IOU Financial Commences Legal Proceedings to Suspend the Unsolicited Partial Offer of Qwave

Montreal, Quebec, July 7, 2015 – IOU Financial Inc. (TSXV: IOU) (“IOU Financial” or the “Company”), a leading online lender to small businesses, today announces that it has commenced legal proceedings against Qwave Capital LLC (“Qwave”) and its manager Serguei Kouzmine before the Québec Superior Court.

IOU Financial alleges that, in making its unsolicited partial offer for 34,000,000 common shares of IOU Financial dated June, 25, 2015 (the “Unsolicited Partial Offer”), Qwave misused confidential information and otherwise acted in a manner not permitted by a confidentiality agreement dated November 5, 2014. Accordingly, IOU Financial is seeking, among other things, an order suspending the Unsolicited Partial Offer.

Shareholders are reminded not to take any action with respect to the Unsolicited Partial Offer until the Board of Directors of the Company has made a statement with respect thereto.

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