Payfare Announces Receipt of Vendor's SOC 1 Report

Facilitates Completion of the Company's Annual Filings

TORONTO, June 30, 2024 /CNW/ - Payfare Inc. ("Payfare" or the "Company") (TSX: PAY) (OTCQX: PYFRF) today announces the receipt of the System and Organization Controls ("SOC 1") auditor's report from its material vendor which is required in order for the Company's independent auditors to complete their required audit procedures to issue their opinion on the Company's annual financial statements. 

The SOC 1 report has since been sent to the Company's auditors to complete their remaining audit procedures so that they may issue their audit opinion in respect of the Company's audited annual financial statements for the year ended December 31, 2023. In addition, the Company will complete its management's discussion and analysis, annual information form and related certifications, all for the year ended December 31, 2023 (collectively, the "Annual Filings").

With the SOC 1 report now in hand, the Company expects that it will be on track to complete its Annual Filings this week, and the Company will issue a news release at such time as they are completed and filed. Based on the Company's review of the vendor's unqualified (clean) SOC 1 report, there should not be any impact to the unaudited and summarized fourth quarter and year ended December 31, 2023 financial results that were previously reported and disclosed on April 25, 2024. 

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 filing of Payfare's Annual Filings. 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.