VersaPay Announces Management Transition

/NOT FOR DITRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

TSXV: VPY

TORONTO, May 27 /CNW/ - VersaPay Corporation (the "Corporation") announces that the board of directors has replaced Michael Gokturk as Chief Executive Officer with Bill McGill as Acting Chief Executive Officer. Mr. McGill was formerly the Chief Financial Officer of the Corporation.

Michael was a founder of the Corporation and contributed to its strong growth and success. The Board would like to thank Michael for his service.

Prior to joining VPY, Bill McGill was with TD Securities for 11 years, where he was a Managing Director in both investment banking and equity proprietary trading. Bill has an MBA from Queen's University and a BA (economics) from the University of Western Ontario. He is on the Advisory Board of the Power to Be Adventure Therapy Society and the Charitable Council of the Pediatric Oncology Group of Ontario.

About the Corporation

VersaPay's financial technology enables businesses and consumers across Canada to accept and process credit, debit and gift card transactions. As a payment services and financial technology company serving more than 2,500 Canadian businesses, VersaPay, in conjunction with its partners, provides the hardware, technology, infrastructure and support services that businesses of all types require to accept and process electronic payments from their consumers and clients.

While its core business is payment processing services, VersaPay also provides enhanced financial technology solutions such as VersaEFT - the Company's proprietary Electronic Bill Presentment and Payment solution - which enables merchants and consumers to easily transact with one another.

The Company was recognized by PROFIT Magazine as Canada's Top Emerging Growth Company and was ranked Number 1 in Canada on the 2009 HOT 50 List. VersaPay is headquartered in Toronto, Canada and has operations in Vancouver and Montreal.

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

%SEDAR: 00029483E

For further information: please see the Corporation's corporate profile on SEDAR at www.sedar.com or contact: Bill McGill, Acting Chief Executive Officer, VersaPay Corporation, Tel: [phone], Fax: [phone]