Mr. Troy Wright reports

LENDIFIED PROVIDES UPDATE ON MANAGEMENT CEASE TRADE ORDER APPLICATION

Further to its press release dated June 25, 2020, the Ontario Securities Commission has notified Lendified Holdings Inc. that its application for a management cease trade order was not approved. As the company believes it will not be in a position to file the audited financial statements for the period ended Dec. 31, 2019, for Lendified PrivCo Holding Corp. (Subco), a wholly owned subsidiary of the company acquired through the company's qualifying transaction announced on Dec. 24, 2019, the interim financial report for Subco for the period ended March 31, 2020, and the interim financial report for the company for the period ended March 31, 2020, within the prescribed period required under applicable securities laws (including any temporary relief measures), it is anticipated that the company will be subject to a failure-to-file cease trade order (FFCTO) after July 3, 2020 (the date the audited financial statements are due to be filed), until such time as the company is able to complete the filing of the required filings and successfully apply for a revocation of the FFCTO. The company, its advisers and its independent auditor are continuing to work diligently to complete the necessary work and the company intends to make the required filings as soon as possible. The FFCTO will affect trading in all securities of the company in Canada and will remain in effect until such time as the company has made the required filings. The FFCTO will result in a halt in trading of the company's shares on the TSX Venture Exchange. If the required filings are made within 90 days of the date of the FFCTO, such filings will constitute the company's application to have the FFCTO revoked. The company will issue a further news release when the required filings have been made. There can be no assurances that the FFCTO, once imposed, will be revoked on the timeline contemplated by the company or at all.

It is anticipated that the FFCTO will affect the closing of the private placement offering of up to $1,427,318 of securities of the company announced June 30, 2020, until the FFCTO is revoked, either partially to permit the offering to proceed, or in full. There can be no assurances that the regulators will grant a partial revocation. The company has not accepted any of the subscriptions and has not issued any securities under the offering. At this time, the company continues to evaluate options to preserve shareholder value and provide the company with the required financial and operational resources required for continuing operations. During the FFCTO period the company will continue to update shareholders on the progression of these initiatives.

The company also announces that its audit committee has been reconstituted to consist of Perry Dellelce, Troy Wright and Kevin Clark, who has advised he will remain on the board until July 30, 2020.

About Lendified Holdings Inc.

Lendified, a company located in Ontario, Canada, is a leading Canadian financial technology company operating both a lending platform which provides working capital loans to small businesses across Canada through its wholly owned subsidiary, Lendified Inc., as well as a software-as-a-service technology platform providing artificial-intelligence-enabled credit origination and analytics to financial institutions across Canada through its wholly owned subsidiary, JUDI.AI.

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