PR Newswire
MONTRÉAL, April 25, 2019
MONTRÉAL, April 25, 2019 /PRNewswire/ - IOU FINANCIAL INC. ("IOU" or "the Company") (TSXV: IOU), a leading online lender to small businesses (IOUFinancial.com), announced today its results for the year ended December 31, 2018.
"IOU delivered strong loan origination growth and earnings performance in 2018, representing an important milestone for the Company. We are proud to have achieved this success and remain committed to our strategy for profitable growth," said Phil Marleau, CEO.
FINANCIAL HIGHLIGHTS
OUTLOOK
IOU remains well placed at the forefront of the fintech revolution that is democratizing access to capital for small businesses. IOU is committed to its strategy of profitable growth.
The Company is enhancing its proprietary, next-generation technology and algorithms that evaluate and price credit risk. IOU continues to closely monitor the performance of its loan portfolio, capture operational efficiencies and keep costs under control.
The Company intends to grow loan originations by:
These efforts are key to achieving the Company's long-term outlook for loan origination growth of 25% to 30% annually.
IOU's financial statements and management discussion & analysis for the year ended December 31 have been filed on SEDAR and are available at www.sedar.com.
NORMAL COURSE ISSUER BID
IOU Financial has received conditional approval from the TSX Venture Exchange (the "Exchange") to make a Normal Course Issuer Bid ("NCIB"). Pursuant to the NCIB, IOU may purchase for cancellation, from time to time, as it considers advisable, up to 2,000,000 of its common shares ("Shares") over a 12-month period, representing approximately 2.3% of the 87,825,309 Shares outstanding as of April 24, 2019.
The NCIB will commence on May 1, 2019 and will terminate on April 30, 2020, or on such earlier date on which purchases under the NCIB have been completed or at the option of IOU. Purchases of Shares under the NCIB will be made through the facilities of the Exchange at the market price of the Shares at the time of acquisition. Leede Jones Gable Inc. will conduct the NCIB on behalf of IOU and Shares will be purchased at the discretion of senior management of IOU. Shareholders may obtain a copy of the Notice to Make a Normal Course Issuer Bid, without charge, by contacting the Company.
The Board of Directors of IOU believes that the current and recent market prices of IOU's Shares do not give full effect to their underlying value and that, accordingly, the purchase of Shares will increase the proportionate Share interest of, and be potentially advantageous to, all remaining shareholders. The NCIB purchases will also provide easier access to liquidity to IOU shareholders who would like to dispose of their Shares.
CONFERENCE CALL
The Company will hold a conference call at 4:30 (EDT) on April 29, 2019, to discuss its financial results. The dial-in number to access the conference call from Canada and the United States is 1 (888) 231-8191 (toll-free), conference ID: 3498494.
About IOU Financial Inc.
IOU Financial Inc. provides small businesses throughout the U.S. and Canada access to the capital they need to seize growth opportunities quickly. Typical customers include medical and dental practices, grocery and retail stores, salons, gas stations, auto repair shops, restaurants, trade contractors and manufacturing companies. In a unique approach to lending, IOU Financial's advanced, automated application and approval system accurately assesses applicants' financial realities, with an emphasis on day-to-day cash flow trends. IOU Financial allows these businesses to apply for six, nine, twelve, fifteen and eighteen-month term loans of up to US$500,000 to qualified U.S. applicants ($100,000 in Canada) within a few business days, with affordable charges favorable to cash-flow management. Its speed and transparency make IOU Financial a trusted alternative to banks. To learn more visit: 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.
View original content:http://www.prnewswire.com/news-releases/iou-financial-inc-releases-financial-results-for-the-year-ended-december-31-2018-300838879.html
SOURCE IOU Financial Inc.