Global C-level executive brings extensive track record of driving transformational growth and strategic initiatives for high-tech companies.
MONTREAL, Feb. 1, 2022 /CNW/ - IOU FINANCIAL INC. ("IOU" or "the Company") (TSXV: IOU), a leading online lender to small businesses (IOUFinancial.com), announced today the addition of Kathleen Miller to its Board of Directors.
"We are thrilled to welcome Kathy Miller to our Board of Directors at this exciting time in the IOU Financial story," said Evan Price, Chair of IOU Financial's Board of Directors. "We are entering a phase of accelerated growth and are privileged to have Kathy on board to bring her extensive experience in bringing scalable and transformational financial planning to the table."
Miller brings over 30 years of experience driving double-digit growth and profitability across public and high-growth private SaaS, Fintech and other technology companies through finance, accounting, public company governance, strategy and operations. Kathy has a proven track record of building and scaling organizations to deliver transformational growth and brings a deep understanding of the entire M&A lifecycle, having led multiple organizations through successful technology acquisition evaluations, due diligence and integrations.
"I am honoured to join this dynamic organization as they seek to maximize their exposure to the financial recovery underway in North America" said Miller. "We have an opportunity to build momentum as IOU Financial doubles down on leveraging technology, product innovation and expanded distribution strategies to fuel the growth of small business."
Kathy brings a deep understanding of strategic leadership, having led successful M&A processes for several high-tech organizations including Witness Systems (NASDAQ: WITS) (acquired by Verint), and MapInfo (NASDAQ: MAPS) (acquired by Pitney Bowes). Kathy has received the Atlanta Business Chronicle's CFO of the Year Finalist and Nominee Awards and earned an MS in Legal Studies from Fordham University and a BS in Accounting, cum laude from Alfred University. Kathy also sits on the Board of Tecsys (TSX: TCS), a leading supply-chain and complex distribution management system provider.
"Kathy brings an impressive track record of financial stewardship and strategic focus that enriches our Board of Directors in several key areas," said Robert Gloer, President and CEO of IOU Financial. "The time is right to bring Kathy's transformational approach and financial skillset to bear on IOU Financial's next growth chapter."
As part of Kathleen's appointment to IOU Financial's Board of Directors, the Company has granted options to Ms. Miller to acquire up to an aggregate of 55,000 common shares of IOU at an exercise price of $0.2005. These options have a term of five years from the date of grant with one-third (1/3) vesting immediately and one-third (1/3) vesting on each of the first and second anniversaries of the date of grant.
As first outlined in its Q2 2021 Financial Results, IOU Financial is focussed on 3 strategic pillars to drive growth: product innovation, expanding distribution channels and investments in its proprietary IOU360 technology platform. In the past 6 months, IOU Financial has launched 2 new products (the IOU Financial Cash-Back Loan and the 24-Month Term Loan), achieved a new all-time record in quarterly loan originations, announced the repurchase of $3.7 Million in convertible debentures in 2021 and surpassed over US$1 Billion in total loan originations since inception.
About IOU Financial Inc.
IOU Financial Inc. is a wholesale lender that provides quick and easy access to growth capital to small businesses through a network of preferred brokers across the US and Canada. Built on its proprietary IOU360 technology platform that connects underwriters, merchants and brokers in real time, IOU Financial has become a trusted alternative to banks by originating over US$1 billion in loans to fund small business growth since 2009. IOU trades on the TSX Venture Exchange under the symbol IOU (TSXV: IOU), and on the US OTC markets as IOUFF. To learn more about IOU Financial's corporate history, financial products, or to join our broker network please visit www.IOUFinancial.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 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE IOU Financial Inc.