XTM Inc. Announces Change of Auditor From RSM Canada LLP to MNP LLP

XTM Inc. (“XTM” or the “Company”) (QB:XTMIF / CSE:PAID / FSE:7XT), a Miami and Toronto-based Fintech creator of disruptive payment innovations including fully certified Earned Wage Access through its QRails AnyDay product, announces that it has changed its auditors from RSM Canada LLP (“Former Auditor”) to MNP LLP (“Successor Auditor”) effective June 30, 2023.

At the request of the Company, the Former Auditor resigned as the auditor of the Company effective June 30, 2023 and the Company’s board of directors, on the recommendation of its Audit Committee, appointed the Successor Auditor, MNP LLP, as the Company’s auditor effective June 30, 2023, until the next annual or special meeting of the Company’s shareholders. The Successor Auditor had previously acted as the Company’s auditor, prior to the appointment of the Former Auditor.

There were no reservations in the Former Auditor’s audit reports for any financial period during which the Former Auditor was the Company’s auditor. The Company confirms that there were certain “reportable events” (as the term is defined in National Instrument 51-102 - Continuous Disclosure Obligations (“NI 51-102”)) between the Company and the Former Auditor in respect of which the Company disagreed and the Former Auditor was unable to reach a conclusion as to the respective matter’s implications before June 30, 2023. Please refer to the letter from the Former Auditor for further information respecting such reportable events.

The Company, as well as its board of directors and audit committee, disagree with the reportable events set out by the Former Auditor and are of the view that the Former Auditor was unable or unwilling to complete the audit of the Company’s annual financial statements prior to the Former Auditor’s resignation in accordance with its mandate. The Company has discussed the reportable events with the Successor Auditor and does not believe that any of the reportable events will cause a qualified opinion in respect of the Company’s financial statements, when filed.

In accordance with NI 51-102, the notice of change of auditor, together with the required letters from the Former Auditor and the Successor Auditor, have been reviewed by the Company’s Audit Committee and filed on SEDAR.

The Company is confident that the Annual Documents and Interim Documents will be filed within ten days, as the Success Auditor has been engaged and has nearly completed all required steps in respect of the audit of the Annual Documents.