Toronto, Ontario, May 22, 2024 – Payfare Inc. (“Payfare” or the “Company”) (TSX: PAY, OTCQX: PYFRF) today provided an update to its previously granted management cease trade order (“MCTO”), in respect of the delayed filing for 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 independent auditors to issue their opinion. 

Based on the most recent set of meetings with the Vendor, the Vendor has communicated that the SOC 1 report is currently being finalized and a final version of such report is planned for delivery to the Company in the coming days. The Company has in turn made preparations with its own auditors to receive and review the SOC 1 report as soon as possible in order to finalize and issue their overall audit opinion for the Annual Filings. The anticipated date of completion of such Annual Filings is now May 31, 2024, and the Company will issue a news release at such time as they are completed and filed. 

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 (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 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, and Payfare’s compliance with the MCTO and NP 12-203. This forward-looking information is based, in part, on ass