IOU Financial Advises Shareholders Not to Take Action with respect to Qwave’s Unsolicited Partial Offer; Hires Raymond James Ltd. as Financial Advisor and Announces Adoption of a Rights Plan

Montreal, Quebec, June 29, 2015 — IOU FINANCIAL INC. (“IOU Financial” or the “Company”; ticker symbol IOU/TSX-V), a leading online lender to small businesses, acknowledges the filing on June 25, 2015, of a take-over bid circular by Qwave Capital LLC (“Qwave”) for its unsolicited partial offer to purchase 34,000,000 outstanding common shares of IOU Financial (representing approximately 55.3% of IOU Financial’s issued and outstanding shares at the date hereof and 50.4% of IOU Financial’s issued and outstanding shares at the date hereof on a fully-diluted basis) at a price of $0.50 per common share. The current expiry date of the partial offer is July 31, 2015.

The board of directors of the Company (the “Board”) is evaluating Qwave’s partial offer and is also considering other alternatives. To that effect, the Board has hired Raymond James Ltd. as its financial advisor. Once a thorough review of Qwave’s partial offer and other alternatives has been completed, the Board will communicate its views to shareholders by issuing a news release and filing and mailing a circular to them within the statutory time period of 15 days from the date of the filing and mailing of the Qwave partial offer. In the interim, the Board advises shareholders not to take any action with respect to this unsolicited partial offer until the Board and its advisors have evaluated the partial offer and the Company’s other alternatives, and the Company has made a statement with respect thereto.

Given the unsolicited nature of Qwave’s partial offer and the time required to thoroughly consider alternatives to the partial offer, the Board has adopted a shareholder rights plan effective as of this date. The rights issued under the rights plan will become exercisable when a person, together with any parties related to it, acquires 20% or more of the Company’s outstanding common shares without complying with the “Permitted Bid” provisions of the rights plan or without approval of the Board. Should such an acquisition occur, rights holders (other than the acquiring person and related persons) will be able to purchase common shares of the Company at a significant discount to the market price of the common shares at that time.
Under the rights plan, a Permitted Bid is a bid (i) made to all holders of the Company’s common shares for all of the outstanding common shares they hold, (ii) which provides, among other things, that the acquiring person may take up and pay for the common shares only if at least 50% of the outstanding common shares of the Company, other than those held by the acquiring person and related persons, have been tendered, and (iii) which remains open for a minimum of 60 days.

The Board has determined to defer the “Separation Time” for rights under the rights plan in connection with Qwave’s partial offer to a later date to be determined by subsequent decision of the Board.

The issuance of common shares upon exercise of the rights is subject to receipt of certain regulatory approvals, including from the TSX Venture Exchange. The rights plan will take effect immediately and will be subject to confirmation by the Company’s shareholders at its next shareholder meeting. The rights plan will terminate at the earlier of the close of the meeting at which it is not confirmed by the Company’s shareholders and the date that is six months after the date hereof.

Understanding How to Manage Capital

Cash is the lifeblood of small businesses, because often they do not have alternate sources of small business funding. A company’s current assets minus its current liabilities are its working capital. Cash and its equivalents — short-term Treasury bills and commercial paper — plus assets that can become cash within a year, such as accounts receivable, inventory and negotiable securities, are current assets. Debt due within a year, accounts payable, taxes payable, wages and salaries payable and other short-term liabilities are current liabilities. It’s up to you to choose how aggressively or conservatively to manage your working capital.

Aggressive Management

The use of short-term credit coupled with minimal spending on current assets characterizes aggressive management of working capital. You are basically operating on a restricted budget, cutting purchases of supplies and inventory to the nub while delaying bill payment for as long as possible. You also aggressively try to collect your A/R. You must not delay interest payments or tax payments. Your creditors will sue and might force you into bankruptcy and liquidation. The Internal Revenue Service takes a very dim view of missed tax payments. The proper use of convenient commercial small business loans, such as those available from IOU Financial, is a vital component in managing your working capital in an aggressive manner.

Conservative Management

At the opposite end of the spectrum, your working capital policy might be conservative: plenty of cash in the bank, inventory levels fully stocked and all bills paid on time. Your supply cabinets are full and employees need not justify a requisition for a new pencil. Typically, a conservative policy has a working capital ratio — that’s current liabilities divided into current assets — of 2 or greater. In other words, for every dollar of current liabilities, you have $2 of current assets. Following this less-risky policy, you’re not anticipating a cash crunch, but you might be getting a lower return, because cash in the bank doesn’t pay much. In effect, to buy some peace of mind, you are sacrificing profits and returns, because you are not leveraging your small business financing. The proper use of credit can help correct a capital management style that is too conservative.

