XTM Announces Revocation of Cease Trade Order and Appointment of New Chief Financial Officer

XTM Inc. (“XTM” or the “Company”) (CSE:PAID / FSE:7XT) is pleased to announce that on October 2, 2024 the Ontario Securities Commission (the “OSC”) issued an order revoking the failure-to-file cease trade order issued on July 3, 2024 against XTM (the "Cease Trade Order"). The Cease Trade Order was issued due to XTM’s failure to file its annual audited financial statements (the "Annual Financial Statements") and related management discussion and analysis and certifications for the financial year ended December 31, 2023 as required by National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings ("NI 52-109").

On September 30, 2024, XTM filed the Annual Financial Statements, interim financial statements for the three months ended March 31, 2024, interim financial statements for the six months ended June 30, 2024, together with the management’s discussion and analysis and required certifications in respect of each period (collectively, the “Filings”). The Filings are available for review and download on the Company’s SEDAR+ profile at www.sedarplus.com.

The Company is in contact with the Canadian Securities Exchange (the "CSE") to have the suspension of trading of the Company's common shares lifted. The Company will provide a further update to shareholders in respect of the Company's trading status on the CSE in due course.

Mr. Jakob Ripshtein appointed as XTM’s Chief Financial Officer

The Company is pleased to announce the appointment of Mr. Jakob Ripshtein as the Company’s Chief Financial Officer (“CFO”), effective October 3, 2024.

Mr. Ripshtein brings over 30 years of experience leading finance, corporate strategy, marketing, and sales and has a deep understanding of diversified industries. As President of Diageo Canada followed by CFO of Diageo North America, Jakob was charged with providing the financial and strategic leadership to deliver the Diageo North America Financial performance NSV and trading profit commitments to the company, directly contributing to and shaping the business strategy, as well as managing a complex governance and compliance agenda. An exceptional leader, Jakob influences, orchestrates and balances across global, regional and local objectives to achieve optimal performance results for the organization. Jakob participates in and guides the prioritization and investment of strategic initiatives across innovation, advertising and promotion, resource allocation, and commercial strategy. He also worked in partnership with North America Supply and global off-shore shared service functions in order to maximize the performance outcomes for the business.

"Jakob is the right financial leader for XTM’s evolution and Jakob’s background and skillset will help the Company achieve its financial goals and objectives faster and more efficiently," said Marilyn Schaffer, the Company’s Chief Executive Officer. "We are thrilled that Jakob is joining the team, and we are confident that his leadership and expertise will play a vital role in driving profitable growth at XTM, achieving operational excellence across the enterprise and advancing our priorities of growth and increasing shareholder value."

About XTM

XTM with offices in Miami, Toronto, Denver, and London is a Fintech creator of payment innovations including fully certified Earned Wage Access through its AnyDay™ product. Founded in the cloud-banking space to further support businesses to inspire their workforce in the hospitality, personal care and services staffing industries, XTM provides on-demand pay for many large brands including Earls, Maple Leaf Sports & Entertainment, Cactus Club, Marriott Hotels and Live Nation. QRails is a fully owned subsidiary of XTM. A cloud-based, API-driven issuer-processor, QRails enables payroll providers, financial institutions and other global fintech companies to keep up with the on-demand economy by delivering innovative digital payment solutions to their employees. QRails helps companies modernize and leverage payroll as a differentiator in attracting and retaining talent all at low to no cost for the employee and employer. QRails’ flagship solution, AnyDay™, is the first provider to own their full tech stack that powers their Earned Wage Access solution. Founded in 2016, QRails, Inc., together with its U.K. subsidiary, QRails Limited is SAP-certified, QRails also has earned several industry certifications under PCI DSS, and SOC. For more information, please visit www.QRails.com.

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.

