{"id":473555,"date":"2021-04-08T08:33:45","date_gmt":"2021-04-08T12:33:45","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=473555"},"modified":"2021-04-08T08:33:45","modified_gmt":"2021-04-08T12:33:45","slug":"iou-financial-announces-intention-to-repurchase-up-to-2-million-of-convertible-debentures","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/iou-financial-announces-intention-to-repurchase-up-to-2-million-of-convertible-debentures\/","title":{"rendered":"IOU Financial Announces Intention to Repurchase up to $2 Million of Convertible Debentures"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">MONTREAL<\/span>, <span class=\"xn-chron\">April 8, 2021<\/span> \/PRNewswire\/ &#8211; IOU FINANCIAL INC. (&#8220;IOU&#8221; or &#8220;the Company&#8221;) (TSXV: IOU), a leading online lender to small businesses (<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3122691-1&amp;h=404400305&amp;u=http%3A%2F%2Fwww.ioufinancial.com%2F&amp;a=IOUFinancial.com\" rel=\"nofollow noopener noreferrer\">IOUFinancial.com<\/a>), announced today that it intends to repurchase up to <span class=\"xn-money\">$2,000,000<\/span> of its convertible debentures in the capital of the Company (the &#8220;Debentures&#8221;) at a discount per <span class=\"xn-money\">$1,000<\/span> of aggregate principal amount per Debenture (the &#8220;Repurchases&#8221;).<\/p>\n<p>&#8220;IOU&#8217;s response to the COVID-19 pandemic in 2020 (&#8220;Pandemic Resilience Plan&#8221;) put the Company in a position of strength to consolidate its stake in developing the opportunities ahead.\u00a0 We are proud to be able to stand with our network of brokers and small business owners as we prepare for the economic recovery with great optimism&#8221; said <span class=\"xn-person\">Phil Marleau<\/span>, CEO.\u00a0 <\/p>\n<p>The move to repurchase corporate debt comes after a year of strategic initiatives as part of IOU&#8217;s Pandemic Resilience Plan that focussed on reducing corporate expenses while reaffirming commitments from its diverse portfolio of funding sources and capitalizing on new opportunities to continue to support small businesses in 2020:<\/p>\n<ul type=\"disc\">\n<li>\n          <span class=\"xn-chron\">April 3, 2020<\/span>: <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3122691-1&amp;h=597398211&amp;u=https%3A%2F%2Fnews.ioufinancial.com%2F2020-04-03-IOU-Announces-Cost-Reduction-Initiatives-due-to-the-COVID-19-Pandemic&amp;a=IOU+Announces+Cost+Reduction+Initiatives+due+to+the+COVID-19+Pandemic\" rel=\"nofollow noopener noreferrer\">IOU Announces Cost Reduction Initiatives due to the COVID-19 Pandemic<\/a><\/li>\n<li>\n          <span class=\"xn-chron\">August 4, 2020<\/span>: <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3122691-1&amp;h=3523014092&amp;u=https%3A%2F%2Fnews.ioufinancial.com%2F2020-08-04-IOU-Financial-Inc-announces-debenture-holder-approval-of-amendments-to-convertible-debentures&amp;a=IOU+Financial+Inc.+Announces+Debenture+Holder+Approval+of+Amendments+to+Convertible+Debentures\" rel=\"nofollow noopener noreferrer\">IOU Financial Inc. Announces Debenture Holder Approval of Amendments to Convertible Debentures<\/a><\/li>\n<li>\n          <span class=\"xn-chron\">November 4, 2020<\/span>: <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3122691-1&amp;h=262529975&amp;u=https%3A%2F%2Fnews.ioufinancial.com%2F2020-11-04-IOU-Financial-Announces-Loan-Purchase-Agreement-with-Neuberger-Berman-Fund-Private-Placement-and-Appointment-of-New-Director&amp;a=IOU+Financial+Announces+Loan+Purchase+Agreement+with+Neuberger+Berman+Fund%2C+Private+Placement+and+Appointment+of+New+Director\" rel=\"nofollow noopener noreferrer\">IOU Financial Announces Loan Purchase Agreement with Neuberger Berman Fund, Private Placement and Appointment of New Director<\/a><\/li>\n<li>\n          <span class=\"xn-chron\">December 3, 2020<\/span>: <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3122691-1&amp;h=3592160412&amp;u=https%3A%2F%2Fnews.ioufinancial.com%2F2020-12-03-IOU-Financial-announces-the-closing-of-its-private-placement-for-total-gross-proceeds-of-approximately-2-1-million-and-provides-corporate-update&amp;a=IOU+Financial+Announces+the+Closing+of+its+Private+Placement+for+Total+Gross+Proceeds+of+Approximately+%242.1+Million+and+Provides+Corporate+Update\" rel=\"nofollow noopener noreferrer\">IOU Financial Announces the Closing of its Private Placement for Total Gross Proceeds of Approximately <span class=\"xn-money\">$2.1 Million<\/span> and Provides Corporate Update<\/a><\/li>\n<\/ul>\n<p>IOU Financial continued to fund small businesses in the US throughout the pandemic, relying on its proprietary IOU360 technology platform and wealth of underwriting data to make adjustments in real time as the pandemic evolved.<\/p>\n<p>During the month of <span class=\"xn-chron\">March 2021<\/span>, IOU&#8217;s loan originations exceeded <span class=\"xn-money\">US$12.1 million<\/span> representing the highest monthly loan origination volume since the beginning of the pandemic. In addition, IOU&#8217;s corporate cash position as of <span class=\"xn-chron\">March 31, 2021<\/span> was approximately <span class=\"xn-money\">$11.5 million<\/span>.