Qwave Capital LLC

September 23, 2015 09:24 ET

Qwave Announces Intention to Take-Up Shares of IOU Financial Inc.

MONTREAL, QUÉBEC--(Marketwired - Sept. 23, 2015) - Qwave Capital LLC ("Qwave"), a venture capital firm focused on promising technologically advanced companies, announced today that it intends to take-up and pay for all common shares ("Common Shares") of IOU Financial Inc. ("IOU") validly deposited under Qwave's all-cash offer (the "Offer") as at the expiry time of the Offer.

As at 5:00 p.m. (Eastern Standard Time) on September 22, 2015 (the "Expiry Time"), approximately 8,878,905 Common Shares had been validly deposited under the Offer, representing approximately 14.44% of the issued and outstanding Common Shares.

All of the conditions to the Offer have been complied with or waived and the Offer has not been extended. Payment for the Common Shares validly deposited to the Offer will be made in accordance with the Offer.

"As a significant shareholder in IOU, I plan to work constructively with the Board of Directors to ensure the company is focused on growing profitably and creating value for all IOU shareholders over the long term. I appreciate the support my offer has received and look forward to helping IOU realize its potential," said Serguei Kouzmine, Manager, Qwave.

About Qwave

Qwave is a venture capital firm focused on promising, technologically advanced companies. Qwave draws upon a management group with more than 20 years of experience and a strong track record of finding and investing in companies with breakthrough technologies and excellent potential for growth and value creation.

ON BEHALF OF QWAVE CAPITAL LLC

Serguei Kouzmine, Manager

Forward-Looking Information

Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of Canadian securities legislation that involves risks and uncertainties. Forward-looking information included herein is made as of the date of this news release and Qwave does not intend, and does not assume any obligation, to update forward-looking information unless required by applicable securities laws. Forward-looking information relates to future events or future performance and reflects management of Qwave's expectations or beliefs regarding future events. In certain cases, forward-looking information can be identified by the use of words such as "plans", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. Examples of forward-looking information in this news release include, but are not limited to, statements with respect to Qwave's intention to take-up and pay for all Common Shares validly deposited to the Offer at the Expiry Time; the number and percentage of Common Shares to be held by Qwave upon take-up and payment for all Common Shares validly deposited to the Offer at the Expiry Time; the consideration to be paid for such Common Shares; Qwave's intended actions with respect to IOU and its board of directors; and the percentage of the Common Shares tendered to the Offer that will be taken up and paid for. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to: the number of Common Shares validly deposited under, and not withdrawn from, the Offer at the expiry time of the Offer, our ability to obtain and maintain timely receipt of regulatory approvals including approval of the TSX-V of the Offer and approval of the Autorité des Marchés Financiers of the Offer; dilution; competition; loss of key employees; and additional funding requirements.

By its very nature, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking information. Such factors include, but are not limited to: the need to satisfy regulatory and legal requirements with respect to the Offer. Although Qwave has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated by such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information.

The TSX-V has neither approved nor disapproved the form or content of this release. Information concerning IOU contained in this news release and has been taken from, or is based upon, publicly available information and records on file with Canadian securities regulatory authorities and other public sources. IOU has not reviewed this news release and has not confirmed the accuracy and completeness of the information in respect of IOU contained herein. Although Qwave has no knowledge that would indicate that any statements contained herein concerning IOU taken from or based on such documents and records are untrue or incomplete, neither Qwave nor its manager, Dr. Kouzmine, assumes any responsibility for the accuracy or completeness of such information or for any failure of IOU or its directors or officers to disclose events or facts which may have occurred or which may affect the significance or accuracy of any such information but which are unknown to it. The information presented regarding the percentage of Common Shares expected to be taken up under the Offer is based upon publicly available information and records on file with Canadian securities regulatory authorities.

For further information:

Qwave Capital LLC
3445 Stratford Road NE, 3902
Atlanta, GA 30326

You may call our Depositary and Information Agent, Laurel Hill Advisory Group, if you have questions or requests for additional copies of the take-over bid circular and other documents filed by Qwave with the Canadian securities regulators.

Contact Information

  • Questions and requests should be
    directed to the following telephone numbers:
    Laurel Hill Advisory Group
    North American Toll-Free: 1-877-452-7184
    Collect Calls Outside North America: 416-304-0211
    assistance@laurelhill.com

    Media Inquiries:
    Ian Noble
    Edelman Canada
    604-561-3675
    ian.noble@edelman.com