TORONTO, July 17, 2015 /CNW/ - VersaPay Corporation (TSXV: VPY) ("VersaPay" or the "Company"), a leading provider of cloud-based invoicing, accounts receivable management and payment solutions, today announced a change to the Company's US strategy and staffing. Based on the Company's recent success with medium to large US suppliers, management has decided to focus its efforts on direct sales in the US marketplace. As the sales organization is managed from Toronto, the US office will be closed, and Todd Whiton, the President of VersaPay's US subsidiary, VersaPay Payment Technology Solutions Inc., will leave the Company effective immediately.
"On behalf of the Company, I want thank Todd for his contributions and wish him success in his future endeavours," said Craig O'Neill, Chief Executive Officer of the Company. "In keeping with the increasing traction we are seeing in direct sales to our target vertical markets, we have decided to intensify our focus in these areas for the remainder of this year. This change will allow us to better align our resources and marketing investments to where our best opportunities are, opportunities in trucking and logistics, media and commercial real estate.
"Even though we are closing our US office, rest assured that our commitment to the US market remains unchanged," continued Mr. O'Neill. "US customers will continue to represent 90% of our marketing and sales focus, and this change will allow us to put more resources into our sales efforts."
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.
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]; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-644-5081, [email protected]