XTM Issues Update on Financial Statements Status

XTM Inc is providing an update regarding its previously announced management cease trade order (the “MCTO”) granted by the Ontario Securities Commission (the “OSC”) under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”).

Under the MCTO, the Corporation’s CEO, Marilyn Schaffer, and CFO, Swapan Kakumanu, are prohibited from trading in the Corporation’s securities until XTM files its annual audited financial statements, annual management’s discussion and analysis, and related certifications for the year ended December 31, 2023 (collectively, the “Required Documents”), and the OSC revokes the MCTO.

The MCTO does not restrict other shareholders from trading their securities.

XTM has not yet filed the Required Documents but is working diligently with its auditors and expects to file them as soon as possible. The delay is related to audit procedures and a quality review to support reliance on third-party service organizations.

XTM also confirms its intention to comply with the provisions of NP 12-203 by issuing bi-weekly default status reports as long as they remain in default of the financial statement filing requirement. These reports will contain any material changes to the information in this release, actions taken by XTM to remedy the default, particulars of any failure by the Corporation to fulfill these provisions, any subsequent defaults requiring a default announcement, and any other material information concerning the Corporation’s affairs not previously disclosed.

About XTM

XTM, with offices in Miami, Toronto, Denver, and London, is a Fintech innovator of payment solutions, including the fully certified Earned Wage Access through its AnyDay™ product. XTM supports businesses in the hospitality, personal care, and services staffing industries, providing on-demand pay for major brands including Earls, Maple Leaf Sports & Entertainment, Cactus Club, Marriott Hotels, and Live Nation. QRails, a fully-owned subsidiary of XTM, is a cloud-based, API-driven issuer-processor that enables payroll providers, financial institutions, and global fintech companies to deliver innovative digital payment solutions. QRails’ flagship solution, AnyDay™, is the first provider to own its full tech stack powering their Earned Wage Access solution. Founded in 2016, QRails, Inc., along with its U.K. subsidiary QRails Limited, is SAP-certified and holds several industry certifications under PCI DSS and SOC. For more information, please visit www.QRails.com.

The CSE has neither approved nor disapproved the contents of this press release and does not accept responsibility for its adequacy or accuracy.

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