Kingsferry Capital Management Group Limited Files Early Warning Report in Respect of Acquisition of Common Shares of Payfare Inc.

TORTOLA, British Virgin Islands, June 15, 2021 /CNW/ - Kingsferry Capital Management Group Limited ("Kingsferry") announces that it has acquired, on behalf of Kingsferry Classic Value Fund I Ltd., 128,300 common shares ("Common Shares") of Payfare Inc. ("Payfare"), which were purchased through the facilities of the Toronto Stock Exchange.  As a result, Kingsferry exercises control and direction over 4,649,300 Common Shares, which represents approximately 10.26% of the issued and outstanding Common Shares.  On June 15, 2021, the Common Shares were purchased at an average price of C$6.9997 per Common Share, for a total purchase price of C$898,062.

Immediately prior to the acquisition of the Common Shares described above, Kingsferry had control and direction over a total of 4,521,000 Common Shares, representing approximately 9.98% of the issued and outstanding Common Shares.

Kingsferry believes that the Common Shares are undervalued and are an attractive investment. Kingsferry has engaged, and intends to continue to engage, in discussions with management and the board of Payfare concerning its business, management, operations, assets, capitalization, financial condition, governance, strategy and future plans.

Kingsferry expects to monitor the business, prospects, and financial condition of Payfare, and depending on its evaluation of these and other factors, Kingsferry may from time to time in the future increase or decrease its direct or indirect ownership, control or direction over Common Shares or other securities of Payfare through market transactions, private agreements, subscriptions from treasury or otherwise.

Payfare's head office address is 550 Burrard St #2300, Vancouver, BC V6C 2B5.

For further information, including a copy of the corresponding report filed with Canadian securities regulators, please visit www.sedar.com or contact:

Hugo Chan, Chief Investment Officer
[phone]
Kingsferry Capital Management Group Limited
3076 Sir Francis Drake's Highway
Road Town, Tortola
British Virgin Islands

SOURCE Kingsferry Capital Management Group Limited