Clip Money Inc. Reports Second Quarter 2023 Results and Announces Appointment of a new Board Chair and Issuance of Options

TORONTO, Aug. 28, 2023 (GLOBE NEWSWIRE) -- 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

“The second quarter marked a significant milestone for the Company by successfully transitioning major enterprise retail c ustomers from pilot phases to full-scale implementations and l aunching 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 Arrage Chief Executive Officer tel: 844-593-2547