| VersaPay Corporation TSX VENTURE : VPY |
November 29, 2011 09:15 ET
TORONTO, ONTARIO--(Marketwire - Nov. 29, 2011) - VersaPay Corporation (TSX VENTURE:VPY) ("VersaPay" or the "Company"), a provider of merchant credit, debit, gift and loyalty card payment processing and electronic bill presentation and payment solutions, today announced its financial and operational results for the three month and nine month periods ended September 30, 2011. All amounts are in Canadian dollars unless otherwise noted.
Q3 2011 Highlights
- Delivered positive quarterly Adjusted EBITDA(1) and net income for the first time since VersaPay's inception
- Recurring revenues grew 23% year over year reflecting our continued success in adding new customers and increasing transaction volumes from existing customers
- Improvement in Adjusted EBITDA(1) to $0.1 million from $(0.2) million in Q3 2010, as a result of Company's sales growth and cost-cutting initiatives
- Continued to invest in the VersaPay EMT product
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