03:33 PM EST - IOU Financial Inc. : said its Board of Directors has carefully reviewed and considered the unsolicited partial takeover offer from Qwave Capital LLC for the purchase of 34,000,000 outstanding common shares of IOU (representing approximately 55.3% of the issued and outstanding Common Shares at the date hereof (50.4% of Common Shares on a fully-diluted basis) at a price of $0.50 per Common Share and has received the benefit of advice from the Company's financial and legal advisors. The Board unanimously recommends that IOU shareholders reject the Qwave Partial Offer and not tender their Common Shares. IOU Financial Inc.
shares V.IOU are trading unchanged at $0.47.
