TORONTO, Feb. 26,
2025 /CNW/ - Payfare Inc. ("Payfare" or the
"Company") (TSX: PAY) (OTCQX: PYFRF) announced today that
the Supreme Court of British
Columbia (the "Court") has issued a final order
approving the previously announced plan of arrangement (the
"Arrangement") pursuant to which 1517452 B.C. Ltd. (the "Purchaser"), an
affiliate of Fiserv, Inc. ("Fiserv") will acquire all of the
issued and outstanding Class A Common shares of Payfare.
Subject to the satisfaction or waiver of the remaining
conditions to closing contained in the arrangement agreement
entered into among the Company, Fiserv and the Purchaser dated
December 22, 2024 (the
"Arrangement Agreement"), the Arrangement is expected to
close in Q1 2025.
About Payfare (TSX: PAY, OTCQX: PYFRF)
Payfare is a leading, international provider of embedded
payments and banking solutions, with particular expertise in
program management for new economy workforces. Payfare partners
with leading e-commerce marketplaces, payroll platforms, and
employers to provide financial security and inclusion for all
workers.
Forward Looking Information and Forward-Looking
Statements
Information in this release contains forward-looking information
and forward-looking statements within the meaning of securities
legislation. Forward-looking information and forward-looking
statements are generally identifiable by use of the words "expect",
"anticipate", "continue", "estimate", "may", "will", "project",
"should", "believe", "plans", "intends" or the negative of these
words or other variations on these words or comparable terminology.
Forward-looking information and forward-looking statements are
based on assumptions of future events that the Company believes are
reasonable based upon information currently available. More
particularly, and without limitation, this news release contains
forward-looking information and forward-looking statements
concerning the ability of the Company and the Purchaser to
consummate the Arrangement on the terms and in the manner
contemplated by the Arrangement Agreement, including the expected
timing thereof. Such forward-looking information and
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied
thereby. Such factors include, among others, the ability of the
parties to satisfy, in a timely manner, the conditions to the
closing of the Arrangement, as well as other uncertainties and risk
factors set out in the Circular and other filings made from time to
time by the Company with the Canadian securities regulators, which
are available on SEDAR+ at https://www.sedarplus.ca. Actual
results, developments and timetables could vary significantly from
the estimates presented. Readers are cautioned not to put undue
reliance on forward-looking information or forward-looking
statements. The Company assumes no obligation to update or revise
any forward-looking information or forward-looking statement,
except as required by applicable securities law.
SOURCE Payfare Inc.