VersaPay To Provide Torani With Accounts Receivable Automation Solution

SAN FRANCISCO, CA  and TORONTO, ON, Aug. 10, 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 that R. Torre & Company, maker of the iconic Torani brand flavouring syrups, has chosen VersaPay ARC^TM as the platform to automate its invoice to cash processes.  

"We ship our products all over the globe and are growing rapidly so we have to be progressive in automating processes to keep up with demand. The VersaPay platform allows us to offer our customers self-service options to provide them with greater flexibility to review their account with us and make payments 24/7," said Sylvie Mwila-Jonath, Head of Information Technology at R. Torre & Co.

"The VersaPay platform will provide our accounting team with a better view of our customer accounts and facilitate greater collaboration with our customers", noted David Cannon, Controller at R. Torre & Co. "Our team can receive payments on-line and automatic reconciliation will save us a great deal of time."  

"Torani is a great example of a brand name company that is expanding their business all over the world and we are pleased to be able to support them in their expansion," offered Craig O'Neill, CEO of VersaPay. "By delivering a better way to automate their financial operations, I am confident we will onboard many more manufacturing and distribution companies in the coming months."

About Torani  (R. Torre & Company, Inc.)

R. Torre & Company, Inc., maker of Torani, is a San Francisco based family-owned company that produces flavoring syrups, sauces and blended drink bases. Torani can be added to coffee, espresso beverages, cocktails, soda and other beverages.The R. Torre & Company was founded in 1925 by Rinaldo and Ezilda Torre and is still owned and operated by the Torre family.

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.

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

Image with caption: "VersaPay Corporation (CNW Group/VersaPay Corporation)". Image available at: http://photos.newswire.ca/images/download/20160810_C3222_PHOTO_EN_750610.jpg

For further information: 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]