Mr. Cihan Tuncay reports

PAYFARE PROVIDES UPDATE ON ANNUAL FILINGS

Payfare Inc. has provided an update to its previously disclosed management cease trade order in respect of its delayed filing of its audited annual financial statements, management's discussion and analysis, annual information form, and related certifications, all for the year ended Dec. 31, 2023.

The delay in the annual filings is due solely to the delay in receiving the system and organization controls for its auditor's report from its material vendor, which is required for the company's auditor to issue its opinion.

After working and communicating with the vendor through its executive officers during the past several weeks, the vendor and its own auditor have tentatively agreed to deliver the SOC 1 report to the company by April 26, 2024. To account for any further potential delays and to provide adequate time for Payfare's own auditor to review the SOC 1 report and to issue its overall opinion to Payfare's annual financial statements, Payfare anticipates that it will complete its annual filings by May 2, 2024, and will issue a news release announcing completion of filing of the annual filings at such time as they are completed and filed.

Based on the anticipated filing date of May 2, 2024, for the annual filings, the company anticipates that its quarter ended March 31, 2024, financial statements and the related management's discussions and analysis for such interim period will be filed by or before the deadline of May 15, 2024. Work is already under way by the company and its auditor to ensure timely reporting for this period.

As previously stated, Payfare reaffirms its previously issued fourth quarter and full-year 2023 guidance on its revenues and earnings. Until the company files the annual filings, it will comply with the alternative information guidelines set out under National Policy 12-203 (Cease Trade Orders for Continuous Disclosure Defaults), including issuing biweekly default status reports by way of news releases such as this one, which will be filed on SEDAR+.

About Payfare Inc.

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

We seek Safe Harbor.