Wellfield Technologies to Expand its Engineering Development Capacity for Seamless Brand with a new Hub in Portugal

• The Company has deepened its partnership with Exaud, a respected software development and technical consultancy based in Portugal, to assist in building out a development hub to empower the existing Seamless teams.
• With the current suite of Seamless products pending launch, this new hub will secure high demand development talent and is expected to shorten time to market for the next stage of Wellfield services.

TORONTO, Jan. 19, 2022 /CNW/ - Wellfield Technologies Inc. (TSXV: WFLD) (FRANKFURT: K8D) (the "Company" or "Wellfield"), is pleased to announce that it has partnered with Exaud, LDA to establish a development hub in Portugal, with a mandate to supporting the Seamless development pipeline. Headquartered in Greater Porto, with an additional office in Amsterdam, the Netherlands, and a representative office in Düsseldorf, Germany, Exaud is a global software solution provider, across various industries such as Automotive & Manufacturing, Fintech & Financial Services, Software & Hi-Tech, Media & Digital Education and Retail & Logistics.

As previously announced, the Company is in the process of furthering solutions under the Seamless brand, to address necessary needs of the DeFi ecosystem. This includes services such as: making Bitcoin compatible with DeFi; cross blockchain trading; and decentralized prime broker-like services. Beyond this near-term pipeline of opportunities, Wellfield has identified several other areas of importance that are necessary for DeFi powered apps like MoneyClip, a subsidiary of Wellfield, and to strengthen the Seamless ecosystem and suite of solutions. Once established, the Company's development hub will take part in developing products that the research group architects and prototypes to address these opportunities.

Management Commentary

Levy Cohen, CEO of Wellfield commented, "It is our firm belief that DeFi will reinvent global finance. Scaling our commercialization efforts through an additional development hub will ensure that Wellfield remains at the forefront of the evolution of the DeFi ecosystem, building on the scheduled 2022 launches of several solutions under our Seamless protocol-layer brand. To this point, our team has been focused on developing the capabilities within Seamless to address some of DeFi's biggest technical challenges, but solutions to these immediate challenges are just the beginning. Securing additional high demand developer talent gives the Company the additional depth required to continue building the ecosystem around Seamless and powering the financial applications of the future with our critical infrastructure. We are fortunate to benefit from the experience and expertise of Exaud, our partners in Portugal."

About Wellfield Technologies

Wellfield is focused on unlocking the power of decentralized finance (DeFi) by building open and accessible decentralized protocols and also blockchain based consumer products. Seamless - the Company's protocol layer brand - focuses on solutions that enhance and optimize liquidity in the Ethereum ecosystem, make Bitcoin compatible with DeFi, and enable decentralized cross blockchain exchange. MoneyClip - Wellfield's application layer brand - is powered by DeFi to enhance everyday financial products and make money work for the way people live.

About Exaud

Exaud is an established European software development and technical consultancy company providing custom software solutions. Exaud has been in business for 10+ years and has a rich heritage of creating innovative software products and providing development services to Fortune 500 companies, large enterprises, and medium-sized firms. Exaud is a global solution provider specialised in different sectors, such as Automotive & Manufacturing, Fintech & Financial Services, Healthcare & Life Sciences, Software & Hi-Tech, Media & Digital Education and Retail & Logistics. For more information, please visit www.exaud.com.

Cautionary Notice

A listing application prepared in accordance with the policies of the TSXV (the "Listing Application") is available on the Company's SEDAR profile, available at www.sedar.com, and contains additional information regarding Wellfield. The contents of this press release are expressly qualified by the disclosures and contents of the Listing Application and readers are encouraged to review the Listing Application. Investors are cautioned that, except as disclosed in the Listing Application, any information released or received with respect to the Wellfield may not be accurate or complete and should not be relied upon. Trading in the securities of Wellfield should be considered highly speculative.

The TSXV has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. Wellfield's securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Cautionary Notice on Forward-Looking Statements

This press release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward-looking statements in this news release include statements regarding the Company's success in launching the protocols and other technologies and utilities discussed herein. In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: compliance with extensive government regulations; domestic and foreign laws and regulations adversely affecting the Company's business and results of operations; the impact of COVID-19; the decentralized finance industry generally, in Canada and abroad; and general business, economic, competitive, political and social uncertainties. Readers are cautioned that the foregoing list is not exhaustive and readers are encouraged to review the Listing Application accessible on the Company's SEDAR profile at www.sedar.com. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.

SOURCE Wellfield Technologies

Wellfield Technologies Inc., Levy Cohen, CEO, [email protected]; Jonathan Ross, Investor Relations, [email protected], [phone]