Payfirma Director Ryan Holmes Does Not Support CEO Michael Gokturk; Will Resign at Special Meeting

Vote Your WHITE and YELLOW Proxies by October 20, 2017

- visit www.ourpayfirma.com -

VANCOUVER, Oct. 17, 2017 /CNW/ - Messrs. Lance Tracey, Marc Levy and Roger Hardy (the "Independent Directors"), independent directors of Payfirma Corporation ("Payfirma" or the "Company"), wish to inform shareholders that Ryan Holmes, one of the paid directors of Payfirma, has stated in a sworn affidavit dated October 4, 2017 and filed with the Supreme Court of British Columbia, that he intends to resign as director of Payfirma following the special meeting of shareholders to be held on October 24, 2017 at 2:00 p.m. (PDT) (the "Meeting"). The Independent Directors can therefore only reasonably conclude that Mr. Holmes does not support Mr. Gokturk and his plans for both Payfirma's future and the ill-conceived proposed "Liquidity Pathway Transaction".

Should Mr. Gokturk succeed at the Meeting, Payfirma will be managed by Michael Gokturk and John Rante, whose capital markets and transactional inexperience have been painfully exposed through their misunderstanding of what the proposed "Liquidity Pathway Transaction" really is, as well as Michael's continued diversionary focus on a rights offering that was simply the subject of a Payfirma board meeting at Mr. Rante's request. To be clear, Michael's proposed "Liquidity Pathway Transaction" DOES NOT result in shareholders receiving any cash proceeds for their shares, or any share consideration of a publicly listed company.

Shareholders Are Supportive of the Truth

The Independent Directors have been speaking to Payfirma's shareholders directly over the past week and are pleased with the progress of their solicitation for support of the matters they have proposed that will now be voted upon at the Meeting (see joint press release of the Independent Directors and Michael Gokturk dated October 16, 2017). Shareholders now hearing the truth about the so-called "Liquidity Pathway Transaction" are realizing that their investment is at risk if they follow Michael in his plan to pursue a speculative transaction that guarantees no liquidity for shareholders.

Gokturk Relentlessly Makes False Promises

Instead of allowing shareholders to make up their own minds and hear all the facts from the Independent Directors, Michael prefers to continue a smear campaign founded on baseless and inflammatory statements that led the Independent Directors to initiate a defamation claim. As should be abundantly clear by now to any shareholder that has read all materials issued by both the Independent Directors and Michael relating to the Meeting, it is only Michael Gokturk that has "drawn a line in the sand", a line that separates facts he prefers to obscure from blindly hopeful and unfulfillable promises of the so-called "Liquidity Pathway Transaction". 

We Have Your Best Interests At Heart; We Are Fellow Shareholders Who Have Made Actual Cash Investments in Payfirma

The Independent Directors continue to welcome the opportunity to speak openly about Payfirma with fellow shareholders and are thankful for the incredible support received thus far. Michael Gokturk has made promises he cannot keep and the Independent Directors are doing their absolute best to make shareholders aware of the truth. The Independent Directors have invested approximately $3.5 million of cash into Payfirma and own 14.2% of the issued shares, compared to the Paid Directors who, other than John Rante, have made no cash investments. Shareholders, including the Independent Directors, have made real and significant investments in Payfirma based on expectations that the Independent Directors have come to realize Michael cannot deliver. The Independent Directors will leverage their extensive collective experience to rectify this and ensure shareholder investments are protected and only the best deal to earn on such investments is pursued. The Independent Directors will continue reaching out to shareholders directly throughout this week.

The Independent Directors therefore recommend that shareholders protect their investment in Payfirma and vote their WHITE and YELLOW proxies today. A vote for the WHITE and YELLOW proxies is a vote to invest alongside the Independent Directors with a long track record of successful divestiture transactions and with no hidden agenda.

VOTE YOUR WHITE AND YELLOW PROXY TODAY. The deadline to vote is 2:00 p.m. (PDT) on Friday, October 20, 2017.

Submitted by:

Lance Tracey
Marc Levy
Roger Hardy

SOURCE Payfirma Independent Directors

Questions or requests for assistance with voting may be directed to the Proxy Solicitor for the Independent Directors: Laurel Hill Advisory Group, North America Toll Free: 1-877-452-7184 | Collect Calls Outside North America: 416-304-0211, Email:[email protected]