VersaPay Announces Director and Officer Appointments

TORONTO, Aug. 25, 2016 /CNW/ - 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 and New York.

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.

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.

SOURCE VersaPay Corporation

Craig O'Neill, Chief Executive Officer, VersaPay Corporation, 647-258-9378, [email protected]; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-644-5081, [email protected]