Teaming up with Pay Pal or WealthSimple would impress Looks like the market is starting to see some potential with Hank Payments Business numbers all moving in the right direction. The partnership with Ingo Money may open or already has opened new relationships.
2024-01-04 09:21 ET - News Release
Toronto, Ontario--(Newsfile Corp. - January 4, 2024) - Hank Payments Corp. (TSXV: HANK) ("Hank" or the "Company"), an emerging North American leader in the Banking-as-a-Service (BaaS) market with a platform that modernizes budgets and payments for enterprises and consumers is pleased to provide the results of its December 29th AGM and business highlights.
The Annual General and Special Meeting of Shareholders was held December 29, 2023 and all resolutions were approved with the majority of shareholders voting in favor in all resolutions. The resolutions passed are listed below:
- Fixing the number of Directors at four and electing Michael Hilmer, Jason Ewart, Timothy Farley and Jennifer Fallon as the Directors of the Company for the ensuing year;
- Appointment of McGovern Hurley LLP as the Company's auditors;
- Approval of the Company's omnibus equity incentive plan with certain amendments, including a small increase in the number of shares reserved under the plan and compliance with the new TSX Venture Exchange Policy 4.4; and
- The special resolution to amend the by-laws of the Corporation to require that advance notice be provided to the Corporation in circumstances where nominations of persons for election to the Board are made by shareholders of the Corporation other than pursuant to a requisition of a shareholder meeting made pursuant to the provisions of the Business Corporations Act (Ontario) (the "OBCA") or a shareholder proposal made pursuant to the provisions of the OBCA.
HIGHLIGHTS FROM 2023
- March 2023, Hank announced the signing of a national technology license agreement with an initial term of three years comprising a minimum base revenue of $5 million plus 22% maintenance for a total of $6.1 million in revenue to be earned over the term. For the first quarter ending September 30, 2023, $169,444 of licensing revenue was recognized representing one month of licensing revenue which will be reported and earned at a rate of $508,332 per quarter going forward over three years, significantly increasing future revenue and earnings;
- Most recent quarter ending September 30, 2023, saw the adjusted loss decline by 25% to $507,797 and quarterly gross margins remaining strong at 89%;
- October 2023, the Company announced a partnership with Ingo Money to power instant disbursements initially for Hank's education platform ("Hank EDU"). Hank EDU includes a product called Fast Funds that enables seamless instant disbursements to students, saving time and money while enabling compliance with strict legal requirements around distributions of funds for students;
- Investment in expanding the Education EDU sales team yielded results with three new colleges signed in 2023; and
- Thirty-two new Auto Dealership partners were added throughout 2023 contributing to a 39% surge in new customer enrollments for the month of December in comparison to December 2022.
"This past year has been transformative for Hank Payments," stated Michael Hilmer, Chairperson and CEO. He added "We saw the expansion of the Hank EDU platform, sales team and engagement with national college associations. In 2024, we will be focusing on substantial progress, achieving positive EBITDA results, growth in our Education and Automotive Verticals while advancing the Hank platform into new channels including the property rental and consumer wealth management markets."
About Hank Payments Corp.
Hank Payments Corp (the Company or "Hank") is an emerging North American leader in the Banking-as-a-Service (BaaS) market. The Hank platform modernizes budgets and payments for enterprises and consumers and automates tedious functions that result in time and economic savings for platform users. The Hank technology stack provides for several vertical market applications of the technology, with features specific to channels and enterprise accounts ("Partners") that allow those Partners to operate new revenue streams, while modernizing legacy payments. The Company earns recurring transaction and licensing fees from consumers and enterprises and is active in several markets and geographies including Canada and the United States. For more information visit the Hank Payments website at www.hankpayments.com.
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. Financial performance figures in Canadian Dollars unless otherwise indicated by "U" representing United States Dollars.
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. Several 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 because of new information, future events or otherwise.
FOR FURTHER INFORMATION PLEASE CONTACT:
For more information regarding Hank Payments Corp., please contact: Jason Ewart, EVP Capital Markets, at 416-580-0721. For Investor Relations please contact ir@hankpayments.com and visit the Company's website at www.hankpayments.com.
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.