000, without having to resort to more expensive factoring type products. Loan applications are done online and businesses can receive funding in as little as two business days. The Company's approach to lending is unique. Its underwriting model looks holistically at a business' financial realities, with an emphasis on its day-to-day cash flow trends, while its micro-payment system allows it to service the loans on a daily basis for easy cash flow management. To learn more visit: www.ioucentral.com
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 or regulation.
The Canadian National Stock Exchange (CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
SOURCE: IOU FINANCIAL INC.
Chief Executive Officer
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Chief Financial Officer
(514) 789-0694 ext. 298