Risk

As you make your working capital policies more aggressive, default and bankruptcy risk increases. For example, if you have little cash on hand and encounter a sudden emergency, you might have to default on an interest payment. Debtors might seize your property or wrestle the company away from you. This is precisely the time to take out a convenient commercial small business loan to get over the rough spots. In a less drastic example, if you skimp on inventory replacement, you’re vulnerable to stock outs, lost sales and alienated customers. Your vendors might stop doing business with you if you string them along for several months before coughing up payment. If you want to float new debt, your deteriorating credit rating will raise your interest rates and make it harder to find new lenders. A commercial loan is the best recourse in these circumstances. Conversely, if your working capital policy is too conservative, you incur opportunity costs by not working your money as hard as possible. This can lower your sales efficiency ratio — working capital divided into sales revenue — which can discourage investors in new debt and equity. Use small business loan proceeds to leverage you operations and increase you return.

Return

An overly aggressive policy increases your return on assets, but hurts your bottom line by lowering your inventory levels and crippling sales. However, the proper use of credit can avoid these problems while maintaining healthy returns. A conservative policy creates some lazy money that doesn’t earn much of a return. The optimal working capital policy lies somewhere between the two extremes. Your goal is to minimize risks while maximizing revenue — experience and experimentation will help you get it right. In just about every situation, consider the use of a commercial lending facility to optimize your return while managing your risks.

IOU Financial announces the completion of its private placement for gross proceeds of $3,118,000

MONTRÉAL, June 19, 2015 /CNW Telbec/ – IOU Financial Inc. (TSXV: IOU) (“IOU Financial” or the “Company”), a leading online lender to small businesses, is pleased to announce that it closed its previously announced private placement for gross proceeds of $3,118,000.

A syndicate of underwriters (the “Underwriters”) led by Haywood Securities Inc. and including Cormark Securities Inc. completed the Offering of 7,795,000 common shares (the “Common Shares”) at a price of $0.40 per Common Share.

The Company intends to use the net proceeds from the Offering to fund working capital and for general corporate purposes.

Related parties of the Company subscribed for 1,295,000 Common Shares representing approximately 17% of the Offering. The issuance of securities to such related parties may be considered a related party transaction within the meaning of Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions. However, the Offering is exempt from the valuation and minority approval requirements provided under such regulation since the fair market value of the Offering to such persons is less than 25% of the market capitalization of IOU Financial. The Board of Directors of IOU Financial has approved the Offering. Philippe Marleau declared his interest prior to the approval by the Board of Directors of IOU Financial and abstained from voting thereon.

A material change report in respect of this related party transaction will be filed by the Company but could not be filed earlier than 21 days prior to the closing of the Offering due to the fact that the Offering was still subject to regulatory approval and the terms of the participation of certain of the non-related parties and the related parties in the Offering were not confirmed.

This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.

Positivity, It Affects Your Work!

Will Today Be a Good Day or a Bad Day? It’s Up To You!

That glass you are looking at – is it half empty or half full? If it’s filled half way with water, both answers would be right. But your answer speaks volumes about how you are viewing the situation. If you view it as half empty, feelings of disappointment arise, as the word “empty” typically describes something negative.  If you view it as half full, then you are seeing your situation in a positive light, your glass is half way to full, to complete.

This is an example that most people are familiar with, but the thoughts behind how the “glass half empty or half full” really can spread across all circumstances in your life.  As circumstances change in your life, it is up to you how you view them. You can choose a positive or a negative attitude each and every day. And doesn’t it feel better; doesn’t your day go better when you have a positive attitude?

Imagine this, you wake up in the morning and you are going to start a new job because you experienced a layoff at your last job. You have two ways to view the situation and start your day either off on the right foot or the wrong foot. Let’s start with the wrong foot …

You wake up and as soon as you open your eyes you are dreading your day. Why oh why did that have to happen at your last job? What are the chances you will like this new job? Probably not good. What if you don’t like anyone you work with? What if, what if … And all of these “what ifs” are bad!

Now let’s spin it around to a positive attitude. You wake up and realize it’s your first day of work. Wow, this is exciting. Maybe going through the layoff was a springboard to this opportunity; a better opportunity. You are excited about the challenges that await you, the people you are going to meet, and those positive feelings go on and on.

Which way will make you feel better?  In that scenario and in virtually all situations you have the choice. Choosing to have a positive attitude can impact your life greatly. You can walk around feeling up instead of down, happy instead of sad. And while it’s true it’s not always easy to do, it is something you can focus on each day, and like everything else practice makes perfect.  So practice having a positive attitude, focus on the positive aspects of each situation you face, and experience the positive difference it makes in your life.

