29 May

VersaPay Announces 2017 AGM Results

Toronto, Ontario – May 29, 2017 – VersaPay Corporation (TSXV: VPY) (“VersaPay” or the “Company”), a leading provider of cloud-based invoicing, accounts receivable management and payment solutions, is pleased to announce the election of its board of directors from its Annual General and Special Meeting of Shareholders, held on May 26, 2017.

Shareholders elected Art Mesher (Chairman), Eleanor Chiu, Timothy Stanley, Mark Kohler, Sheldon Pollack and Craig O’Neill (CEO).

Mark Kohler has served as an advisor or a Board member for some of Canada’s leading public and private company Boards, and is respected for his strategic and governance expertise, particularly with growth, and acquisition oriented technology enterprises. He is currently the Chairman and CEO of Exelerate Capital (Toronto), a strategic and capital advisory firm that provides corporate finance, M&A, IT strategy and governance/risk/compliance services to healthcare, technology, and financial services, organizations, and private equity funds in North America. He is a CPA, CA, and Certified Director, having obtained his ICD.D designation from the Institute of Corporate Directors and the Rotman School of Management at the University of Toronto.

Sheldon Pollack has served as Chief Executive Officer and Vice-Chairman of OnX Enterprise Solutions Ltd since 1983, which he also co-founded. He has been an active investor, Board member and advisor to a number of early stage technology based organizations. He was highlighted as one of Canada’s Top Entrepreneurs in Alan Gould’s book ‘The New Entrepreneurs’. In 2000, he was named as a finalist for the Canadian Entrepreneur of the Year awarded by Ernst & Young. Mr. Pollack attended the University of Western Ontario.

Wendy Porter, The Honourable David Peterson and Brian Kyle have decided to retire from the Board. “On behalf of the Board of Directors and everyone at VersaPay, I want to sincerely thank Wendy, David and Brian for all of their efforts on behalf of the Company and wish them well in their future endeavors,” stated Craig O’Neill.

Officers

The Company also announces the re-appointment of its current senior officer team, consisting of:

Craig O’Neill Chief Executive Officer
Harp Gahunia Chief Financial Officer
Matthew Roby Chief Technology Officer
Geoff Coutts Vice President, Sales
John McLeod Vice President, Marketing

 

Committees

The Board of Directors reappointed its Audit Committee for the coming year, consisting of Mark Kohler (Chair), Eleanor Chiu and Sheldon Pollack.

The Company also reappointed its Corporate Governance, Compensation and Nominating Committee for the coming year, consisting of Sheldon Pollack (Chair), Mark Kohler and Timothy Stanley.

Options

The Company also announces the grant of incentive stock options to directors of the Company to purchase up to 225,000 common shares in the capital stock of the Company under its share option plan.  The options are exercisable at a price of $1.39 per share on or before May 26, 2022, subject to the approval of the TSX Venture Exchange and applicable hold and Company vesting periods.

About VersaPay

VersaPay is a leading cloud-based invoice presentment and payment provider for businesses of all sizes. VersaPay’s ARC software-as-a-service offering allows businesses to easily deliver customized electronic invoices to their customers, to accept credit card and EFT payments and automatically reconcile payments to their ERP and accounting software.

More information about VersaPay can be found on the Company’s website at www.versapay.com or under the Company’s profile on SEDAR at www.sedar.com

For additional information, please contact:

John McLeod
Vice President, Marketing
VersaPay Corporation
647-258-9406
[email protected]
Babak Pedram
Investor Relations
Virtus Advisory Group Inc.
416-644-5081
[email protected]

Forward Looking and Other Cautionary Statements

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans,” “expects,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved.

These forward-looking statements, and any assumptions upon which they are based are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position.

Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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