Payfare Inc. announced that it has appointed Mr. Hugo Chan of Kingsferry Capital to its board of directors to serve as an independent director until the next annual meeting of shareholders. With more than a decade of investment management, capital markets, and mergers & acquisitions experience, Mr. Hugo Chan is currently Co-Founder, Chairman & Chief Investment Officer of Kingsferry Capital Management Group Limited ("Kingsferry"), an investment manager of portfolio funds with global mandates to invest in undervalued securities with strong potential for fair value realization and long-term growth. As of the date hereof, Kingsferry, through its managed funds and affiliates hold in aggregate 5,623,300 Class A Common Shares of the Company, representing approximately 11.9% of the total issued and outstanding Shares of the Company as of June 30, 2022.

Prior to founding Kingsferry, Mr. Chan worked in private equity with The Carlyle Group from 2014 to 2016, and held various investment banking positions with the Bank of America Merrill Lynch from 2011 to 2014. He holds a Bachelor of Science in Business Administration and Bachelor of Science in Accounting from the University of Southern California.