Payfare Announces Completion of 2023 Annual Filings

Rhea-AI Summary

Payfare announced the completion of its 2023 annual filings, including audited financial statements, management's discussion and analysis, and annual information form. These filings follow the receipt of a SOC 1 auditor's report from a key vendor on June 30, 2024. The company's independent auditors have issued a clean opinion. There are no changes to the financial figures compared to the unaudited results disclosed on April 25, 2024. Payfare expects the Ontario Securities Commission to revoke the current cease trade order on its securities after reviewing the filings. The documents are available on SEDAR+.

Positive

• Completion of 2023 annual filings, including audited financial statements.
• Clean opinion issued by independent auditors.
• No changes to previously disclosed financial figures.
• Expectation of cease trade order revocation by Ontario Securities Commission.

Negative

• None.

TORONTO, July 3, 2024 /PRNewswire/ - Payfare Inc. ("Payfare" or the "Company") (TSX: PAY) today announces the completion of the 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"). The Annual Filings were completed expeditiously following receipt of the System and Organization Controls ("SOC 1") auditor's report from its material vendor on June 30, 2024. The Company's independent auditors completed their outstanding audit procedures and have issued an unqualified (clean) opinion report that accompanies Payfare's annual financial statements for the year ended December 31, 2023. There are no changes to the financial figures in the Annual Filings compared to the unaudited and summarized fourth quarter and year ended December 31, 2023 financial results that were previously reported and disclosed by Payfare through a news release on April 25, 2024. 

The Company now expects that the Ontario Securities Commission will revoke the current cease trade order on the Company's securities, after review of such Annual Filings.

Copies of each of the Annual Filings were filed on SEDAR+ under Payfare's profile and can be found at www.sedarplus.ca.

About Payfare (TSX:PAY)

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 the revocation of the Company's cease trade order by the Ontario Securities Commission. 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.

View original content:https://www.prnewswire.com/news-releases/payfare-announces-completion-of-2023-annual-filings-302189305.html

SOURCE Payfare Inc.

FAQ

What did Payfare announce on July 3, 2024?

Payfare announced the completion of its 2023 annual filings, including audited financial statements and related certifications.

What is the significance of the SOC 1 auditor's report for Payfare (PYFRF)?

The SOC 1 auditor's report allowed Payfare to complete its 2023 annual filings promptly.

Did Payfare's financial figures change in the 2023 annual filings?

No, there are no changes to the financial figures compared to the unaudited results disclosed on April 25, 2024.

What is expected to happen after Payfare's 2023 annual filings completion?

The Ontario Securities Commission is expected to revoke the current cease trade order on Payfare's securities.