10 January

VersaPay Receives Shareholder Approval for Sale of Merchant Services Business

TORONTO, Jan. 10, 2017 /CNW/ – 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 that the previously announced sale of its Merchant Services portfolio to BluePay Canada, ULC (“BluePay”) (the “Transaction”) has been approved by the holders of common shares of VersaPay (“Shareholders”). Shareholders approved the Transaction at the Special Meeting of Shareholders on January 10, 2017, with 99.53% voting in favour, well surpassing the 66.67% necessary to approve the Transaction. The Company has also received conditional approval from the TSX Venture Exchange for the Transaction.

“We would like to thank our shareholders for their support in backing the company’s strategy to pursue the extensive market opportunity for A/R automation,” commented Craig O’Neill, CEO of VersaPay. “The sale of our Merchant Services business gives us the focus and funding required to realize the potential of the A/R automation opportunity and we are very pleased that VersaPay shareholders are aligned with this plan.”

Additional information regarding the terms of the Transaction are set out in VersaPay’s management information circular dated December 9, 2016, which is available under VersaPay’s profile on SEDAR at www.sedar.com.

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. VersaPay is
headquartered in Toronto, Canada and also has operations in Montreal.

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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