Glass Lewis Recommends Shareholders Of VersaPay Vote FOR The Proposed Arrangement With An Affiliate Of Great Hill Partners

VersaPay Corporation (TSXV: VPY) (the “Company” or “VersaPay“), is pleased to announce that Glass Lewis & Co. LLC (“Glass Lewis“), a leading independent proxy advisory firm, has recommended that shareholders of VersaPay (the “Shareholders“) vote FOR 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“) for consideration of $2.70 for each VersaPay Share held.

In making its recommendation that Shareholders vote FOR the Arrangement, Glass Lewis stated: “Given the Company’s capital restraints and considering that the board appears to have adequately considered the Company’s strategic and transaction alternatives, ultimately arriving at a proposed transaction that provides shareholders with certain value and liquidity for their shares at a significant premium, we believe shareholders have more than sufficient cause to approve the proposed arrangement as the best path to maximize the value of their shares at this time. Based on these factors, along with the support of the board, we believe the proposed acquisition is in the best interests of shareholders.”

Glass Lewis’ endorsement follows a report by Institutional Shareholder Services Inc. (“ISS“), also a leading independent proxy advisor firm, that recommended Shareholders vote FOR the Arrangement. VersaPay disclosed ISS’ recommendation in a press release dated January 29, 2020.

Your vote is important regardless of the number of VersaPay Shares you own. As a Shareholder, it is very important that you carefully read the management information circular dated January 15, 2020 (the “Circular“) and related materials with respect to the special meeting of Shareholders (the “Meeting“) and then vote your VersaPay Shares. You are eligible to vote your VersaPay Shares if you were a Shareholder of record at the close of business on January 8, 2020.

SOURCE VersaPay Corporation