TORONTO, Aug. 29, 2022 (GLOBE NEWSWIRE) — Clip Money Inc. (TSX-V: CLIP) (“money clip” or the “Company”), a company that operates a multi-bank self-service deposit system for businesses, is pleased to report its financial results for the three and six months ended June 30, 2022.
Second Quarter 2022 Business Highlights
- The second quarter saw the largest expansion of ClipDrop Box installations with 169 units installed in major US malls and outlets. Additionally, Clip entered into three additional mall partnerships to further expand distribution.
- User adoption and transaction volumes continue to grow steadily. The total number of transactions increased by 88% in Q2 2022, compared to Q1 2022. In addition, customer feedback (from internal and external surveys) has been extremely positive, as evidenced by a retention rate of the 100% customer base.
- June 14e announcing a transformative distribution and marketing partnership with Staples US Retail (“Staples”), a leading US retailer providing innovative products, services and inspiration essential to new ways of working and learning. The partnership will initially see 31 ClipDrop Box solutions deployed across Staples stores in Massachusetts (26), Rhode Island (2), New Hampshire (1) and newly redesigned Staples Connect stores in Los Angeles, CA and Auburn, Arizona. Maine. Clip Money will also roll out additional boxes in the New York and North Carolina subway markets starting in Q3 22.
- The Clip Money network officially launched in the United States in July, accepting business deposits at ClipDrop Box locations across the United States.
“The US launch of our ClipDrop Box product was a key milestone. We look forward to building on our second quarter momentum in both transaction volumes (+88% increase over the first quarter) and additional locations in key US markets. Our world-class team will continue to execute our strategy that will increase our trading volumes and revenue over the coming quarters. »
– Joe Arrage (CEO and co-founder)
Second Quarter 2022 Corporate Highlights
- On May 13, 2022, Clip Money closed a private placement of subscription receipts (the “Subscription receipts”) from Clip Money at a price of $1.00 per subscription receipt for total gross proceeds of approximately $8,090,425, which included a lead order from Glory Ltd., for $3,000,000.
- On May 20, 2022, the Company completed a “reverse takeover” (the “OTR”) of 13842053 Canada Corp. (“138”). Pursuant to the RTO, the Company and 138 have amalgamated under the federal laws of Canada pursuant to a merger agreement dated May 20, 2022 (the “Merger Agreement”). The merged entity continued as “Clip Money Inc.”
- As part of the closing of the merger, Clip Money has appointed two new independent directors, John Desmond and Peter Dorsman, to serve on the company’s board of directors.
- The common shares of the Company began trading on the TSX Venture Exchange on May 26, 2022.
In addition, the Company announced that it had granted a total of 1,531,350 options (the “Choice“) to acquire shares of common stock in Clip Money (the “Ordinary actions”) to certain members of the Board of Directors, executive officers, senior managers and consultants of the Company pursuant to the Company’s Omnibus Equity Incentive Plan (the “To plan”). In addition, the company granted a total of 650,000 restricted stock units (“USR“) to certain senior executives of the Company under the Plan. The above-mentioned awards were made as part of efforts for the Company’s recently completed IPO transaction.
The options were granted at an exercise price of $1.00 and expire 10 years from the date of grant. 25% of the options vest 1 year from the date of grant, with the remaining balance vesting in equal installments over the following 12 months, with the exception of options granted to certain senior executives of the Company, which are fully vested on the grant date. to agree. Each RSU entitles its holder to acquire one common share or a cash payment equal to the equivalent of one common share at the time of vesting. One-third of the RSUs will vest on June 7, 2023, one-third on June 7, 2024 and one-third on June 7, 2025.
The Company’s condensed interim consolidated financial statements, accompanying notes and MD&A for the three and six months ended June 30, 2022 are available on the Company’s SEDAR profile at www.sedar.com . Unless otherwise indicated, all references to “$” in this press release are to Canadian dollars.
This press release may contain forward-looking statements (within the meaning of applicable securities laws) that reflect the Company’s current expectations regarding future events. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, ” estimate” and other similar expressions. These statements are based on the Company’s expectations, estimates, forecasts and projections and include, but are not limited to, statements regarding the future success of the Company’s business.
The forward-looking statements contained in this press release are based on certain assumptions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Accordingly, readers should not place undue reliance on these forward-looking statements. Further, these forward-looking statements are made as of the date of this press release and, except as expressly required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
About Clip Money Inc.
Clip Money operates a multi-bank self-service deposit system for businesses through its ClipDrop boxes which gives users the ability to make deposits outside of their bank branch at top retailers and malls. Rather than having to go to their personal bank branch or use a cash pickup service, businesses can deposit their money at any nearby ClipDrop box. After being deposited, the funds will automatically be credited to the company’s bank account, usually within one business day. The company combines functional hardware, an intuitive mobile app and an innovative cloud-based transaction engine that maximizes business banking transactions. Combined with mobile user applications, Clip Money offers a cost-effective and convenient solution for business banking deposits in the metropolitan statistical areas of Canada and the United States. For more information about the company, visit www.clipmoney.com.
For more information, please contact:
Chief executive officer
Phone. : 844-593-2547