VersaPay Corporation

VersaPay Corporation

August 29, 2013 08:45 ET

VersaPay Announces Senior Management Change

TORONTO, ONTARIO--(Marketwired - Aug. 29, 2013) - VersaPay Corporation (TSX VENTURE:VPY) ("VersaPay"), a leading provider of cloud-based financial technology solutions, today announced that CEO, Bill McGill has resigned and will be leaving the Company, effective August 31, 2013. Mr. McGill will remain on VersaPay's Board of Directors. Mr. McGill will be replaced by software veteran Craig O'Neill.

"On behalf of the Board, we thank Bill for his dedication to VersaPay and his valuable contributions to the Company," said Jason Gurandiano, VersaPay's Chairman. "Bill led the company through a critical period in its development and leaves VersaPay with the key foundational pieces in place to create significant value for shareholders. We are pleased that he has agreed to stay on the board of VersaPay to ensure an orderly CEO transition."

Mr. Gurandiano continued, "We are very fortunate to have attracted a replacement of Craig O'Neill's caliber. Having grown Xeye and achieved a successful exit for shareholders, Craig brings a deep understanding of how to build a successful software business."

Mr. O'Neill added, "As a software entrepreneur I see in VersaPay all of the elements of success: a unique software platform in an exciting market segment, a great team and partnerships that have the potential to drive significant growth. I'm excited to be joining the VersaPay team and to lead the company through its next phase of growth."

Craig O'Neill Bio

Craig O'Neill was the co-founder and CEO of Xeye and the driving force behind its flagship WealthManager product. In this role, Craig directed the company's growth of over 40% per year and ultimate sale to Odyssey Financial Technologies. Subsequent to the sale of Xeye, Craig remained with Odyssey as President of Odyssey Financial Technologies, North America and SVP of Corporate Development. After the sale of Odyssey to the Temenos Group, Craig became SVP WealthManager Strategy and Development.

Craig has a Bachelor of Science in Computer Science, Math and Economics from the University of Toronto.

About VersaPay Corporation

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 require 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.

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