Clip Money Inc. Announces Changes to Board of Directors

Rhea-AI Summary

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.

Positive

• Appointment of Don Layden Jr., bringing extensive experience in banking, payments, and fintech
• Layden's expertise aligns with Clip's mission to revolutionize business cash management
• Potential for strategic growth and business expansion with Layden's industry knowledge

Negative

• Resignation of Jeff Gibson, a key contributor and significant early investor
• Issuance of 87,500 stock options, potentially diluting existing shareholders

TORONTO, Sept. 05, 2024 (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, announces today that Mr. Jeff Gibson has resigned as a director of the Company effective immediately. Mr. Gibson and has been a key contributor to the Company through his service as a board member for the past two years.

The Company is pleased to announce the appointment of Mr. Don Layden Jr. to the board of directors of the Company. Mr. Layden has previously served as the Executive Vice President of the Banking, Payments and Network Group at NCR Corporation where he has shown himself to be an exceptional leader with strong strategic vision. Mr. Layden currently also serves as the managing partner of Levy & Enders LLC wherein he offers strategic advice to financial technology companies in all stages of growth including Western Union, ResultsCX and Confidence. In addition to his work with Levy & Enders LLC, Mr. Layden has also served on several private and public company boards, including currently serving as the Executive Chairman of Kasisto, an AI solutions company for banking and finance. The Company is excited to leverage Mr. Layden’s guidance and extensive breadth of experience to continue driving the Company forward.

"We are thrilled to welcome Don Layden Jr. to the Clip team. Don brings a wealth of experience and relationships in the payments and banking sectors, particularly from his leadership roles at NCR Corporation. His deep expertise in corporate strategy, M&A, capital markets and digital payments aligns perfectly with Clip mission to revolutionize business cash management. I am confident that Don's strategic insights and industry knowledge will play a crucial role in driving our growth and expanding our business. I'd also like to thank Jeff Gibson for his support as a director and as a significant early investor and supporter of Clip.”

- Joe Arrage (CEO & Co-founder)

In connection with Mr. Layden’s appointment, the Company is also announcing a grant of grant of 87,500 (the “Options”) to acquire common shares of the Company (the “Common Shares”) to Mr. Layden. The Options have a one-year vesting period, an exercise price equal to CDN$0.24, being the trading price of the Common Shares at the close of business on September 4, 2024, and will expire 10 years from the date of the grant. The Options are governed by the terms of the Company’s omnibus equity incentive plan, under which an aggregate of 10,494,753 Common Shares are issuable.

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

FAQ

Who is the new board member appointed to Clip Money Inc. (CLPMF)?

Don Layden Jr. has been appointed as the new board member of Clip Money Inc. (CLPMF). He brings extensive experience from his roles at NCR and Levy & Enders

What is Don Layden Jr.'s background and how does it benefit Clip Money Inc. (CLPMF)?

Don Layden Jr. has served as Executive VP at NCR 's Banking, Payments and Network Group, and is managing partner at Levy & Enders His expertise in payments, banking, and fintech aligns with Clip's mission to revolutionize business cash management.

What stock options were granted to Don Layden Jr. by Clip Money Inc. (CLPMF) on September 5, 2024?

Clip Money Inc. (CLPMF) granted Don Layden Jr. 87,500 stock options with a one-year vesting period, an exercise price of CDN$0.24, and a 10-year expiration date.

Who resigned from the Board of Directors of Clip Money Inc. (CLPMF) in September 2024?

Mr. Jeff Gibson resigned from the Board of Directors of Clip Money Inc. (CLPMF) effective immediately. He had been a key contributor and board member for the past two years.