Apr 30, 2010

VersaPay year-end results show strong growth

VANCOUVER--VersaPay Corporation, a provider of merchant credit, debit, gift and loyalty card payment processing solutions, today announced its financial and operational results for the 12-month period ended December 31, 2009. All amounts are reported in Canadian dollars unless otherwise stated.

2009 Operational Highlights
- Grew number of merchant customers 100% from 1,185 in 2008 to 2,370 in 2009
- Increased total gross transaction value processed 75% from $231 million in 2008 to $404 million in 2009
- Monthly gross transaction value processed was $42 million for December 2009
- Named "Fastest Growing Company" on PROFIT magazine's 2009 Hot 50 list
- Named "Top Emerging Growth Company" by PROFIT magazine

"We are very pleased with the financial and operational progress we made in 2009, all of which culminated in our $3.5 million financing and public listing, completed immediately subsequent to year-end," said Michael Gokturk, CEO VersaPay. "Driven by the success of our sales force, the strengthening of our brand and our ability to effectively leverage our channel partnerships, we significantly grew our number of merchant customers and recurring revenue base. As a result, total revenue increased 63%. During the year, we also invested in the business to establish the necessary infrastructure, in terms of people, partnerships, technology and cross-Canada reach, to support our long-term growth."

Mr. Gokturk continued: "There are currently an estimated 700,000 merchants in Canada, representing approximately $350 billion in gross credit and debit card transactions processed annually. Our success to date demonstrates that a large proportion of these merchants are seeking more cost-effective, reliable, end-to-end payment processing solutions. In 2010, we plan to leverage the investments we have made in the business to drive continued growth. We will work to extend our reach into new industry segments, continue to penetrate the Canadian market and launch new products to enhance our suite of payment processing solutions."

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 payment processing services, VersaPay also provides enhanced financial technology solutions such as VersaEFT - the Company's proprietary Electronic Bill Presentment and Payment solution - which enables merchants and consumers to easily transact with one another.

The Company was recognized by PROFIT Magazine as Canada's Top Emerging Growth Company and was ranked Number 1 in Canada on the 2009 HOT 50 List. VersaPay is headquartered in Vancouver, Canada and has operations in Toronto and Montreal. To learn more about VersaPay, visit http://www.versapay.com.

 

 

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