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VersaPay Receives TSX Venture Exchange Approval to Extend Option Expiration Dates

(May 15, 2012)

TORONTO, ONTARIO -- (Marketwire) -- 05/15/12 -- VersaPay Corporation (TSX VENTURE:VPY) ("VersaPay" and the "Company"), a provider of Electronic Invoice Presentation and Payment Solutions, announces that it has received TSX Venture Exchange approval to extend the expiry dates of a total of 943,000 incentive stock options granted by the Company.

818,000 of the options were granted to members of VersaPay's board of directors having an original three-year term expiring on August 24, 2012. The Company has approved the extension of these options, subject to disinterested shareholder approval, to August 24, 2014 in keeping with its usual practice of granting options with a five-year term. VersaPay will be seeking disinterested shareholder approval of these option amendments at its upcoming shareholders' meeting on May 23, 2012.

The remaining 125,000 stock options were granted to an employee of VersaPay. These options originally had an 18-month term expiring on October 26, 2012. The Company has extended these options to a five-year term, expiring April 26, 2016.

About VersaPay

VersaPay is a financial technology company that delivers payment solutions for businesses across Canada. 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.

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.

Neither 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.

VersaPay Corporation
Bill McGill

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