Hope Well to Resume Trading and Commences Action Against Payfare Inc.

TORONTO, April 8, 2019 /CNW/ - Hope Well Capital Corp. ("Hope Well") (TSX VENTURE: HOPE.P), a capital pool company, announce further to its press releases on March 22, 2019 and March 28, 2019, Payfare Inc. ("Payfare") on March 27, 2019 provided notice to Hope Well terminating the proposed qualifying transaction between Payfare and Hope Well, claiming Payfare had provided notice to Hope Well of a superior merger proposal. 

Hope Well disputes Payfare's claims and has filed a notice of action against Payare for, among other things, breach of contract, seeking damages including expenses incurred by Hope Well in connection with the transaction with Payfare.

Hope Well's shares will resume trading on the TSX Venture Exchange (the "TSXV") on Tuesday, April 9, 2019.  Hope Well will seek a new target for its qualifying transaction in accordance with the rules of the TSXV.

ABOUT HOPE WELL

Hope Well is a capital pool company (CPC) formed under the TSXV's CPC program. Hope Well's common shares will resume trading on the TSXV under the symbol "HOPE.P".

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the proposal to complete the Transaction, the financings and associated transactions, including statements regarding the terms and conditions of the Transaction, financings and associated transactions. Any such forward-looking statements may be identified by words such as "expects", "anticipates", "believes", "projects", "plans" and similar expressions. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks disclosed in Hope Well's prospectus dated March 24, 2017. The statements in this news release are made as of the date of this release. Hope Well undertakes no obligation to update any such forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on any such forward-looking statements. Hope Well undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Hope Well, or its financial or operating results or (as applicable), its securities.

SOURCE Hope Well Capital Corp.

Hope Well: Sheldon Kales, Director, Phone: [phone], E-mail: [email protected]