VersaBank Hires Security Vulnerability and Penetration Testing Expert for the VersaVault; its Blockchain Based Vault Initiative to Securely Store Digital Property

VersaBank (TSX: VB, VB.PR.A, VB.PR.B) (“VersaBank”) announced today that it has hired Upneet Singh as a Cyber Security Lead focusing on Security Vulnerabilities and Penetration Testing to join VersaVault’s senior cyber security team developing its Blockchain based vault initiative to securely store digital property.

Upneet has significant experience with security risk assessments, security standards and management, architecture security, network and application security, penetration testing, vulnerability assessments, and security audits, and is a leader in this field. He was most recently employed by Blackberry as their Senior Security Specialist. Upneet will join the team of software engineers at VersaVault, experienced in both the secure development and integrity of cyber security solutions, to design its novel Blockchain based digital safety deposit box, so that VersaBank’s customers can easily, safely and privately store their digital valuables, including crypto currencies, with the security and trust that comes with a Canadian chartered bank. For more information, visit VersaVault’s website at: http://www.versavault.com

David Taylor, VersaBank’s President & CEO, stated: “This is a very exciting development for the VersaVault. Upneet is a leader in the field of software security, vulnerability assessments and penetration testing. Upneet will act as our in-house security expert to design and continuously test the integrity and vulnerability of our VersaVault. As a leader in the profitable application of innovative digital technologies to financial services, VersaBank has already revolutionized digital lending and deposit taking. With the VersaVault project, we have turned our attention to building this new Blockchain based product that the world desperately needs. As Bitcoin and other crypto currencies become more widely used, and as their utility is becoming more widespread and adopted, holders have already experienced their valuable holdings vanish from the less secure ‘digital storage’ options. Banks have always been known as the safest place to store physical valuables and it is our aim to make VersaVault the safest place to secure your digital valuables, with absolute privacy.”

About VersaBank

VersaBank, a technology based and digital Canadian Schedule I chartered bank, operates using an “electronic branchless model”. It sources its funding, along with consumer and commercial loan and lease receivables, electronically. VersaBank also makes residential development and commercial mortgages it obtains through a well-established network of brokers and through direct contact with its lending staff. VersaBank’s Common Shares trade on the Toronto Stock Exchange under the symbol VB and its Series 1 Preferred Shares and Series 3 Preferred Shares trade under the symbols VB.PR.A and VB.PR.B, respectively.

Visit VersaBank’s website at: http://www.versabank.com

Disclaimer

Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. This information is based on certain assumptions regarding software development, expected growth, results of operations, performance, and business prospects and opportunities (collectively, the “Assumptions”). While VersaBank considers these Assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Forward-looking information is subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what VersaBank currently expects. These risks, uncertainties and other factors include, but are not limited to: the timing and market acceptance of future products, competition in VersaBank’s markets, the development of appropriate software in respect of VersaVault (including without limitation the timing thereof), VersaBank’s reliance on customers, fluctuations in currency and exchange rates, commodity prices or interest rates, VersaBank’s ability to maintain good relations with its employees, changes in the law or regulations and VersaBank’s ability to protect its intellectual property (collectively, the “Risks”). For more exhaustive information on these Risks you should refer to VersaBank’s filings with the securities regulatory authorities, including VersaBank’s most recently filed annual information form, which is available on SEDAR at www.sedar.com. Other than as required under securities laws, we do not undertake to update any forward-looking information at any particular time. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. All forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement.

View source version on businesswire.com: http://www.businesswire.com/news/home/20180220005192/en/

VersaVault:
Tel Matrundola
[email protected]
http://www.versavault.com
or
VersaBank
Investor Relations:
Wade MacBain, 800-244-1509
[email protected]