An anonymous director reports

PAYFARE ANNOUNCES DELAY IN ITS ANNUAL FILINGS

As a result of delay by one of Payfare Inc.'s material vendors in completing its annual system and organization controls (SOC 1) auditor's report, which report is required in order for the company's auditors to issue their opinion with respect to the company's audited annual financial statements, the company will not be able to file its audited annual financial statements, the related management's discussion and analysis, and the accompanying chief executive officer and chief financial officer certification for its financial year ended Dec. 31, 2023, within 90 days of Dec. 31, 2023, as required under parts 4 and 5 of National Instrument 51-102 -- Continuous Disclosure Obligations, and National Instrument 52-109 -- Certification of Disclosure in Issuers' Annual and Interim Filings. As a result, the company will also be required to delay filing of its annual information form for the year ended Dec. 31, 2023.

Payfare reaffirms its previously issued fourth quarter and full year 2023 guidance on its revenues and earnings and reiterates that the delay in receiving the SOC 1 report from the vendor has no impact on the Company's financial outlook.

The Company made an application to the Ontario Securities Commission (the "OSC"), as its principal regulator, under National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203") requesting that a management cease trade order ("MCTO") be imposed in respect of the late filing of the Annual Filings. If the MCTO is granted, the MCTO will at minimum prohibit the chief executive officer and the chief financial officer from trading in securities of the Company for so long as the Annual Filings are not filed. The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities of the Company.

The Company has the necessary financial and human resources to remedy the default and expects to remedy the default by filing the Annual Filings by April 12, 2024 and will issue a news release announcing completion of filing of the Annual Filings at such time as they are completed and filed. When the filing date is definitively determined, the Company will schedule a conference call to discuss the financial results and host a live question and answer session with analysts.

Upon filing its Annual Filings, the Company will also file its AIF.

The delay in the Annual Filings is due solely to the delay in receiving the SOC 1 report from a vendor. The Company confirms that there have been no material business developments or other material information relating to its affairs as of the date of this news release that have not been generally disclosed, and is not subject to any insolvency proceedings.

Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in NP 12-203, including issuing bi-weekly default status reports by way of news releases, which will be filed on SEDAR+.

About Payfare

Payfare is a global financial technology company powering digital banking and instant payment solutions for today's gig workforce. Payfare partners with leading platforms and marketplaces, such as Uber, Lyft and DoorDash, to provide financial health for their workforce.

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