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.
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