TORONTO, June 18,
2024 /CNW/ - 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.
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 receipt of the
Vendor's SOC 1 report, the timing of filing of Payfare's Annual
Filings, the timing of Payfare's other continuous disclosure
filings, and revocation of the CTO. 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.
SOURCE Payfare Inc.