Montreal, Quebec--(Newsfile Corp. - May 28, 2013) - IOU FINANCIAL INC. (CNSX: IOU) ("IOU" or "the Company") recorded revenue for the quarter ended March 31, 2013 of $801,731 versus $185,711 for the quarter ended March 31, 2012. The Company closed its first quarter of fiscal 2013 with a net loss of $341,975, or $0.01 per share, compared with a net loss of $424,500 or $0.02 per share during the same period in 2012.
At the end of March 31 2013, total assets stood at $11,180,966 compared with $8,653,374 on December 31, 2012, and consisted mostly of commercial loans receivable and of cash on hand. Total liabilities stood at $3,527,109 compared with $3,405,259 on December 31, 2012, and consisted mostly of trade accounts payable and of funds owed on the company's financial credit facility. Shareholders' equity showed a surplus of $7,653,857, compared with a surplus of $5,248,115 on December 31 2012.
IOU Financial's financial statements and management discussion & analysis for the Period ended March 31, 2013 have been filed on SEDAR and are available at www.sedar.com.
About IOU Financial Inc.
IOU Financial, via its U.S. subsidiary, IOU Central, provides small businesses throughout the U.S. access to the capital they need to seize growth opportunities quickly. Typical customers include medical and dental practices, grocery and retail stores, restaurant and hotel franchisees and e-commerce companies. In a unique approach to lending, IOU Central's advanced, automated application and approval system accurately assesses applicants' financial realities, with an emphasis on day-to-day cash flow trends. It makes loans of up to $100,000 to qualified applicants within a few business days, with affordable charges favorable to cash-flow management. IOU Central's speed and transparency make it a trusted alternative to banks. To learn more visit: www.ioucentral.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.
The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Philippe Marleau
Chief Executive Officer
(514) 789-0694 ext. 225
Mayco Quiroz
Chief Financial Officer
(514) 789-0694 ext. 298
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