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Versapay Announces Director and Officer Appointments

Published on 4 min read

TORONTO, Aug. 25, 2016 - Versapay Corporation (TSXV: VPY) ("Versapay" or the "Company"), is pleased to announce the appointment of Tim Stanley to its Board of Directors (the "Board") effective immediately, subject to regulatory approval.

"We are delighted that Tim is joining our board of directors today," said Art Mesher, Versapay Chairman. "Tim's experience building software companies and developing third-party sales channels is very timely for the Company, and will enable him to bring valuable insight and advice to the Board and the management team."

Tim Stanley, SVP & Country Manager of BackOffice Associates Canada, continues to be recognized as an industry expert in Enterprise Software, Cloud Applications, and Data Management. During his leadership tenure with Informatica from 1999 to 2008, he was involved in over 100 major Technology projects across Canada's largest companies.

Over his career, Tim has worked with senior IT and Business executives as an advisor or supplier of Enterprise software solutions. Tim founded Broadstreet Data in 2008, a boutique consultancy offering complex Data Management and Analytic Solutions for major North American companies. After Broadstreet Data was acquired by NexJ Systems in 2012, Tim joined the Senior Leadership Team of CPM start-up Vena Solutions to drive growth in Consulting Services. Prior to joining Versapay, Tim had been a Board Member of Symbility Solutions and held Advisory Board roles for Cortex Business Solutions and Giftagram. Tim holds an MBA from The Richard Ivey School of Business. Versapay is also pleased to announce the appointment of Matthew Roby as Chief Technology Officer of the Company effective immediately, subject to regulatory approval.

"I'm very pleased to welcome Matthew to our team," said Craig O'Neill, CEO of Versapay. "As our software advances and our development team grows Matthew brings the technology leadership we need to ensure we remain innovative and responsive as our customer list expands."

With over 15 years' experience in technology solutions, Matthew Roby has executed technology and product strategies for some of the world's largest companies including Volvo, GE and Toshiba. Matthew's experience in developing world-class software and rapidly scaling global teams and technology platforms will be an important factor in the Company's next stage of growth. Additionally, the Company is pleased to announce the appointment of Harp Gahunia as Chief Financial Officer, who was previously serving as Interim Chief Financial Officer of the Company.

The Company also announces that it has granted an aggregate of 425,000 incentive stock options to purchase common shares of the Company under its stock option plan to certain officers and directors of the Company. The options are exercisable at a price of $1.19 per share on or before August 24, 2021, subject to the approval of the TSX Venture Exchange and applicable hold and 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. Versapay is headquartered in Toronto, Canada and also has operations in Montreal.

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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