Payfirma Independent Directors respond to false and disparaging allegations by Michael Gokturk

VANCOUVER, Sept. 20, 2017 /CNW/ - Messrs. Lance Tracey, Marc Levy and Roger Hardy (the "Independent Directors"), independent directors of Payfirma Corporation ("Payfirma" or the "Company"), wish to correct the misstatements made in a news release issued today by Michael Gokturk, CEO of Payfirma.

Mr. Gokturk has publicly disseminated information relating to the Independent Directors that is false, misleading and disparaging. The Independent Directors have collectively invested approximately $3.5 million in cash into Payfirma and have a proven track record of creating significant shareholder value for the companies they have supported and led.  Collectively, the Independent Directors are responsible for returns to shareholders in excess of over $1.5 billion over their careers through a variety of successful monetization transactions. The Independent Directors have provided significant guidance and leadership to the growth and advancement of Payfirma over the last six years.

In contrast, Mr. Gokturk, together with Messrs. John Rante and Ryan Holmes, have brought negligible value to Payfirma. Furthermore, Messrs. Gokturk and Holmes have made no actual cash investments in the Company. The transaction mentioned by Mr. Gokturk in his disparaging news release is not a "liquidity transaction" and does not provide a venue for shareholders to trade their shares on a stock exchange. The proposed transaction was carefully evaluated by a Special Committee of the Board of Directors who determined such transaction to be grossly inadequate and outside of customary market terms. As an alternative, the Independent Directors have presented various funding options to support the continued growth of Payfirma pending the identification of a suitable liquidity transaction. These funding options have been mischaracterized by Mr. Gokturk as being a form of "self-dealing" and "entrenchment" despite being specifically designed to be fair to all shareholders.

The Independent Directors are committed to making Payfirma a success. Their interests are aligned with the other shareholders. Mr. Gokturk together with Messrs. Rante and Holmes, have attempted to block the Board of Directors from conducting its business and attempted to circumvent the authority and mandate of the Board and the Special Committee. The Company is not in a distressed situation, as Mr. Gokturk would have shareholders believe. Instead, with proper strategic planning, the Company should be able to position itself to complete a liquidity transaction on terms satisfactory to a vast majority of the shareholders, rather than a dilutive transaction with a private company that would erode shareholder value.

Mr. Gokturk is not giving shareholders the full story. The Independent Directors will be correcting the public record and refuting the claims made by Mr. Gokturk in due course. We look forward to further communications with our fellow shareholders.

Submitted by:
Lance Tracey
Marc Levy
Roger Hardy

SOURCE Lance Tracey, Marc Levy, Roger Hardy