TORONTO, ONTARIO -- (Marketwire) -- 11/05/12 -- VersaPay Corporation (TSX VENTURE:VPY) ("VersaPay" or the "Company"), a leading cloud based electronic invoice presentment and payment ("EIPP") provider, today announced that it has entered into a strategic alliance agreement with MasterCard International Incorporated. Under the terms of the agreement, VersaPay and MasterCard will collaborate to increase usage of MasterCard's products on VersaPay's EIPP platform in Canada.

"We are excited to be partnering with one of the world's most recognizable and respected payment brands" commented Bill McGill, CEO of VersaPay. Mr. McGill continued, "We believe that this partnership will broaden the market for our unique cloud-based EIPP exchange in Canada and increase MasterCard acceptance among businesses accepting payments from other businesses."

"As a technology company, we're always on the look-out for cutting-edge partners that deliver innovative solutions for businesses. We look forward to working with VersaPay to grow acceptance across Canada," said David E. Orzel, Senior Vice President Market Development, MasterCard Canada.

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, Vancouver and Long Island, NY. More information about VersaPay can be found at www.versapay.com.

About MasterCard

MasterCard (NYSE:MA), www.mastercard.com, is a global payments and technology company. It operates the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.

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.