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Share Name | Share Symbol | Market | Type |
---|---|---|---|
National Interstate Corporation | NYSE:NATL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.36 | -1.27% | 27.97 | 28.51 | 27.97 | 28.22 | 453,268 | 16:21:48 |
Clip Money’s performance in third quarter of 2023 (“Q3”) was highlighted by an acceleration of enterprise customers making regular deposits through the network. The Company validated the acute need for businesses to find a modern and alternative approach to managing cash versus the status quo, including the bank branch or legacy armored carrier service. Transaction volumes and additional enterprise customers onboarded by the Company in Q3 create a tailwind for the balance of 2023 and a springboard into 2024. The Company is also encouraged by the growing interest from national and regional Financial Institutions in Clip that are seeking alternatives to servicing business deposits in their branch networks.
Third Quarter 2023 Highlights
"We're thrilled about Clip’s impressive quarter-over-quarter revenue growth and are excited to welcome NCR Atleos as a strategic investor and commercial partner. This partnership seamlessly complements Clip's existing deposit network. Commercial milestones with large retailers, like Lids, have onboarded all the stores we can service with our current network, validating our business model and onboarding capabilities. Additionally, NCR's network will expand our total network to approximately 3,000 convenient locations, including high-quality spots like Walgreens and CVS, where customers can easily make their business deposits. This substantial growth reinforces our confidence in the business's upward trajectory for 2024."
- Joe Arrage (CEO & Co-founder)
Appointment of ICP Securities Inc. as Market Maker
The Company is also pleased to announce that it has entered into a Market Making Services Agreement with ICP Securities Inc. (“ICP”) for the purposes of facilitating trading and liquidity in its common shares. ICP is based in Toronto, Ontario and is a registered dealer member in good standing with the Canadian Investment Regulatory Organization. ICP provides comprehensive market making solutions that help to improve the trading liquidity and lack of transparency of small and mid-cap companies. The initial term of the agreement will be four months commencing on December 1, 2023. Thereafter, the agreement will automatically renew for subsequent one-month periods unless either party elects not to renew upon 30 days prior written notice.
ICP is an arms-length party to the Company and does not currently hold any interest in the securities of the Company (either directly or indirectly) nor does it hold any rights or options to acquire such an interest. In consideration of the market-making services provided by ICP, the Company shall make a monthly payment to ICP for $7,500.
Additional Information
The Company’s interim condensed consolidated financial statements, notes to financial statements, and management’s discussion and analysis for the three and nine-month periods ended September 30, 2023 are available on the Company’s SEDAR+ profile at www.sedarplus.ca. . Unless otherwise indicated, all references to “$” 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
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