Wellfield Technologies' wholly owned subsidiary MoneyClip joins Paytechs of Canada - the Influential Voice for Technology Leaders Operating in the Canadian Payments Sector

• Paytechs of Canada ("Paytechs") is an association comprised of leaders in the Canadian Fintech, payment processing, and financial sectors.
• Paytechs' mission is to drive continuous improvement and innovation in the Canadian payments ecosystem, which is aligned with Wellfield's multi-year plan to build its MoneyClip app into a one-stop solution providing consumers with access to a full range of decentralized finance (DeFi) and traditional finance services.

TORONTO, Feb. 1, 2022 /CNW/ - Wellfield Technologies Inc. (TSXV: WFLD) (FRANKFURT: K8D) (the "Company" or "Wellfield"), is pleased to announce that it has joined Paytechs, a not-for-profit member association, that acts as the definitive, harmonized voice for technology companies operating in Canada, that hold and move money. The Company sees integration with DeFi communities and the overall ecosystem as a key objective for 2022 as it begins to launch solutions under both its Seamless protocol-layer brand and MoneyClip application-layer brand. 

Management Commentary

Chanan Steinhart, Co-founder/Board Member of Wellfield and CEO of MoneyClip commented, "As the regulatory landscape locally and globally continues to evolve, MoneyClip is looking for opportunities to be an active stakeholder in regulatory discussions and also to strengthen community relationships and leverage collaborative opportunities with talented contributors in the space. Paytechs of Canada has created a strong and growing ecosystem in Canada built on a mission and goals that strongly resonate with our own values. MoneyClip aims to provide consumers the best possible experience and we are grateful to be a member with Paytechs as we both seek to offer greater choice, improve critical infrastructure and broaden access to Canadians."

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.

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 prepared in accordance with the policies of the TSXV and other disclosure documents 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.

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.

SOURCE Wellfield Technologies

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