TORONTO, July 23, 2015 /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 it has reached its 20 customer mark with VersaPay ARC, its flagship accounts receivable solution. This is a significant milestone for the Company as it highlights the inherent need in the market for AR automation and in parallel, underscores that VersaPay's value proposition resonates with prospective clients and the market at large.
"We are continuing to finalize new customer agreements in line with our 2015 plan", commented Craig O'Neill, VersaPay's CEO. "As we reach stride, it is exciting for all of us here at VersaPay to see our sales momentum building, especially in the U.S. which now accounts for approximately half of our customers. There is a vast market available to us and by securing these initial 20 customers, we are well on our way to establishing a strong base of early adopters that will lead the way for mainstream customers."
VersaPay's AR solution is applicable to a broad range of vertical markets and companies of all sizes, however, the Company is focusing the majority of its current efforts on marketing and selling to medium and large companies in Media, Trucking & Logistics, and Commercial Real Estate. This means resources are deployed efficiently while enabling employees to develop deep expertise in these respective markets. As the Company continues to gain significant traction in both the U.S. and Canada, through its direct sales efforts, it will proactively leverage these wins to expand in the target verticals.
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 has operations in Montreal and New York.
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.
SOURCE VersaPay Corporation
For further information: David CW Chan, Chief Financial Officer, VersaPay Corporation, 647-258-9475, [email protected]; 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]