<\/p>\n<p>&#8220;We adapted to extreme challenges to continue delivering the same level of service that our stakeholders have come to expect, and I thank them for their confidence in IOU as we support the recovery of small businesses across the US&#8221; said <span class=\"xn-person\">Robert Gloer<\/span>, President.<\/p>\n<p>IOU will seek to repurchase such Debentures pursuant to repurchase agreements to be entered into with individual holders of Debentures and to close the Repurchases by no later than <span class=\"xn-chron\">June 30<\/span>, 2021.\u00a0 There can be no assurances that any Debentures will be so repurchased, that all Debentures that an individual holder wishes to be repurchased will so be, or that the Repurchases will be completed by such date. The total reduction in interest expenses to IOU, should the Repurchases be completed, will amount to approximately <span class=\"xn-money\">$500,000<\/span>, representing the interest savings for the period <span class=\"xn-chron\">July 1, 2021<\/span> to the maturity date of <span class=\"xn-chron\">December 31, 2023<\/span>.<\/p>\n<p>Individual holders of the Debentures who are interested in participating in the Repurchases are invited to contact <span class=\"xn-person\">Benjamin Yi<\/span> (<a target=\"_blank\" href=\"mailto:byi@ioufinancial.com\" rel=\"nofollow noopener noreferrer\">byi@ioufinancial.com<\/a>) or <span class=\"xn-person\">David Kennedy<\/span> (<a target=\"_blank\" href=\"mailto:dkennedy@ioufinancial.com\" rel=\"nofollow noopener noreferrer\">dkennedy@ioufinancial.com<\/a>) indicating their interest.<\/p>\n<p>\n        <b>About IOU Financial Inc.<\/b>\n      <\/p>\n<p>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.\u00a0 Built on a proprietary technology platform that connects underwriters, merchants and brokers in real time, IOU Financial has become a trusted alternative to banks by underwriting over <span class=\"xn-money\">US$850 million<\/span> in loans to fund small business growth since 2009.\u00a0 To learn more about IOU Financial&#8217;s corporate history, financial products, or to join our broker network please visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3122691-1&amp;h=408560811&amp;u=http%3A%2F%2Fwww.ioufinancial.com%2F&amp;a=www.IOUFinancial.com\" rel=\"nofollow noopener noreferrer\">www.IOUFinancial.com<\/a>. <\/p>\n<p>\n        <b>Forward Looking Statements<\/b>\n      <\/p>\n<p>Certain information set forth in this news release may contain forward-looking statements. \u00a0Forward looking statements are statements, other than statements of historical fact, that address or discuss activities, events or developments that IOU expects or anticipates may occur in the future. \u00a0These forward looking statements can be identified by the use of words and phrases such as &#8220;anticipates&#8221;, &#8220;believes&#8221;, &#8220;estimates&#8221;, &#8220;expects&#8221;, &#8220;may&#8221;, &#8220;plans&#8221;, &#8220;projects&#8221;, &#8220;should&#8221;, &#8220;will&#8221;, &#8220;intends&#8221;, &#8220;seeks&#8221;, &#8220;allows&#8221;, &#8220;creates a path for&#8221;, &#8220;puts in a position to&#8221; or the negative thereof or other variations thereon.\u00a0 In particular, this news release contains forward-looking statements including, without limitation, with respect to the closing of the Offering and the Company&#8217;s future profitability.\u00a0 These forward-looking statements are subject to and involve substantial known and unknown 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 obtaining of the regulatory approval relating to the Offering, the uncertainty of obtaining additional financing, risks related to the Company&#8217;s incapacity to execute on its business plan, dependence on third-party service providers, competition, dependence on key personnel, security and confidentiality risk, technological development risk, IT disruptions, maintenance of client relationships, and litigation risk. \u00a0No assurance can be given that any of the events anticipated by such statements will occur or, if they do occur, what benefit IOU will derive from them. \u00a0Readers 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. \u00a0IOU does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise. \u00a0Additional information concerning these and other factors can be found beginning on page 22 under the heading &#8220;Risks and Uncertainties&#8221; in IOU&#8217;s management&#8217;s discussion and analysis dated <span class=\"xn-chron\">November 23, 2020<\/span>, which is available under IOU&#8217;s profile on SEDAR at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3122691-1&amp;h=1409547538&amp;u=http%3A%2F%2Fwww.sedar.com%2F&amp;a=www.sedar.com\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a>.<\/p>\n<p>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.