TORONTO, ONTARIO — (Marketwired) — 09/12/13 — VersaPay Corporation (TSX VENTURE: VPY) (“VersaPay”), a leading provider of cloud-based financial technology solutions, announced today that it has given an accelerated expiry notice to holders of Warrants that were issued in connection with a private placement of notes that closed on December 21, 2010.
VersaPay has exercised its right to abridge the expiry date to 5:30 pm (Vancouver time) on the date that is thirty days from the date on which holders of Warrants received notification of the acceleration of the expiry date (the “Expiry Date”), which will be on or about October 11, 2013. The notice affects 702,000 Warrants with an exercise price of $0.75. Any of the foregoing accelerated Warrants not exercised prior to the accelerated Expiry Date will expire without any further action being taken.
To exercise their Warrants, Warrant holders must comply with the terms of the Warrant certificates, which include the delivery to the Company of (a) the original Warrant certificate, (b) a completed and executed Subscription Form (which is attached to the Warrant certificate), and (c) due payment of the exercise price, all by no later than 5:30 pm (Vancouver time) on the Expiry Date.
About VersaPay
VersaPay is a financial technology company that delivers payment solutions for businesses. VersaPay, together with its partners, provides the hardware, technology, infrastructure and support services to enable businesses of all types required to accept and process electronic payments. In addition, the Company-s proprietary electronic invoice presentment and payment platform facilitates the efficient exchange of documents and payments between suppliers and customers. VersaPay has operations in Toronto, Montreal and Long Island, NY.
More information about VersaPay can be found at .
Forward-Looking and Other Cautionary Statements
This news release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company-s current expectations. When used in this news release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology, are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks relating 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 are made based on management-s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward looking statements if these beliefs, estimates and opinions or other circumstances should change.
Neither 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.
Contacts:
VersaPay Corporation
Jeff Sheremeta
General Counsel
1-778-386-0911
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