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  resolutions:            --  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             Conversion").  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 www.sedar.com.  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:  www.ioucentral.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.  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.    SOURCE  IOU FINANCIAL INC.  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:  http://www.newswire.ca/en/releases/archive/May2014/23/c9788.html  CO: IOU FINANCIAL INC. ST: Quebec NI: FIN 2575 WNEWS  
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