VersaPay Announces 2018 AGM Results

TORONTO, May 28, 2018 /CNW/ - VersaPay Corporation (TSXV: VPY) ("VersaPay" or the "Company"), today announced that the results of resolutions proposed at its Annual General and Special Meeting of shareholders held on May 28, 2018.

Shareholders elected returning directors, Art Mesher (Chairman), Mark Kohler, Sheldon Pollack, and Craig O'Neill (CEO), as well as two new directors, Brandon Nussey and David Dobson.

Brandon Nussey – Mr. Nussey has almost 20 years of experience as a technology executive. From 2000 to 2007, he was in a series of roles with increased responsibility at The Descartes Systems Group, ultimately being appointed as the Chief Financial Officer in 2003. He helped lead a turnaround of the business that resulted in significant operational improvement and numerous industry awards. After serving as an Executive in Residence at Communitech, helping early stage companies in all aspects of their business, Mr. Nussey joined as Chief Financial Officer and member of the Board of Directors of D2L Inc (formerly Desire2Learn), a SaaS based education technology provider where he held that role for eight years. He led the company through hyper-growth and drove the company's growth financing of $165 million. Currently, Mr. Nussey is Chief Financial Officer of Lightspeed POS Inc., a cloud-based Point of Sale solution provider, leading the company's finance, legal, human resources, data and IT teams. Mr. Nussey is also Treasurer and a Board member of the Loran Scholars Foundation, one of Canada's most prestigious scholarship programs, and named one of the Financial Post's Top Charities in Canada.

David Dobson – Mr. Dobson joined Digitl River in February 2013 as the company's Chief Executive Officer. Digital River currently operates as a private company, being acquired by Siris Capital for US$850 million in 2015, representing a more than threefold increase in enterprise value. Prior to his current role, Mr. Dobson served as executive vice president and group executive at CA Technologies Inc. His team had responsibility for a US$4 billion P&L. Prior to joining CA Technologies, Mr. Dobson served as president of Pitney Bowes Management Services (PBMS), a $1 billion revenue division of Pitney Bowes Inc. Previously, Mr. Dobson was chief executive officer of Corel Corporation, a $300 million global provider of leading software titles, including CorelDraw, WordPerfect and WinZip. During his three years at Corel, the company grew revenue 20% year over year, completed three successful acquisitions, and increased profits by more than 30% each year. In 2006, he was instrumental in leading the company's successful initial public offering. During Mr. Donson's leadership at Corel, the company's market value increased more than six times. Before joining Corel in 2005, David spent 19 years at IBM, where he held a number of senior management positions, including Corporate Vice President, Emerging Business Opportunities, and General Manager, IBM Printing Systems Division. He was a member of IBM's Senior Leadership Team and is a member of the board of directors of John Wiley & Sons.

Shareholders also voted in favour of the other resolutions put before the meeting, including the appointment of KPMG LLP and the replenishment of the number of common shares available for issuance upon the exercise of options issued under the Company's option plan.

The Company also announced the reappointment of its current senior officer team, consisting of:

Craig O'Neill, Chief Executive Officer;
Shouvik Roy, Chief Financial Officer;
Eddie Chan, Chief Technology Officer;
Geoff Coutts, Vice President, Sales; and
John McLeod, Vice President, Marketing.

About VersaPay

VersaPay is a Fintech company and leading provider of cloud-based invoice-to-cash solutions, enabling businesses to provide a superior customer experience, get paid faster, streamline financial operations, and dramatically reduce DSO and costs. VersaPay ARC is the new standard in accounts receivable and collections management with a customer self-service environment to view invoices online, collaborate on inquiries and disputes, and facilitate secure online payments (ETF/ACH and credit card). Businesses gain access to a suite of powerful tools that enable efficient collections, cash application and real-time insight into accounts receivable. VersaPay ARC automatically reconciles payments and account information through integrations with a wide range of ERPs and accounting software providers.

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.

SOURCE VersaPay Corporation

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