10:18:56 EDT Sat 19 Oct 2019
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Hope Well to settle court disputes with Payfare

2019-06-12 13:54 ET - News Release

Mr. Sheldon Kales reports

HOPE WELL ANNOUNCES SETTLEMENT WITH PAYFARE AND PROVIDES UPDATE

Hope Well Capital Corp., further to its press release on April 8, 2019, has entered into a settlement agreement with full and final mutual releases with Payfare Inc. in connection with claims made by the company against Payfare and counterclaims made by Payfare against the company in a court action regarding the disputes on Payfare's termination of the proposed business combination between the company and Payfare. The parties have settled the disputes without admission of liability. The terms of the settlement agreement are confidential.

As Hope Well did not complete a qualifying transaction within 24 months of its listing by May 9, 2019, the trading of Hope Well's common shares on the TSX Venture Exchange was suspended on May 10, 2019. Trading will resume when Hope Well completes a qualifying transaction, or until trading is otherwise permitted by the rules of the TSX-V. Hope Well has called a general and special shareholders meeting to be held on Aug. 6, 2019, to approve, among other things, the transfer of the company's trading from the TSX-V to the NEX board and to approve the cancellation of one-half of the seed shares of the company.

About Hope Well Capital Corp.

Hope Well is a capital pool company (CPC) formed under the TSX-V's CPC program.

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