Toronto, Ontario, April 11, 2024 – Payfare Inc. (“Payfare” or the “Company”) (TSX: PAY, OTCQX: PYFRF) today provided an update to its previously disclosed management cease trader order (“MCTO”), in respect of its 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”).
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 auditors to issue their opinion.
After working and communicating with the Vendor through its executive officers during the past several weeks, the Vendor and its own auditors have tentatively agreed to deliver the SOC 1 report to the Company by April 26, 2024. To account for any further potential delays, and to provide adequate time for Payfare’s own auditors to review the SOC 1 report and to issue its overall opinion to Payfare’s annual financial statements, Payfare anticipates that it will now complete its Annual Filings by May 2, 2024, and will issue a news release announcing completion of filing of the Annual Filings at such time as they are completed and filed.
Based on the anticipated filing date of May 2, 2024 for the Annual Filings, the Company anticipates that its quarter ended March 31, 2024 financial statements and the related management’s discussions and analysis for such interim period will be filed by or before the deadline of May 15, 2024. Work is already underway by the Company and its auditors to ensure timely reporting for this period.
As previously stated, Payfare reaffirms its previously issued fourth quarter and full year 2023 guidance on its revenues and earnings. Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out under National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults, including issuing bi-weekly default status reports by way of news releases such as this one, which will be filed on SEDAR+.
About Payfare
Payfare is a global financial technology company powering digital banking and instant payment solutions for today’s gig workforce. Payfare partners with leading platforms and marketplaces, such as Uber, Lyft and DoorDash, to provide financial health for their workforce.
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 filing of Payfare’s Annual Filings, the delivery of the SOC 1 report by the Vendor, Payfare’s compliance with the MCTO and NP 12-203, the timing of filing of Payfare’s interim financial statements and management’s discussion and analysis for the quarter ending March 31, 2024. 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 are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Such risks include the factors discussed from time to time in Payfare’s filings with the Canadian Securities Authorities, copies of which can be found under Payfare’s profile on the SEDAR+ website at www.sedarplus.ca. Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Payfare undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
