TORONTO, Nov. 5, 2019 /CNW/ - VersaPay
Corporation (TSXV: VPY) ("VersaPay"), a leading provider
of cloud-based invoice-to-cash solutions including electronic
invoice presentment and payment, automated accounts receivable,
cash application and collections management, is pleased to announce
the closing of a credit facility with National Bank of Canada's Technology and Innovation Banking
Group ("NBC"). The facility consists of a $4.0 million revolving credit facility (the
"Facility") which matures in April
2021, extendable thereafter.
"I'm pleased we've been able to put this facility in place with
a great partner like NBC," said Craig
O'Neill, Chief Executive Officer. "It's an efficient way to
optimize our working capital and a testament to the growth we've
achieved in our recurring revenues from ARC."
"As an active member in Canada's innovation ecosystem, National Bank
is pleased to partner with VersaPay, a leading provider of
cloud-based payments solutions," said David
Looi, Senior Director with NBC's Technology and Innovation
Banking Group. "With over 20 years of experience helping companies
like VersaPay, our team offers support, advice and financial
services tailored to the needs of technology businesses from
start-up through to maturity."
The Facility is secured by assets of VersaPay and its US
subsidiary, which primarily consists of intellectual property and
accounts receivable. The proceeds of the Facility will be
used for general corporate and working capital purposes.
Pursuant to the agreed upon conditions of the Facility, the
Company can draw down funds as required based on a multiple of the
monthly recurring revenue ("MRR") of its ARC software
product. Pricing is set at the Prime Rate plus 2.0% per annum
for the Facility, and contains customary financial and restrictive
covenants.
About VersaPay
VersaPay is a Fintech company and leading provider of
cloud-based invoice-to-cash solutions, enabling businesses to
provide a superior customer experience, get paid faster, streamline
financial operations, and dramatically reduce DSO and costs.
VersaPay ARC is the new standard in accounts receivable and
collections management with a customer self-service environment to
view invoices online, collaborate on inquiries and disputes, and
facilitate secure online payments (EFT/ACH and credit card).
Businesses gain access to a suite of powerful tools that enable
efficient collections, cash application and real-time insight into
accounts receivable. VersaPay ARC automatically reconciles payments
and account information through integrations with a wide range of
ERPs and accounting software providers.
More information about VersaPay is available at
www.versapay.com or under the Company's profile on SEDAR at
www.sedar.com.
Forward Looking and Other Cautionary Statements
This news release contains "forward-looking information" which
may include, but is not limited to, statements with respect to the
activities, events or developments that the Company expects or
anticipates will or may occur in the future. Such forward-looking
information is often, but not always, identified by the use of
words and phrases such as "plans," "expects," "is expected,"
"budget," "scheduled," "estimates," "forecasts," "intends,"
"anticipates," or "believes" or variations (including negative
variations) of such words and phrases, or state that certain
actions, events or results "may," "could," "would," "might" or
"will" be taken, occur or be achieved.
These forward-looking statements, and any assumptions upon which
they are based, are made in good faith and reflect our current
judgment regarding the direction of our business. Management
believes that these assumptions are reasonable. Forward-looking
information involves known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking information. Such factors include, among
others, risks related 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 contained herein are made as of the
date of this news release and the Company disclaims any obligation
to update any forward-looking statements, whether as a result of
new information, future events or results, except as may be
required by applicable securities laws. There can be no assurance
that forward-looking information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information.
Neither the 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.
SOURCE VersaPay Corporation
