VersaPay Acquires Control of Positive Inc.

VANCOUVER, BC and MONTREAL, PQ – February 14, 2008 – In a move aimed at providing additional value-enhancing payment solutions to Canadian merchants, VersaPay Corporation announced today that it has acquired control of Positive Inc. (“Positive”), a leading provider of wireless point of sale terminals and merchant services in Canada.

Following the closing of the transaction, Positive will operate as a separate subsidiary of VersaPay Corporation.

“We are very excited about working directly with Positive’s team and enhancing the suite of financial transaction products we can offer our merchants,” said Michael Gokturk, CEO of VersaPay Corporation. “Given the tremendous expertise Positive has in the wireless terminal sector and their exceptional credibility and integrity in the industry, we couldn’t be happier to find an acquisition that fits perfectly with our strategy of expanding our service offerings and adding value to merchant relationships.”

“Positive has built an intense infrastructure unparalleled by many competitors and financial institutions,” says Anthony Stapenhurst, President and CEO of Positive. “We have been able to do so by establishing relationships with many vendors from which we are able to offer more products and services to customers to better meet their individual needs. To attain a competitive edge is to enhance the standard products in the market place by tying in more value added programs and services that benefit not only the business owners but the end users as well.”

ABOUT POSITIVE

Positive Inc. is one of Canada’s leading credit and debit card processing companies specializing in wireless POS terminal deployment and injection. With over 1,500 terminals deployed to some of the largest taxi companies in Canada, Positive has grown very quickly since its inception. The company also provides standard merchant accounts to small and medium sized businesses across Canada. The company was established by Anthony Stapenhurst, a CIBC veteran since 1998 and referred to as a pioneer in the deregulated private sector for offering payment solutions to merchants.

ABOUT VERSAPAY

VersaPay provides the hardware, technology, infrastructure and support services that businesses of all types and sizes require to accept credit, debit cards from their consumers or clients. The company also provides value-added payment solutions such as e-commerce solutions, loyalty & gift cards as well as B2B payment platform integration and systems design. VersaPay has offices in Vancouver, Montreal and Calgary. Learn more about VersaPay Corporation at www.versapay.com or by calling 1-866-999-VPAY (8729).