Clip Money Inc. Reports Second Quarter 2023 Results and Announces Appointment of a new Board Chair and Issuance of Options
29 8월 2023 - 6:25AM
Clip Money Inc. (TSX-V: CLIP) (“
Clip” 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 June
30, 2023.
Clip’s commercial
momentum accelerated in the second quarter of 2023, driven by new
customers and the expansion of existing customers, which resulted
in strong quarter over quarter growth. The second quarter
demonstrated the migration of customers from pilot projects to
expanded rollouts, which resulted in 136 additional retail stores
during the quarter (+53% vs the first quarter of 2023) to bring the
network total of depositing stores to 395. New customers from the
second quarter will add over 400 incremental stores in the third
quarter of 2023.
As depositing
retailers rely upon the Clip network to lower operating costs,
increase convenience, and accelerate store cash flow, Clip is
experiencing additional tailwinds from the back to school shopping
season that kicked off in July, specifically in locations in the
South and Western U.S. Clip expects deposit volume and growth to
remain vibrant through the third quarter, where it has seen triple
digit deposit volume growth month on month.
Second Quarter
2023 Highlights
- Clip customer highlights:
- Lids, an enterprise retailer with
over 1100 stores, commenced a rollout with Clip to over 300 stores
within the current Clip network, and will grow as Clip’s
serviceable network expands.
- A North American apparel retailer
with over 350 stores in North America has also started rolling out
stores across the U.S. This retailer has received strong feedback
from its employees who are no longer burdened with the daily visit
to the bank branch.
- Cherry Hill Productions, the
industry leader in experiential photography, operates in hundreds
of venues during the Christmas and Easter seasons, has expanded
their partnership with Clip after two successful holiday photo
seasons.
- A North American fashion retailer
with over 600 stores began testing Clip in Q2 at 4 stores. After
this successful pilot, they are rolling out the deposit service to
over 240 stores in Q3.
- In the second quarter, Clip users
performed over 9,600 deposit transactions totaling over $7.7M USD
in Gross Deposit Value (“GDV”). GDV grew by 104%
in the quarter and transactions increased by 108%.
- The Company launched a new
solution, Clip Change Order during the quarter. This solution
provides businesses the critical mix of coin and notes required for
daily commerce, mailed directly to the business’ front door. Clip
Change Order utilizes a vertically integrated supply chain,
supported and delivered through a leading payment and technology
platform to transform how businesses receive cash. This convenient
solution allows businesses to avoid the cumbersome trip to the bank
branch while focusing on servicing customers in store. Clip will
expand this solution to more clients in third quarter of 2023.
- On June 14, 2023, the Company
closed the second tranche (first tranche closed on May 4, 2023) of
a non-brokered private placement of approximately 3,420 note units
of the Company (each a
“Note Unit”) at a price of
CDN$1,000 per Note Unit for gross proceeds of approximately
CAD$3,420,000 (the “Private Placement”). Each Note
Unit consisted of one 12% unsecured convertible note with a
principal amount of $1,000 (each a “Note”) and
1,000 common share purchase warrants of the Company (each, a
“Warrant”). Together with the closing of the first
tranche of the Private Placement announced on May 4, 2023, the
closing of the second tranche has resulted in a total issuance of
approximately 3903 Note Units for aggregate gross proceeds of
approximately CDN$3,903,713.50. Certain insiders of the Company
participated in the Private Placement for approximately 1,107 Note
Units in the aggregate. Finder's fees of CDN$13,510 were paid in
cash to parties at arm's length to the Company (the
“Finders”). In addition, 13,510 non-transferable
warrants were issued to the Finders (the “Finder
Warrants”). The Finder Warrants are exercisable at a price
of CDN$0.70 for a period of 36 months following the date hereof.
Further details regarding the Private Placement and the terms of
the Notes can be found in the Company’s press release dated June
14, 2023
“The second quarter
marked a significant milestone for the Company by successfully
transitioning major enterprise retail customers from pilot phases
to full-scale implementations and launching our new Change Order
solution. This further enhances and validates our strong value
proposition and sets the stage for a user and volume surge,
enabling accelerated growth in the third quarter and throughout the
remainder of 2023.”
– Joe Arrage (CEO
& Co-founder)
Appointment of
new Board Chair
The Company is also
pleased to announce that, effective immediately, Peter Dorsman has
been appointed as the Chair of the Company’s board of directors.
Peter will be assuming the role from the Company’s chief executive
officer, Joseph Arrage. Peter brings considerable private and
public company board experience to the Company, which will be
instrumental as the Company continues to further its strategic
plans.
Option
Grants
The Company also
announces the grant of 200,000 options to each of Peter Dorsman,
Daren Trousdell, Jeff Gibson, and John Desmond as part of their
annual 2023 remuneration for serving on the board of directors of
the Company. All options have a twelve-month vesting period, an
exercise price equal to CDN$0.25 and are governed by the terms of
the Company’s omnibus equity incentive plan.
In addition to options
granted to directors of the Company, the Company has also granted a
total of 612,000 options to certain executives of the Company to
recognize their strong performance over the course of the past
year. Options have been granted as follows: (i) 463,000 options to
Brian Bailey; (ii) 100,000 options to Roger Dalal; and (iii) 49,000
options to Andrew Tussing. All options have a three-year vesting
period, an exercise price equal to CDN$0.25 and are governed by the
terms of the Company’s omnibus equity incentive plan.
Additional
Information
The Company’s interim
condensed consolidated financial statements, notes to financial
statements, and management’s discussion and analysis for the three
and six month periods ended June 30, 2023 are available on the
Company’s SEDAR profile at www.sedar.com. Unless otherwise
indicated, all references to “$” 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 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 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 ArrageChief
Executive Officertel: 844-593-2547
Clip Money (TSXV:CLIP)
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