<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=MO36088&amp;sd=2021-04-08\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/iou-financial-announces-intention-to-repurchase-up-to-2-million-of-convertible-debentures-301264975.html\">http:\/\/www.prnewswire.com\/news-releases\/iou-financial-announces-intention-to-repurchase-up-to-2-million-of-convertible-debentures-301264975.html<\/a><\/p>\n<p>SOURCE  IOU Financial Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=MO36088&amp;Transmission_Id=202104080830PR_NEWS_USPR_____MO36088&amp;DateId=20210408\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire MONTREAL, April 8, 2021 \/PRNewswire\/ &#8211; IOU FINANCIAL INC. (&#8220;IOU&#8221; or &#8220;the Company&#8221;) (TSXV: IOU), a leading online lender to small businesses (IOUFinancial.com), announced today that it intends to repurchase up to $2,000,000 of its convertible debentures in the capital of the Company (the &#8220;Debentures&#8221;) at a discount per $1,000 of aggregate principal amount per Debenture (the &#8220;Repurchases&#8221;). &#8220;IOU&#8217;s response to the COVID-19 pandemic in 2020 (&#8220;Pandemic Resilience Plan&#8221;) put the Company in a position of strength to consolidate its stake in developing the opportunities ahead.\u00a0 We are proud to be able to stand with our network of brokers and small business owners as we prepare for the economic recovery with great optimism&#8221; said Phil Marleau, CEO.\u00a0 The &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/iou-financial-announces-intention-to-repurchase-up-to-2-million-of-convertible-debentures\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;IOU Financial Announces Intention to Repurchase up to $2 Million of Convertible Debentures&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-473555","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>IOU Financial Announces Intention to Repurchase up to $2 Million of Convertible Debentures - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/iou-financial-announces-intention-to-repurchase-up-to-2-million-of-convertible-debentures\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IOU Financial Announces Intention to Repurchase up to $2 Million of Convertible Debentures - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire MONTREAL, April 8, 2021 \/PRNewswire\/ &#8211; IOU FINANCIAL INC. (&#8220;IOU&#8221; or &#8220;the Company&#8221;) (TSXV: IOU), a leading online lender to small businesses (IOUFinancial.com), announced today that it intends to repurchase up to $2,000,000 of its convertible debentures in the capital of the Company (the &#8220;Debentures&#8221;) at a discount per $1,000 of aggregate principal amount per Debenture (the &#8220;Repurchases&#8221;). &#8220;IOU&#8217;s response to the COVID-19 pandemic in 2020 (&#8220;Pandemic Resilience Plan&#8221;) put the Company in a position of strength to consolidate its stake in developing the opportunities ahead.\u00a0 We are proud to be able to stand with our network of brokers and small business owners as we prepare for the economic recovery with great optimism&#8221; said Phil Marleau, CEO.\u00a0 The &hellip; Continue reading &quot;IOU Financial Announces Intention to Repurchase up to $2 Million of Convertible Debentures&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/iou-financial-announces-intention-to-repurchase-up-to-2-million-of-convertible-debentures\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-08T12:33:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=MO36088&amp;sd=2021-04-08\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/iou-financial-announces-intention-to-repurchase-up-to-2-million-of-convertible-debentures\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/iou-financial-announces-intention-to-repurchase-up-to-2-million-of-convertible-debentures\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"IOU Financial Announces Intention to Repurchase up to $2 Million of Convertible Debentures\",\"datePublished\":\"2021-04-08T12:33:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/iou-financial-announces-intention-to-repurchase-up-to-2-million-of-convertible-debentures\\\/\"},\"wordCount\":964,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/iou-financial-announces-intention-to-repurchase-up-to-2-million-of-convertible-debentures\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/c212.net\\\/c\\\/img\\\/favicon.png?sn=MO36088&amp;sd=2021-04-08\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/iou-financial-announces-intention-to-repurchase-up-to-2-million-of-convertible-debentures\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/iou-financial-announces-intention-to-repurchase-up-to-2-million-of-convertible-debentures\\\/\",\"name\":\"IOU Financial Announces Intention to Repurchase up to $2 Million of Convertible Debentures - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/iou-financial-announces-intention-to-repurchase-up-to-2-million-of-convertible-debentures\/","og_locale":"en_US","og_type":"article","og_title":"IOU Financial Announces Intention to Repurchase up to $2 Million of Convertible Debentures - Market Newsdesk","og_description":"PR Newswire MONTREAL, April 8, 2021 \/PRNewswire\/ &#8211; IOU FINANCIAL INC. 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