Company continues to leverage strong cash
position to reduce debt, bringing year-to-date total to
$3.5 million of convertible
debentures repurchased.
MONTREAL, Dec. 1, 2022
/CNW Telbec/ - IOU FINANCIAL INC. ("IOU" or "the Company")
(TSXV: IOU), a leading online lender to small businesses
(IOUFinancial.com), announced today that it is repurchasing
approximately $1.1 million of its
convertible debentures in the capital of the Company (the
"Debentures") at par. Such transactions are being carried out
pursuant to repurchase agreements entered into with individual
holders of Debentures.
Today's move to repurchase $1.1
million of Debentures brings the total year-to-date
repurchases to $3.5 million and
reduces the outstanding principal value of Debentures to
approximately $4.5 million. The
Debentures mature on December 31,
2023.
"We are pleased to continue delivering on our commitment to
reduce corporate debt while growing loan originations and investing
in long-term operational scalability" said Robert Gloer, President and CEO.
The Company recently reported Q3 2022 Financial Results
highlighting an all-time record US$74.2
million in quarterly loan originations and 6 consecutive
quarters of positive earnings.
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.
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SOURCE IOU Financial Inc.