Payfare Comments on Cease Trade Order and Provides Update on its Annual Filings 

Toronto, Ontario, June 18, 2024 – Payfare Inc. (“Payfare” or the “Company”) (TSX: PAY) today provided an update on the delayed 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”).

Trading in the Company’s common shares will be halted due to the issuance by the Ontario Securities Commission of a Cease Trade Order (the “CTO”). 

The delay in the Annual Filings is due solely to the delay in receiving the System and Organization Controls (“SOC 1”) auditor’s report from its material vendor (the “Vendor”) which is required in order for the Company’s independent auditors to complete their required audit procedures to issue their opinion. Payfare continues to expect the receipt of such Vendor’s  SOC 1 report in the coming days, as the Vendor works through the final procedures and draft of the SOC 1 report with its auditor, and now expects that it will complete its Annual Filings by June 28, 2024. The Company will issue a news release at such time as the Annual Filings are completed and filed and expects that the Ontario Securities Commission, after review of such filings, will revoke the CTO. 

The Company has previously disclosed its unaudited and summarized financial results for the fourth quarter and year ending December 31, 2023 by press release on April 25, 2024. The Company reaffirms those results, as well as the strategic objectives and guidance it has provided for 2024. 

In addition, the Company will continue to comply with all other continuous disclosure obligations under applicable securities laws and stock exchange rules. The Company recently announced first quarter 2024 financial results on May 8, 2024 and completed the filing of its financial statements and management’s discussion and analysis for the quarter ending March 31, 2024 on the same day. In the normal course, the Company also expects to announce and file its second quarter 2024 financial results in early August.  

About Payfare (TSX:PAY, OTCQX: PYFRF)

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 or contact:

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