Clip Money Inc. Announces Changes to its Board of Directors

TORONTO, Sept. 05, 2024 (GLOBE NEWSWIRE) — Clip Money Inc. (TSX-V: CLIP) (“Clip” or the “Business), a company that operates a multi-bank self-service deposit system for businesses, today announced that Mr. Jeff Gibson has resigned as a director of the Company effective immediately. Mr. Gibson has been a key contributor to the Company through his service as a member of the Board of Directors for the past two years.

The Company is pleased to announce the appointment of Mr. Don Layden Jr. to the Company’s Board of Directors. Mr. Layden previously served as Executive Vice President of the Banking, Payments and Network Group at NCR Corporation, where he demonstrated exceptional leadership with strong strategic vision. Mr. Layden is also currently Managing Partner of Levy & Enders LLC, where he provides strategic advice to financial technology companies at 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 the boards of several private and public companies, including as Executive Chairman of Kasisto, an AI solutions company for banking and finance. The Company is excited to leverage Mr. Layden’s guidance and extensive experience to continue to move 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 industries, including his leadership roles at NCR Corporation. His deep expertise in corporate strategy, M&A, capital markets and digital payments aligns perfectly with Clip’s mission to revolutionize corporate treasury management. I am confident that Don’s strategic and industry knowledge will play a critical role in the growth and expansion of our company. I would also like to thank Jeff Gibson for his support as a director and as a significant investor and supporter of Clip from the very beginning.”

– Joe Arrage (CEO and Co-Founder)

In connection with Mr. Layden’s appointment, the Company is also announcing the award of a 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 C$0.24, being the market price of the Common Shares at the close of trading on September 4, 2024, and will expire 10 years from the date of grant. The options are governed by the terms of the Company’s Omnibus Equity Incentive Plan, under which a total of 10,494,753 Common Shares may be issued.

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 operates a multi-bank self-service deposit system for businesses through its ClipDrop boxes that allow users to make deposits outside of their bank branch at top retailers and shopping malls. Rather than having to visit their personal bank branch or use a cash pickup service, businesses can deposit their money at any ClipDrop box located near them. Once deposited, the funds will be automatically credited to the business’s bank account, typically within one business day. The Company combines functional hardware, an intuitive mobile application and an innovative cloud-based transaction engine that maximizes business banking transactions. Combined with user mobile applications, Clip offers a cost-effective and convenient solution for business bank 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
General manager
Tel: 844-593-2547