Company continues to reduce corporate debt
after seeing 2021 loan originations increase more than 90% vs
2020.
MONTREAL, March 22,
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 $1.2
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 $1.2
million of Debentures brings total repurchases to
approximately $4.9 million over the
past 12 months, leaving approximately $6.8
million of outstanding principal value of Debentures which
mature December 2023.
"The success of IOU's marketplace strategy announced in 2021 is
allowing us to scale up faster than previously possible,"
stated Robert Gloer, President and CEO. "We're proud of the
team for breaking new origination records and giving us the extra
latitude to further reduce corporate debt."
IOU originated approximately US$161.5
million in loans in 2021, representing an increase of more
than 90% over 2020 and establishing a new high-water mark in the
Company's history. The shift to a marketplace strategy was
originally announced as part of the Company's 2020 Financial
Results.
Full financial details will be disclosed in IOU's official 2021
Annual Financial Results to be released in April.
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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content:https://www.prnewswire.com/news-releases/iou-financial-announces-record-loan-originations-of-us161-5-million-in-2021-and-the-repurchase-of-approximately-1-2-million-of-convertible-debentures-301508231.html
SOURCE IOU Financial Inc.