TORONTO, May 13, 2020 /PRNewswire/ - XTM, Inc. ("XTM" or the "Company") (CSE:PAID) (FSE:7XT), a Toronto based Fintech company providing mobile banking and payment solutions around the world is pleased to report that the company achieved a record number of onboardings, cards issued, activations and loads in the month of April.
With many businesses electing to transact without cash, the XTM Today™ card and mobile wallet is filling the void in record numbers. From delivery companies experiencing a surge in business to soon to be reopened dine-in restaurants and salons, the Today program is quickly becoming a name that is synonymous with cashless gratuities and instant wage disbursements.
Since March 2020, XTM has onboarded to its Today and other programs over 145 new customer locations across Canada. It currently has boarding commitments from another 170 locations in delivery, hospitality and personal care that are expected to be added in May and June. Gross Dollar Value ("GDV") loads, or funds pushed to mobile wallets and Today cards by XTM customers, experienced an increase of 37% in the past 30 days when compared to January 2020 numbers and an increase of 81% when compared to March 2020 numbers.
With the Company earning the bulk of its revenue and profits from card and wallet spend interchange and transactional fees, GDV is used as a key performance indicator of future revenue and net profit. The Company is expecting double digit growth numbers for the foreseeable future based on store boarding commitments, the re-opening of businesses and expansion of XTM's operations into the United States.
"COVID-19 has changed the way people treat cash," commented Marilyn Schaffer, CEO, "resulting in a significant increase in XTM gross revenue. The Today card program enables businesses to quickly transition from cash to a digital process while maintaining same-day payouts to employees."
The Company has granted, effective May 7, 2020, an aggregate of 5,000,000 stock options (each, an "Option") to certain directors, officers, employees and consultants of the Company in accordance with the Company's stock option plan (the "Stock Option Plan"). Each Option is exercisable into one common share in the capital of the Company (each, a "Share") at a price of $0.17 per Share, for a period of two years from the date of grant. This is a normal-course grant that comprises part of the long-term compensation and employee retention incentives provided by the Company. The Options will vest in installments in accordance with the Stock Option Plan.
Further to the Company's April 29, 2020 news announcing the listing of the Company's common shares on the Frankfurt Exchange, XTM has entered into an arm's length agreement with Atkien Check AG for digital marketing services. The Company may, cancel, at its option, the agreement with Atkien Check at any time after giving 30 days' notice.
About XTM – www.xtminc.com
XTM is a Toronto-based Fintech company. We are a global card issuer, payment specialist, and marketing solutions company. XTM introduces and integrates brands to their own payment ecosystem creating new revenue and new opportunities. Uniquely positioned to conceive and execute innovative programs, XTM drives enterprise value and creates a positive user experience. For more information, please visit xtminc.com or email [email protected]
This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (the "forward-looking statements"), within the meaning of applicable Canadian securities legislation, including expected performance of XTM, continuing increases in GDV, revenues or profits of XTM and its related programs, ,the expectation that business with which XTM does business will reopen in the expected timeline, the continuing trend toward electronic payment methods and the general conditions, revenues and performance of XTM. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. These forward-looking statements are made as of the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur.
The CSE has not approved nor disapproved the contents of this press release, and the CSE does not accept responsibility for the adequacy or accuracy of this release.
SOURCE XTM Inc.