TORONTO, ONTARIO (Apr 26, 2013) - VersaPay Corporation (TSX VENTURE:VPY) (“VersaPay” or the “Company”), a provider of merchant credit and debit card payment processing services (“POS Merchant Services”) and proprietary, cloud-based financial technology Solutions (“VersaPay Solutions”), today announced its financial and operational results for the year ended December 31, 2012. All amounts are in Canadian dollars unless otherwise noted.
Fiscal 2012 Highlights
- Grew year over year revenues by 11% and grew recurring revenues by 13%
- Adjusted EBITDA(1)was $(0.9) million, as the Company continued investing in its VersaPay Solutions financial technology business
- Total processing volumes exceeded $1 billion
- Launched the electronic invoicing feature on its proprietary platform, creating a cloud-based electronic invoice presentment and payment solution for businesses
- Announced strategic marketing partnership with MasterCard International Incorporated to increase MasterCard volumes in the B2B market.
Q4 and Fiscal 2012 Financial Summary(2)
|Three months ended, December 31||Year ended, December 31|
|Recurring Revenues (3)||$4.1M||$3.7M||$16.8M||$14.9M|
|Non-recurring revenue (4)||$0.02M||$0.02M||$0.07M||$0.2M|
|Cash Operating Expenses (5)||$1.2M||$1.0M||$4.4M||$3.6M|
|Adjusted EBITDA (1)||$(0.3)M||$(0.2)M||$(0.9)M||$(0.4)M|
|December 31, 2012|
“We achieved a number of important milestones in 2012,” said Bill McGill, CEO of VersaPay. “Among other accomplishments, we renewed our processing agreement with Chase Paymentech, entered into a strategic marketing relationship with MasterCard International Incorporated and released critical features on our proprietary platform.” Mr. McGill continued, “Our … Read more