Mr. Troy Wright reports

LENDIFIED ANNOUNCES PARTIAL REVOCATION ORDER OF FAILURE-TO-FILE CEASE TRADE ORDER TO PERMIT COMPLETION OF PRIVATE PLACEMENT FINANCING

The Ontario Securities Commission (OSC) has issued an order dated Aug. 14, 2020, partially revoking the failure-to-file cease trade order issued against Lendified Holdings Inc. (formerly Hampton Bay Capital Inc.) on July 9, 2020 (the FFCTO) for failing to file certain outstanding continuous disclosure documents in a timely manner.

The company applied for the partial revocation order to complete a non-brokered private placement of up to 95,154,575 units of the company at a price of 1.5 cents per unit, with each unit composed of one common share of the company and one share purchase warrant, with each warrant being exercisable to acquire one share at a price of five cents per share for a period of 36 months following the closing date of the offering, for aggregate gross proceeds to Lendified of up to $1,427,318, as disclosed in its press release of June 30, 2020. The company intends to proceed to complete the private placement; however, there can be no assurances that the offering will be completed in full or at all. The FFCTO continues to apply in all other respects.

The proceeds of the private placement will be used to pay, among other things, outstanding fees owed to the company's auditor and other service providers, public and filing fees, and legacy accounts payable, as well as for general working capital purposes. Completion of the private placement will help the company in its efforts to prepare and file the outstanding continuous disclosure documents with the applicable regulatory authorities. Once those filings have been completed, the company will apply for a full revocation of the FFCTO.

Prior to completion of the private placement, each potential investor will receive a copy of the FFCTO and the partial revocation order, and will be required to provide an acknowledgment to the company that all of the company's securities, including the shares and warrants comprising the units issued in connection with the private placement, will remain subject to the FFCTO until such order is fully revoked, and that the granting of the partial revocation order by the OSC does not guarantee the issuance of a full revocation order in the future. In addition, in accordance with applicable securities legislation, all shares and warrants issued pursuant to the private placement will be subject to a hold period of four months and a day from the closing date of the private placement and will also be subject to a hold period pursuant to applicable policies of the TSX Venture Exchange. The private placement is subject to the approval of the TSX-V.

The partial revocation order will terminate on the earlier of: (i) the completion of the private placement; and (ii) Oct. 13, 2020, being 60 days from the date on which the partial revocation order was issued.

There can be no assurances that the private placement will be completed on the terms set out herein, or at all, or that the proceeds of the private placement will be sufficient for the purposes of the company or its turnaround efforts. The private placement is subject to the receipt of all regulatory approvals, including the approval of the TSX-V.

About Lendified Holdings Inc.

Lendified, a company located in Ontario, Canada, is a Canadian fintech company, operating both a lending platform, which provides working capital loans to small businesses across Canada through a wholly owned subsidiary, as well as a software-as-a-service technology platform providing artificial-intelligence-enabled credit origination and analytics to financial institutions across Canada through another wholly owned subsidiary, JUDI.AI. The company announced its intention to sell JUDI.AI in its press release of July 7, 2020.

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