TORONTO, ONTARIO--(Marketwire - May 28, 2012) - VersaPay Corporation (TSX VENTURE:VPY) ("VersaPay" or the "Company"), a leading provider of Electronic Invoice Presentment and Payment ("EIPP") solutions, is pleased to welcome Eleanor Chiu to its board of directors. Ms. Chiu was elected to join the current board at the Company's Annual General and Special Meeting (the "Meeting") held on May 23, 2012.

Eleanor Chiu brings more than twenty years of financial and accounting expertise to the board of VersaPay. She has been the Chief Financial Officer of Trico Developments Corp. and Trico Homes since 1998. Prior to that, she was with Nova Corporation of Alberta from 1990 to 1998, reaching the position of Senior Financial Accountant. She has sat on the Board of Governors of Mount Royal University since 2011. Ms. Chiu has been a Chartered Accountant since 1990, and began her career at KPMG. She also holds a Bachelor of Commerce from the University of Calgary.

"We are very pleased to have someone of Eleanor's caliber joining VersaPay's board of directors," said Jason Gurandiano, VersaPay's Chairman. "In addition to the governance benefits that Eleanor brings to the Company, her understanding of the challenges that financial leaders face will be invaluable as we continue to develop our EIPP product."

Ms. Chiu joins the existing board of directors of the Company, all of whom were re-elected at the Meeting. In addition, all resolutions that were put to shareholders passed (please see the Company's information circular which was filed on SEDAR on April 25^th, 2012, for a complete description of those resolutions).

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 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 Vancouver.

More information about VersaPay can be found at [ www.versapay.com ].

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.

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