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VersaPay Announces AGM Results

TORONTO, ONTARIO -- (Marketwired) -- 05/29/14 -- VersaPay Corporation (TSX VENTURE: 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 28, 2014.

Shareholders elected Jason Gurandiano (Chairman), Wendy Porter, the Honourable David Peterson, Eleanor Chiu, Brian Kyle, Arthur Mesher, and Craig O'Neill (CEO).

"I would like to thank our shareholders and other attendees for their show of support at this year's AGM," said Jason Gurandiano, Chairman of the Board of VersaPay. "I would also like to officially welcome Art Mesher to VersaPay's Board. Art's business and cloud-computing acumen make him a valuable addition to the Board, especially as VersaPay grows into a leading cloud-based payment technology company."

Officers

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


Craig O'Neill       -  Chief Executive Officer
David Chan          -  Chief Financial Officer and Corporate Secretary
Patrick MacDonald   -  President, POS Solutions
Kevin Short         -  Chief Information Officer
Todd Whiton         -  President, VersaPay Payment Technology Solutions Inc.
                       (USA)

Committees

The Board of Directors appointed its Audit Committee for the coming year, consisting of Brian Kyle (Chair), Wendy Porter, Eleanor Chiu and Art Mesher.

The Company also constituted a new Corporate Governance, Compensation and Nominating Committee for the coming year, consisting of Art Mesher (Chair), Jason Gurandiano, David Peterson and Wendy Porter.

Options

The Company also announces the grant of incentive stock options to various employees of the Company to purchase up to 500,000 common shares in the capital stock of the Company under its share option plan. The options are exercisable at a price of $1.11 per share on or before May 28, 2019, subject to the approval of the TSX Venture Exchange and applicable hold and Company vesting periods.

About VersaPay

VersaPay is a financial technology company that delivers payment solutions for businesses. Serving more than 2,500 customers, VersaPay, together with its partners, provides the hardware, technology, infrastructure and support services to enable businesses of all types to accept and process electronic payments. In addition, the Company's cloud-based invoice presentment and payment platform facilitates the efficient exchange of documents and payments between suppliers and customers. VersaPay is headquartered in Toronto, Canada and has operations in Montreal and New York.

More information about VersaPay can be found at www.versapay.com.

Forward Looking and Other Cautionary Statements

This news release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this news release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology, are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks relating 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 are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward looking statements if these beliefs, estimates and opinions or other circumstances should change.

Neither 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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