CLIP MONEY INC - CLPMF STOCK NEWS

Clip Money Inc. (TSX-V: CLIP), a multi-bank self-service deposit system provider for businesses, has announced changes to its Board of Directors. Mr. Jeff Gibson has resigned after two years of service. The company has appointed Mr. Don Layden Jr. to the board, bringing extensive experience from his roles at NCR and Levy & Enders Mr. Layden's expertise in payments, banking, and fintech aligns with Clip's mission to revolutionize business cash management.

In connection with the appointment, Clip has granted Mr. Layden 87,500 stock options with a one-year vesting period, an exercise price of CDN$0.24, and a 10-year expiration. CEO Joe Arrage expressed confidence in Mr. Layden's ability to drive growth and expand the business.

Clip Money Inc. (TSXV:CLIP) (OTCQB:CLPMF) reported strong financial results for Q2 2024. Revenue surged 764% year-over-year to $387,955, with 30% quarter-over-quarter growth. The company's ClipDrop network expanded by 34 shopping center locations, driving a 458% increase in deposit users and 168% rise in average revenue per user. Notably, COGS only increased 20% YoY and decreased 4% QoQ despite revenue growth.

Clip Money also announced an expanded pilot with a major ATM operator, bringing its in-store ATM deposit functionality to over 40 additional ATMs in convenience stores across Florida, Texas, and Virginia. This expansion demonstrates the scalability of Clip's platform and its potential for growth in the convenience store sector.

Clip Money, Inc. (TSXV:CLIP) (OTCQB:CLPMF) and Strategic Treasurer, are hosting a live webinar on August 8 at 2pm EST titled 'Identifying and Addressing Business Deposit Challenges: A B2C Focus'. The event aims to address the complexities of consumer payment deposits and collections, particularly focusing on cash management challenges in retail businesses.

Clip's President, Brian Bailey, will co-host the webinar, which will explore issues related to costs, liquidity, visibility, flexibility, and safety in cash deposits. The webinar will also highlight innovations in the business deposit space, including Clip's self-service solutions available at 3,000+ locations in the United States and Canada.

Clip Money, Inc. (TSXV:CLIP) (OTCQB:CLPMF) has announced a strategic partnership with WPG, a major commercial real estate owner in the United States. This collaboration will expand Clip's cash deposit network for businesses, introducing ClipDrop services to 23 new shopping center locations.

Clip's technology offers a multi-bank, self-service deposit system for businesses, providing a secure and convenient solution for cash and coin management. The partnership aims to serve over 3,000 retail stores within walking distance of ClipDrop locations, eliminating the need for off-site bank visits or armored car services.

Additionally, Clip has launched ClipChange, a coin and banknote delivery service, further enhancing its cash management offerings. This expansion addresses the growing demand for improved store operations and enhanced loss prevention measures in the retail sector.

Clip Money, a company operating a multi-bank self-service deposit system, has completed its continuance from Canada to Ontario. This move, approved by shareholders on June 24, 2024, removes the requirement for 25% of its directors to be resident Canadians, thereby allowing the company to attract a broader pool of global talent. Effective July 4, 2024, Clip Money's new articles of continuance and by-laws have replaced the previous ones. The updated documents are available on SEDAR+ under Clip Money's profile.

On June 25, 2024, Clip Money (TSXV:CLIP) announced the issuance of 300,000 stock options to its directors as a recognition of their service. These options have a one-year vesting period and are priced at CDN$0.22, which was the trading price at the close of business on June 24, 2024. They will expire 10 years from the grant date. The issuance is part of the company's omnibus equity incentive plan, which allows for up to 10,494,753 common shares to be issued.

Clip Money announced the results from its Annual and Special Meeting of Shareholders held on June 24, 2024. All five nominees for the board of directors were elected, each receiving over 96% of the total votes. Joseph Arrage and Jeff Gibson led with 98.88% of votes. The resolution to appoint MNP LLP as auditors passed with 98.93%. The Omnibus Equity Incentive Plan was approved with 98.79% of votes. Additionally, the special resolution to continue the company under Ontario’s laws passed with 98.07%. Full voting results are available on SEDAR+.

Clip Money reported Q1 2024 revenue of $299,176, an increase of over 850% YoY from $31,465 in Q1 2023. This growth was driven by an 821% rise in new users making deposits and revenue from new products. The Cost of Goods Sold (COGS) also increased by 32% YoY. The company saw customer retention and expansion, with five major customers adding new locations. New customers included a national jewelry retailer and a children's entertainment provider. Clip launched its Change Order and ATM products, contributing to this growth. Financial details are available on SEDAR+. All figures are in U.S. dollars.

Clip Money has announced an expansion of its pilot partnership with a leading ATM operator.

The initiative will expand Clip's in-store ATM deposit functionality to 50 additional ATMs in convenience stores across Florida, Texas, and Virginia.

This follows a successful pilot in 5 stores in Dallas, Texas.

The ClipATM technology allows businesses to deposit funds directly into their commercial treasury accounts without needing traditional cash deposit methods.

The platform offers a digital experience, enhanced transaction visibility, improved security, and faster fund access.

CEO Joseph Arrage highlights the opportunity to modernize cash management for businesses through this partnership.