SAN ANTONIO, TX and TORONTO, April 6, 2016 /CNW/ - VersaPay Corporation (TSXV: VPY) ("VersaPay" or the "Company"), a leading provider of cloud-based invoicing, accounts receivable management and payment solutions, today announced its newest customer, The Erb Group of Companies (Erb). Erb, which provides trucking and distribution services throughout Canada and the US, selected VersaPay to support its rapidly growing business and its commitment to maintaining a leadership position.
"The growth we have enjoyed as a company stems from our commitment to continually search for new and better ways of doing things, coupled with our relentless focus on providing a great customer experience," stated Irene Holdbrook, VP of Finance at Erb. "We are in a highly competitive market with thin margins so implementing process enhancements such as AR automation will reduce our processing time and costs. Additionally we expect to reduce our Days Sales Outstanding (DSO) as a result of automatically following up with customers and avoiding the need to resend invoices and proof-of-delivery documentation."
"We are delighted that Erb has selected Versapay ARCTM. As a leader in trucking in North America, other companies watch Erb to better understand market trends and opportunities," noted Craig O'Neill, CEO at VersaPay. "As more trucking and distribution companies choose VersaPay ARC it is becoming clear that automating AR will be a standard requirement for supply chain companies in the not-so-distant future and we are intent on leading the charge."
About The Erb Group of Companies
The Erb Group of Companies developed from a one-man company in 1959 to one that currently employs over 1,300 employees and 140 owner/operators. This family-owned business' reputation has been built on Service, Satisfaction and Success. "The dedication and expertise of our employees and owner operators has enabled us to expand and develop far beyond our original dream," says Vernon Erb, founder of The Erb Group of Companies. Today over 1,800 companies rely on the Erb Group of Companies for the delivery of time and temperature-controlled products to over 24,000 consignees. To anticipate and meet our customers' needs, we offer over 700 power units and 1000 refrigerated trailers.
The Erb Group of Companies now includes the original company - Erb Transport Limited, a less-than-truckload (LTL) and truckload transportation and distribution company, with terminals in 6 Ontario cities as well as 1 in Quebec and 1 in Manitoba – Baden, North Bay, Ottawa, Thunder Bay, Toronto, Trenton, Montreal and Winnipeg. Erb International Inc. is primarily a truckload operation covering 48 American states, from our terminals in Canada. Erb Transport Inc. in Elverson, Pennsylvania is a regional truckload carrier serving the mid-Atlantic region of the U.S. K-DAC Enterprises which services Ontario and Western Canada in both the expedite and truckload markets.
For further information, please visit www.erbgroup.com
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.
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.
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.
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SOURCE VersaPay Corporation
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For further information: John McLeod, Vice President, Marketing, VersaPay Corporation, 647-258-9406, firstname.lastname@example.org; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-644-5081, email@example.com