TORONTO, Feb. 14, 2020 /CNW/ - VersaPay
Corporation (TSXV: VPY) (the "Company" or
"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 that at a special
meeting of its shareholders (the "Meeting") held today, its
shareholders ("Shareholders") overwhelmingly approved the
proposed acquisition by 1233518 B.C.
Ltd., an affiliate of Great Hill Partners, of all of the issued and
outstanding common shares of the Company ("VersaPay Shares")
by way of a statutory plan of arrangement under the Canada
Business Corporations Act (the "Arrangement"). Pursuant
to the Arrangement, each Shareholder will receive cash
consideration of C$2.70 for each
VersaPay Share held.
Of the votes cast at the Meeting, a total of
25,221,117 VersaPay Shares were voted in favour of the
Arrangement, representing approximately 99.90% of the votes cast on
the special resolution approving the Arrangement. In addition, a
total of 24,315,917 VersaPay Shares, representing
approximately 99.89% of the votes cast on the special resolution
approving the Arrangement, excluding votes cast by Shareholders
whose votes were required to be excluded pursuant to MI 61-101 –
Protection of Minority Shareholders in Special Transactions,
were voted in favour of the Arrangement. The Shareholders who
participated in the vote represented approximately 57.39% and
55.33%, respectively, of all issued and outstanding VersaPay Shares
entitled to vote on the special resolution approving the
Arrangement.
VersaPay intends to seek a final order of the Ontario Superior
Court of Justice (Commercial List) to approve the proposed
Arrangement at a hearing expected to be held on February 20, 2020. If the other conditions to the
Arrangement becoming effective are satisfied or waived, it is
expected that the Arrangement will be completed on or about
February 21, 2020.
Following closing of the Arrangement, the VersaPay Shares
will be delisted from the TSX Venture Exchange ("TSXV").
Further details regarding the Arrangement are set out in the
management information circular of VersaPay dated January 15, 2020 (the "Circular"), which
is available at www.versapay.com or under the Company's profile on
SEDAR at www.sedar.com.
About Great Hill
Great Hill Partners is a Boston-based private equity firm targeting
investments of US$25 million to
US$500 million in high-growth
companies across the consumer, digital infrastructure, financial
technology, healthcare, and software sectors. Over the past two
decades, Great Hill has raised nearly $8
billion of commitments and invested in more than 75
companies, establishing an extensive track record of building
long-term partnerships with entrepreneurs and providing flexible
resources to help middle-market companies scale. For more
information, visit www.greathillpartners.com.
About VersaPay Corporation
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 first platform to provide Customer-Centric
AR™ 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 INFORMATION
This press release contains "forward-looking information" which
may include, but is not limited to, statements with respect to the
completion of the Arrangement, including expected timing.
Generally, forward-looking information can be identified by the use
of terminology such as "anticipates", "believes", "expects",
"plans", "intends", "estimates", "schedules", "forecasts",
"budgets", "proposes", or variations or comparable language of such
words and phrases or statements that certain actions, events or
results "may", "could", "would", "should", "might" or "will",
"occur" or "be achieved" or the negative connotation thereof.
Forward-looking information is based upon certain assumptions
and other important factors that, if untrue or incorrect, could
cause the actual results, performance or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such information.
Readers should not place undue reliance on forward–looking
information. Factors that could cause actual results to differ
materially from any forward–looking information include, but are
not limited to, the possibility that the Arrangement will not be
completed on the terms and conditions, or on the timing, currently
contemplated, and that it may not be completed at all, due to a
failure to obtain or satisfy, in a timely manner or otherwise,
court approvals and other conditions of closing necessary to
complete the Arrangement or for other reasons, the possibility of
adverse reactions or changes in business relationships resulting
from the announcement or completion of the Arrangement, and changes
in equity markets. Specific reference is made to the "Risk Factors"
section of the Circular for a discussion of some of the factors and
risks underlying forward–looking information. All of the
forward–looking information in this news release is qualified by
these cautionary statements and are made as of the date hereof. The
Company assumes no responsibility to update them or revise them to
reflect new events or circumstances other than as required by
law.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
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SOURCE VersaPay Corporation
