VersaPay Corporation
TSX VENTURE : VPY

May 18, 2011 09:51 ET

Flight Network, Canada's Second Most Visited On-Line Travel Site, Selects VersaPay

TORONTO, ONTARIO--(Marketwire - May 18, 2011) -VersaPay Corporation (TSX VENTURE:VPY) ("VersaPay" or the "Company"), a provider of merchant credit, debit and VersaPay EMT solutions, today announced that it has entered into an agreement to provide Flight Network, Canada's second most visited on-line travel site, with credit card processing services. Under the terms of the agreement, VersaPay will provide Flight Network with e-commerce credit card processing solutions.

"We are pleased to be able to further expand our travel industry relationships by partnering with Flight Network," said Patrick MacDonald, President of VersaPay. "We look forward to seamlessly delivering a customized, e-commerce credit card processing solution to one of the leaders in the Canadian travel industry."

Naman Budhdeo, CEO of Flight Network added, "We are very pleased to be working with an organization that has a deep understanding of the travel industry."

Specific terms of the deal were not disclosed.

More information about VersaPay and Flight Network can be found at www.versapay.com and www.flightnetwork.com, respectively.

About VersaPay

VersaPay's financial technology enables businesses and consumers across Canada to accept and process credit, debit and gift card transactions. As a payment services and financial technology company serving more than 2,500 Canadian businesses, VersaPay, in conjunction with its partners, provides the hardware, technology, infrastructure and support services that businesses of all types require to accept and process electronic payments from their consumers and clients.

While its core business is credit card processing services, VersaPay also provides enhanced financial technology solutions such as VersaPay Email Money Transfer – the Company's proprietary Electronic Bill Presentment and Payment solution – which enables merchants and consumers to easily transact with one another.

VersaPay is headquartered in Toronto, Canada and has operations in Vancouver and Montreal.

About Flight Network

Based in Oakville, Ontario and founded in 1998 by current CEO Naman Budhdeo, Flight Network is Canada's second most visited online travel agency. With a staff of over 150 employees Flight Network works tirelessly to offer highly discounted prices for domestic and international airfares as well as hotels, cruises, vacation packages, and car rentals. Customers can book their travel online 24 hours a day, 7 days a week or phone our call center where our travel specialists can help create customized itineraries.

Flight Network has partnerships with leading airlines including Air Canada, WestJet, United Airlines, British Airways and over 100 other airlines around the world as well as an agreement with the Royal Bank of Canada to provide customers with travel insurance. In 2009, the company's rapid growth and success was recognized when CEO, Naman Budhdeo, was a runner-up for the prestigious Ernst & Young Entrepreneur of the Year award. In 2010, PROFIT magazine named Flight Network as one of the 100 fastest growing companies in Canada.

Flight Network has successfully booked and sold over two million airline tickets in Canada, to countless satisfied customers. Last year alone, approximately half the population of Canada visited the company's website at least once.

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.

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