Payfare Announces Completion of 2023 Annual Filings

Toronto, Ontario, July 3, 2024 – Payfare Inc. (“Payfare” or the “Company”) (TSX: PAY) today announces the completion of the filing of its audited annual financial statements, management’s discussion and analysis, annual information form and related certifications, all for the year ended December 31, 2023 (collectively, the “Annual Filings”). The Annual Filings were completed expeditiously following receipt of the System and Organization Controls (“SOC 1”) auditor’s report from its material vendor on June 30, 2024. The Company’s independent auditors completed their outstanding audit procedures and have issued an unqualified (clean) opinion report that accompanies Payfare’s annual financial statements for the year ended December 31, 2023. There are no changes to the financial figures in the Annual Filings compared to the unaudited and summarized fourth quarter and year ended December 31, 2023 financial results that were previously reported and disclosed by Payfare through a news release on April 25, 2024.  

The Company now expects that the Ontario Securities Commission will revoke the current cease trade order on the Company’s securities, after review of such Annual Filings.

Copies of each of the Annual Filings were filed on SEDAR+ under Payfare’s profile and can be found at www.sedarplus.ca

About Payfare (TSX:PAY)

Payfare is a leading, international Earned Wage Access (“EWA”) company powering instant access to earnings through an award-winning digital banking platform for today’s workforce. Payfare partners with leading e-commerce marketplaces, payroll platforms, and employers to provide financial security and inclusion for all workers. 

For further information please visit www.payfare.com or contact:

Cihan Tuncay, Head of Investor Relations and Corporate Development
1 (888) 850-2713
[email protected]  

Cautionary Statement Regarding Forward Looking Information 

Information and statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited, to Payfare’s current expectations, intentions, plans, and beliefs. Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “goal”, “plan”, “target”, “intend”, “estimate”, “could”, “should”, “may” and “will” or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include, without limitation: the timing of the revocation of the Company’s cease trade order by the Ontario Securities Commission. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information.

Security holders, potential security holders and other prospective investors should be aware that these statements a