Montreal, Quebec, November 12, 2014 — IOU Financial Inc. (TSX Venture Exchange: IOU) (“IOU Financial” or the “Company”) today announced that it has changed its auditors from BDO Canada LLP (the “Former Auditors”) to PricewaterhouseCoopers LLP (“PwC”) effective November 12, 2014.
PwC is one of the world’s largest professional services firms with more than 161,000 professionals in 154 countries and is a key player in the financial services industry in Canada, North America and globally.
At the request of the Company, the Former Auditors resigned as auditors of the Company effective November 12, 2014. The Board of Directors of the Company has appointed PwC as the Company’s auditors effective November 12, 2014, until the close of the next annual general meeting of the Company.
“On behalf of the Company’s shareholders and Board of Directors, I would like to express our sincere gratitude to BDO Canada LLP for their past services”, said Mr. Evan Price, IOU Financial’s Chairman of the Board of Directors.
“We look forward to working with PwC in the future”, said Mr. Mayco Quiroz, CFO of IOU Financial.
There were no disagreements or unresolved issues with the Former Auditors on any matter of audit scope or procedure, accounting principles or policies, or financial statement disclosure. It is the Company’s opinion that there have been no reportable events (as defined in National Instrument 51-102 (Part 4.11)) between the Company and the Former Auditors. The Former Auditors did not have any reservation in their auditors’ report for the financial statements for the Company’s last two fiscal years or for any period subsequent to the date the most recent audit report was issued and preceding the date hereof.
The Company has sent a Notice of Change of Auditor (“Notice”) to the Former Auditors and to PwC and has received a letter from each, addressed to the securities commissions in each of Quebec, Ontario, British Columbia and Alberta, stating that they agree with the information contained in the Notice. The Notice, together with the letters from the Former Auditor and from PwC, have been reviewed by the Company’s Board of Directors, and are available on 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:
Chief Executive Officer
(514) 789-0694 ext. 225
Chief Financial Officer
(514) 789-0694 ext. 298