Jakob Ripshtein Backgrounder

2016 -2018

CFO

Norwalk, CT- USA

• Led and managed Diageo NA teams of 130 employees in Finance, Accounting & Controls, Strategic and Analytics functions
• Provided the financial and strategic leadership to deliver the Diageo North America Financial performance revenue and trading profit commitments to the company
• Directly contributed to and shaped the business strategy, as well as managing a complex governance and compliance agenda
• Orchestrated and balanced across global, regional and local objectives to achieve optimal performance results for the organization
• Participated in and guided the prioritization and investment of strategic initiatives across innovation, advertising and promotion, resource allocation, and commercial strategy
• Collaborated with North America Supply and global off-shore shared service functions in order to maximize the performance outcomes for the business

Diageo Canada

2014-2016

President

Toronto – Ontario

• Revamped Rout to Market shifting to a broker model
• Responsible for developing the vision and implementing high-level strategies, making major corporate decisions, managing the overall operations and resources of the Corporation, and acting as the main point of communication between the Corporate key stakeholders and the Corporate operation
• Developed, established and directed financial and commercial strategies within the context of the overall corporate plan activities to maximize the Corporation’s performance and results
• Directed, developed and maintained contact with all key customers, suppliers, industry associations and government representatives

Diageo USA

2011-2014

Senior Vice President – Finance Spirit & Wine Open States

Norwalk, CT- USA

• Led and managed the operation of the US Spirit and Wine Finance Open States five Divisions teams of 35 employees, including the 5 Division’s Financial Planning and Reporting, Analytical resources, Accounting and Control, and provisions of financial information
• Acted as strategic thought partner to the Open Sates GM in leading the five Divisions and the business to deliver on Diageo’s North America growth and financial targets
• Directed the internal budget process and setting of the Division’s annual targets and deliverables, balancing North America and Global performance targets expectations
• Developed, established and directed financial and business strategies and objectives to maximize the 5 Division’s performance and Open States operation
• Collaborated with the Division’s Commercial teams, Marketing and Supply Chain teams to maximize the Open States Division performance on all key metrics

Diageo PLC

2010-2011

Global Director – Efficient Trade Investment

London - UK

• Led and managed a Global team of 17 responsible for the development of breakthrough strategies to make Consumer pricing, Customer pricing and Trade Terms growth drivers
• Developed Global Price Strategies, Trans National Trade terms, RRSP and Net Sales Value tramlines for key Diageo’s brands, and established category pricing ladders based upon relative brand elasticity and optimal category price coverage to improve the effectiveness and efficiency of Diageo’s resources
• Led organizational change by directing the regions and markets to become disciplined with consumer pricing by driving cross regional / business unit alignment to the agenda. Acted as a strategic business partner to senior Marketing, Regional and Market leaders and their teams, and led them through the identification and action planning to identify customer pricing and consumer pricing opportunities
• Led the development and embedment of ‘new to Diageo’ tools, processes and capabilities, partnering with the Marketing team and the Regions to identify the priority areas for intervention and led them through the change
• Brought global expertise and high levels of judgment to lead the Regions and the Markets in setting and implementing their own pricing strategy, customer negotiation stance and Trade Terms, while working with them to ensure ongoing commitment and capability to sustain the change and deliver optimum value to Diageo

Diageo Canada

2008-2010

Vice President – Finance Toronto - Ontario

• Led and managed the day-to-day operation of the Corporation’s Finance team of 20 employees, including Financial Planning and Reporting, Analytical resources, Accounting and Control and provisions of financial information to the Corporation and its affiliates
• Directed the internal budget process and setting of the Corporation’s annual targets and deliverables, balancing North American and Global performance targets expectations
• Developed, established and directed financial strategies, objectives and policies within the context of the overall corporate plan activities to maximize the corporation’s performance and results
• Collaborated with the Marketing, Sales and Supply Chain teams to maximize the Corporation’s performance on all key initiatives
• Responsible for all monthly, quarterly and annual external and internal reporting including the consolidation of various entities
• Administered the Corporation’s internal controls, compliance and ethics guidelines policies
• Participated as a key member of the Executive Team in all key decisions

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