Business
Hank Payments Announces AGM Results and Business Highlights
Toronto, Ontario--(Newsfile Corp. - January 4, 2024) - Hank Payments Corp.  (TSXV: HANK) ( ...
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[{"type":"text","content":"Hank Payments Announces AGM Results and Business HighlightsToronto, 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; andThe 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 2023March 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 disburseme...