IOU Financial Responds to Qwave Announcement of Intention to Make an Unsolicited Partial Bid

MONTREAL, June 15, 2015 /CNW Telbec/ – IOU FINANCIAL INC. (“IOU Financial” or the “Company”) (TSXV: IOU), a leading online lender to small businesses, notes the announcement by Qwave Capital LLC (“Qwave”) of its intention to make a formal offer to acquire 30,000,000 outstanding common shares of IOU Financial, representing approximately 55.9% of the outstanding common shares of IOU Financial, for $0.50 per common share.

IOU Financial wishes to highlight that the announcement made by Qwave does not constitute a formal offer to acquire the common shares of IOU Financial but is merely the announcement of an intention to carry out an unsolicited partial bid. There is no assurance that a formal offer will be made by Qwave.

The Board of IOU Financial continues to believe in IOU Financial’s current business plan, which has allowed IOU Financial to rank as the 32nd fastest growing company in Canada on the 2014 PROFIT 500 list, with a five-year revenue growth of 1,924%. This being said, the Board will continue to evaluate opportunities, given the dynamic nature of IOU Financial’s industry, and remains committed to creating significant value for shareholders.

If and when a formal offer is made by Qwave, the Board will further communicate its views to shareholders of IOU Financial by issuing a news release and filing and mailing a circular to them within the statutory time period. In the interim, the Board advises shareholders not to take any action with respect to Qwave’s unsolicited partial bid until the Board and its advisors have evaluated same and the Company’s other alternatives, and the Company has made a statement with respect thereto.

SOURCE IOU FINANCIAL INC.

For further information: Philippe Marleau, Chief Executive Officer, (514) 789-0694 ext. 225

IOU Financial Inc.’s Results for the Three Month Period Ended March 31, 2015

Montreal, Quebec–(Newsfile Corp. – May 27, 2015) – IOU FINANCIALINC. (TSXV: IOU) (“IOU” or “the Company”), a leading online lender to small businesses, announced today its results for the three month period ended March 31, 2015.

Loan originations for the first quarter ended March 31, 2015 were US$31.2 million, representing an increase of 52.9% over loan originations of US$20.4 million for the same period last year.

On March 31, 2015, IOU Financial’s total loans under management amounted to approximately $70.2 million as compared to $34.7 million for the same period last year. On March 31, 2015, the principal balance of the loan portfolio amounted to $19.9 million compared to $11.5 million for the same period last year, while the principal balance of IOU Financial’s servicing portfolio (loans being serviced on behalf of other parties) amounted to approximately $50.4 million compared to $23.3 million for the same period last year.

IOU Financial recorded net financial income before operating expenses for the quarter ended March 31, 2015 of $2.0 million versus $0.9 million for the quarter ended March 31, 2014, representing a 122% increase.

The Company closed its first quarter 2015 with a net loss attributable to common shareholders of $214,997, or $0.00 per share, compared to a net loss of $414,784 or $0.01 per share during the same period of 2014.

IOU Financial’s financial statements and management discussion & analysis for the quarter ended March 31, 2015 have been filed on SEDAR and are available at www.sedar.com.

About IOU Financial Inc.

IOU Financial 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 ecommerce 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. It makes loans of up to $150,000 to qualified applicants within a few business days, with affordable charges favorable to cash-flow management. IOU Financial’s speed and transparency make it a trusted alternative to banks. To learn more 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.

The CSE 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

IOU Financial Inc.’s Results for the Fourth Quarter and Year Ended December 31, 2014

Montreal, April 28, 2015 – IOU FINANCIAL INC. (“IOU” or “the Company”; ticker symbol IOU/TSX-V), a leading online lender to small businesses, announced today its results for the fourth quarter and year ended December 31, 2014. Loan originations for the fourth quarter period ended December 31, 2014 were US$33.2 million, representing an increase of 120% over loan originations of US$15.1 million for the same period last year.

Loan originations for 2014 were US$99.5 million, a 101% increase from US$49.5 million in 2013. On December 31, 2014, IOU Financial’s total assets under management amounted to approximately $57.8 million as compared to $27.1 at the end of 2013, representing an increase of 113% over the previous year.

On December 31, 2014, the principal balance of the loan portfolio amounted to $15.2 million compared to $12.3 million at the end of 2013 while the principal balance of IOU Financial’s servicing portfolio (loans being serviced on behalf of a third-party) amounted to approximately $42.7 million compared to $14.7 million at the end of 2013.

IOU Financial recorded net financial income before operating expenses for the quarter ended December 31, 2014 of $1.6 million versus $0.7 million for the quarter ended December 31, 2013, representing a 129% increase. IOU Financial recorded net financial income before operating expenses during the year ended December 31, 2014 of $5.1 million versus $2.0 million for the year ended December 31, 2013, representing a 155% increase.

