IOU Financial Announces Results of Annual General and Special Meeting

IOU Financial Announces Results of Annual General and Special Meeting 
MONTREAL, May 23, 2014 /CNW Telbec/ - IOU Financial Inc. (TSXV: IOU) ("IOU 
Financial" or the "Company") is pleased to announce the results of its Annual 
General and Special Meeting of Shareholders (the "Meeting") held on May 
23(rd), 2014. 
At this Meeting, the Company's shareholders voted in favour of the following 

        --  the election of each of Guy Charette, David Cynn, Philippe
            Marleau and Evan Price as directors of the Company to hold
            office until the next annual meeting of shareholders or until
            their successors are elected or appointed;
        --  the appointment of BDO Canada LLP, Certified Professional
            Accountants, as auditors of the Company until the next annual
            meeting of shareholders or until their successors
            are appointed;
        --  the approval of the Company's rolling 10% Stock Option Plan, as
            required annually by the policies of the TSX Venture Exchange;
        --  the approval of the sale of up to $250 million of loans over
            the next five years to the Palos/IOU High Yield Fund managed by
            Palos Management Inc.; and
        --  the amendment to the Company's Articles of Incorporation to
            restate its share capital in order to simplify its current
            equity capital structure, by canceling some authorized but non
            issued classes of shares and by creating a new class of shares
            designated as Common Shares (the "Common Shares"). Upon the
            issuance of the Certificate of Amendment in respect of the
            Articles of Incorporation of the Company, the Company proposes
            to convert each one of the Class B Common Shares issued and
            outstanding immediately prior to the issuance of the
            Certificate of Amendment into one Common Share (the "Share

Full details of the matters voted upon at the Meeting are set forth in the 
Management Proxy Circular (the "Circular") dated April 17, 2014 which was 
prepared and mailed in connection with the Meeting and is available under the 
Company's profile on SEDAR at

Procedure for Share Conversion

Contrary to what was indicated in the Circular, upon implementation of the 
Share Conversion, no action will be required on the part of the shareholders. 
Shareholders will not be required to exchange their share certificates 
representing Class B Common Shares for share certificates representing Common 
Shares and, upon completion of the Share Conversion, all certificates 
representing Class B Common Shares prior to the completion of the Share 
Conversion will cease to represent such Class B Common Shares and will 
automatically represent an equivalent number of Common Shares. Similarly, no 
action will be required on the part of shareholders who hold Class B Common 
Shares through a bank, broker or other nominee.

Each shareholder holding Class B Common Shares on the date of the Share 
Conversion will be entitled to exchange such holder's certificates formerly 
representing Class B Common Shares for certificates representing Common Shares 
upon delivering such certificates to Computershare Investor Services Inc. 
("Computershare"), at its office in Montréal, along with such other documents 
as Computershare may require.

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:

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.

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.

Philippe Marleau Chief Executive Officer (514) 789-0694 ext. 225 
Mayco Quiroz Chief Financial Officer (514) 789-0694 ext. 298 
To view this news release in HTML formatting, please use the following URL: 
ST: Quebec
NI: FIN 2575 WNEWS  
-0- May/23/2014 21:18 GMT
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