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Clip Money Inc. Reports First Quarter 2022 Results

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TORONTO, May 31, 2022 /CNW/ - Clip Money Inc. (TSXV: CLIP) ("Clip Money" or the "Company"), a company that operates a multi-bank self-service deposit system for businesses, is pleased to announce its financial results for the three months ended March 31, 2022.

First Quarter 2022 Highlights and Subsequent Events

  • On January 7, 2022, the Company entered into a master services agreement (the "Brink's MSA") with Brink's Capital LLC ("Brink's") pursuant to which Brink's and the Company agreed to enter into a strategic partnership in order to provide financial technology, credit solutions, cash management and logistics services to the Company's customers in the U.S. Market. The Brink's MSA will assist the Company in generating revenues that will support capital expenditures in respect of its ClipDrop boxes. As a credit solutions provider, Brink's will also be providing the Company with a deposit provisional credit facility thereby allowing the Company instant access to deposited fund amounts.

  • On January 24, 2022 and February 10, 2022, Clip Money completed the third and fourth tranche of a convertible note financing for aggregate gross proceeds of $1,187,145. Upon completion of the Amalgamation (as defined below), the principal amount of the convertible notes, as well as the interest accrued thereon, was converted into common shares of Clip Money in accordance with the terms of the convertible notes.

  • On March 10, 2022, the Company entered into a contract with Brookfield Properties Retail, Inc. ("Brookfield"). The contract with Brookfield provides the Company with the right to install ClipDrop boxes at 37 of its premium malls across the U.S., with the option to expand further to all applicable locations.

  • On May 13, 2022, Clip Money closed a private placement of subscription receipts (the "Subscription Receipts") of Clip Money at a price of $1.00 per Subscription Receipt for aggregate gross proceeds of approximately $8,090,425, which included a lead order from a strategic investor for $3,000,000.

  • On May 20, 2022, Clip Money completed a "reverse takeover" (the "RTO") of 13842053 Canada Corp. ("138"). In furtherance of the RTO, Clip Money and 138 amalgamated under the federal laws of Canada pursuant to an amalgamation agreement dated May 20, 2022. The amalgamated entity continued under the name "Clip Money Inc."

  • In connection with the closing of the Amalgamation, Clip Money appointed two new independent directors, John Desmond and Peter Dorsman, to serve on the Company's board of directors.

  • The Company's common shares commenced trading on the TSX Venture Exchange on May 26, 2022.

Additional Information

The Company's interim condensed consolidated financial statements, notes to financial statements, and management's discussion and analysis for the three months ended March 31, 2022 are available on the Company's SEDAR profile at www.sedar.com. Unless otherwise indicated, all references to "$" in this press release refer to Canadian dollars.

Forward‐Looking Statements

This news release may contain forward‐looking statements (within the meaning of applicable securities laws) which 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, without limitation, statements regarding the future success of the Company's business.

The forward-looking statements in this news release are based on certain assumptions. The 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. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes 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 that gives users the capability of making deposits outside of their bank branch at top retailers and shopping malls. Rather than having to go to their personal bank branch or using a cash pickup service, businesses can deposit their cash at any ClipDrop Box located near them. After being deposited, the funds will automatically be credited to the business' 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 metropolitan statistical areas across Canada and the United States. For more information about the Company, visit www.clipmoney.com.

SOURCE Clip Money Inc.

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View original content: http://www.newswire.ca/en/releases/archive/May2022/31/c6703.html