Following the closing of the transaction, Positive will operate as a separate subsidiary of VersaPay Corporation.

"We are very excited about working directly with Positive's team and enhancing the suite of financial transaction products we can offer our merchants," said Michael Gokturk, CEO of VersaPay Corporation. "Given the tremendous expertise Positive has in the wireless terminal sector and their exceptional credibility and integrity in the industry, we couldn't be happier to find an acquisition that fits perfectly with our strategy of expanding our service offerings and adding value to merchant relationships."

"Positive has built an intense infrastructure unparalleled by many competitors and financial institutions," says Anthony Stapenhurst, President and CEO of Positive. "We have been able to do so by establishing relationships with many vendors from which we are able to offer more products and services to customers to better meet their individual needs. To attain a competitive edge is to enhance the standard products in the market place by tying in more value added programs and services that benefit not only the business owners but the end users as well."