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.