TORONTO, Feb. 26, 2025 /CNW/ – Payfare Inc. (“Payfare” or the “Company“) (TSX: PAY) (OTCQX: PYFRF) announced today that the Supreme Court of British Columbia (the “Court“) has issued a final order approving the previously announced plan of arrangement (the “Arrangement“) pursuant to which 1517452 B.C. Ltd. (the “Purchaser“), an affiliate of Fiserv, Inc. (“Fiserv“) will acquire all of the issued and outstanding Class A Common shares of Payfare.
Subject to the satisfaction or waiver of the remaining conditions to closing contained in the arrangement agreement entered into among the Company, Fiserv and the Purchaser dated December 22, 2024 (the “Arrangement Agreement“), the Arrangement is expected to close in Q1 2025.
About Payfare (TSX: PAY, OTCQX: PYFRF)
Payfare is a leading, international provider of embedded payments and banking solutions, with particular expertise in program management for new economy workforces. Payfare partners with leading e-commerce marketplaces, payroll platforms, and employers to provide financial security and inclusion for all workers.
Forward Looking Information and Forward-Looking Statements
Information in this release contains forward-looking information and forward-looking statements within the meaning of securities legislation. Forward-looking information and forward-looking statements are generally identifiable by use of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” or the negative of these words or other variations on these words or comparable terminology. Forward-looking information and forward-looking statements are based on assumptions of future events that the Company believes are reasonable based upon information currently available. More particularly, and without limitation, this news release contains forward-looking information and forward-looking statements concerning the ability of the Company and the Purchaser to consummate the Arrangement on the terms and in the manner contemplated by the Arrangement Agreement, including the expected timing thereof. Such forward-looking information and forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied thereby. Such factors include, among others, the ability of the parties to satisfy, in a timely manner, the conditions to the closing of the Arrangement, as well as other uncertainties and risk factors set out in the Circular and other filings made from time to time by the Company with the Canadian securities regulators, which are available on SEDAR+ at https://www.sedarplus.ca. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking information or forward-looking statements. The Company assumes no obligation to update or revise any forward-looking information or forward-looking statement, except as required by applicable securities law.
SOURCE Payfare Inc.