Clip Money Inc. Announces Completion of Continuance into Ontario

Rhea-AI Summary

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.

Positive

• Clip Money completed its continuance into Ontario, allowing for a more flexible director nomination process.
• The change enables Clip Money to attract directors from a global talent pool, potentially improving governance.

Negative

• None.

TORONTO, July 11, 2024 (GLOBE NEWSWIRE) -- Clip Money Inc. (TSX-V: CLIP) (OTCQB:CLPMF) (“Clip Money” or the “Company”), a company that operates a multi-bank self-service deposit system for businesses, is pleased to announce that it has completed the continuance of the Company (the “Continuance”) from the jurisdiction of Canada under the Canada Business Corporations Act into the jurisdiction of Ontario under the Business Corporations Act (Ontario). Under the Canada Business Corporations Act, at least 25% of the directors of the Company were required to be resident Canadians. The Business Corporations Act (Ontario) does not impose any residency requirements for directors. Given the Company’s increasingly diversified activities and in order to provide the Company with the flexibility to attract and nominate the most suitable candidates for directors from a global talent pool, the Company believes that it was in its best interest to continue into Ontario.

The Continuance was previously approved by the Company’s shareholders at the annual general and special meeting of the shareholders of the Company held on June 24, 2024. Accordingly, effective July 4, 2024, Clip Money has continued into Ontario under the Business Corporations Act (Ontario) and new articles of continuance and by-laws of the Company have replaced the existing articles of incorporation and by-laws. The full text of the new articles of continuance are available on SEDAR+ under Clip Money’s profile at www.sedarplus.ca.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) 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.

For further information, please contact:

Joseph Arrage
Chief Executive Officer
tel: 844-593-2547

FAQ

What significant change did Clip Money announce on July 11, 2024?

Clip Money announced the completion of its continuance from Canada to Ontario, effective July 4, 2024.

Why did Clip Money move its jurisdiction to Ontario?

Clip Money moved to Ontario to remove the residency requirement for its directors, allowing them to attract a broader pool of global talent.

When was Clip Money's continuance into Ontario approved by shareholders?

The continuance was approved by shareholders on June 24, 2024.

Where can I find the new articles of continuance for Clip Money?

The new articles of continuance are available on SEDAR+ under Clip Money's profile.

What is the stock symbol for Clip Money on the OTCQB?

Clip Money's stock symbol on the OTCQB is CLPMF.