The Company closed its fourth quarter 2014 with a net loss attributable to common shareholders of $308,518, or $0.01 per share, compared to a net loss of $422,185 or $0.01 per share during the same period of 2013. As a result of early loan repayments on loans sold during the year, and included in the net loss for the fourth quarter is a total of $308,433 in additional amortization that has been recognized against the servicing asset.

The Company recorded a net loss attributable to common shareholders for the year ended December 31, 2014 of $1,318,656, or $0.03 per share, compared to a net loss of $1,444,702 or $0.03 per share during the same period of 2013.

IOU Financial’s financial statements and management discussion & analysis for the year ended December 31, 2014 have been filed on SEDAR and are available at www.sedar.com.

About IOU Financial Inc.

IOU Financial 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 ecommerce 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. It makes loans of up to $150,000 to qualified applicants within a few business days, with affordable charges favorable to cash-flow management. IOU Financial’s speed and transparency make it a trusted alternative to banks. To learn more 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.

The CSE 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

IOU Financial Announces Private Placement Financing

NOT FOR DISTRIBUTION IN THE UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

MONTRÉAL, Québec, February 26, 2015 – IOU Financial Inc. (TSX Venture Exchange: IOU) (“IOU Financial” or the “Company”), parent of IOU Central Inc. (“IOU Central”), a leading online lender to small businesses, today announced that it has entered into an agreement with Haywood Securities Inc. to act as lead agent and sole book-runner on behalf of a syndicate including Cormark Securities Inc. (collectively, the “Agents”) to complete a fully marketed private placement of up to 14,000,000 common shares of the Company (“Common Shares”) at an issue price of C$0.50 per Common Share for gross proceeds of up to C$7,000,000 (the “Offering”).

In addition, IOU Financial has granted the Agents an option (the “Agents’ Option”), exercisable in whole or in part, at any time up to 48 hours prior to the closing of the Offering to increase the size of the Offering by up to 4,000,000 Common Shares. If the Agents’ Option is exercised in full, the total gross proceeds of the Offering to IOU Financial will be C$9,000,000.

The closing of the Offering is expected to occur on or about March 31, 2015 or such other date as agreed by IOU Financial and the Agents (the “Closing Date”). Completion of the Offering is subject to receipt of all regulatory approvals, including the approval of the TSX Venture Exchange.

Proceeds from the Offering will be utilized by the Company for general corporate and working capital purposes.

This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.

About IOU Financial Inc.

IOU Financial 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 ecommerce 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. It makes loans of up to $150,000 to qualified applicants within a few business days, with affordable charges favorable to cash-flow management. IOU Financial’s speed and transparency make it a trusted alternative to banks. To learn more 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.

The CSE 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

IOU Financial Closes USD $99.5 Million in Loan Originations in 2014

MONTRÉAL, Québec, January 22, 2015 – IOU Financial Inc. (TSX Venture Exchange: IOU) (“IOU Financial” or the “Company”), parent of IOU Central Inc. (“IOU Central”), a leading online lender to small businesses, announced today it wrapped up 2014 originating USD$99.5 Million in loan originations during the year, representing a year over year increase of over 100%. This represents another record year for the Company.

“Such growth speaks to the success of IOU Central as an alternative lender” said IOU Financial CEO Phil Marleau. “Our mission is to fuel the growth of small business, and we clearly are delivering as more and more merchants are turning to IOU Central for their working capital needs. We “get” small businesses — we understand that they make decisions around the kitchen table, not in a board room.”

“IOU Financial is proud of this milestone” stated Phil Marleau, CEO of IOU Financial. “This achievement reflects the strength of our lending platform and the dedication of our team.”

In 2015, IOU Financial will continue to further the exceptional customer experience our clients enjoy through technology and product assortment.

About IOU Financial Inc.

IOU Financial 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 ecommerce 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. It makes loans of up to $150,000 to qualified applicants within a few business days, with affordable charges favorable to cash-flow management. IOU Financial’s speed and transparency make it a trusted alternative to banks. To learn more 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.

The CSE 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

IOU Financial Amends Credit Facility

Montreal, Quebec, December 22, 2014 — IOU Financial Inc. (TSX Venture Exchange: IOU) (“IOU Financial” or the “Company”), an online lender to small businesses, announced today that it has increased its credit facility from US$5,000,000 to US$10,000,000, and has extended its credit facility by an additional one-year term being up to June 14, 2016. This increase of the credit facility will contribute to support the continued growth of IOU Financial’s business.

About IOU Financial Inc.

IOU Financial 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 ecommerce 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. It makes loans of up to $150,000 to qualified applicants within a few business days, with affordable charges favorable to cash-flow management. IOU Financial’s speed and transparency make it a trusted alternative to banks. To learn more 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.

The CSE 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