LONDON,
ON, May 4, 2023 /CNW/ - VersaBank
("VersaBank" or the "Bank") (TSX: VBNK) (NASDAQ: VBNK), a North
American leader in business-to-business digital banking, as well as
technology solutions for cybersecurity, today announced
Gurpreet Sahota has been appointed
President of its wholly owned subsidiary, DRT Cyber Inc.
("DRTC"). Based in Washington,
D.C., DRTC was created by VersaBank to safeguard its digital
infrastructure and to pursue significant large-market opportunities
in cyber security and develop innovative solutions to address the
rapidly growing volume of cyber threats challenging financial
institutions, multi-national corporations and government entities
on a daily basis.
In his position as President, Mr. Sahota will be responsible for
overseeing the execution of the DRTC's growth strategy, including
new product development, in particular for that of DRTC's
cybersecurity services division, Digital Boundary Group. In
his new role, Mr. Sahota will continue to maintain oversight of the
Bank's digital infrastructure through the Bank's cybersecurity
services contracted with DRTC.
For the last 5 years, Mr. Sahota has served as Chief Cyber
Architect of VersaBank, where among many achievements, he oversaw
the development of the world's first digital safety deposit box,
VersaVault. In addition to this he has led the growth and
expansion of DRTC, through the development and successful launch of
DRTC's anti-spam platform, RAVEN and integrating highly trusted and
capable Penetration Testing services, serving hundreds of customers
across North America and beyond.
Prior to joining VersaBank, Mr. Sahota spent 16 years with
Blackberry, culminating in his position as Principal Architect of
Cyber Security. Prior thereto, Mr. Sahota worked with 3COM
and the British Ministry of Defense. Mr. Sahota is both a
Certified Information Systems Security Professional (CISSP) and
Certified Cloud Security Professional.
The Bank also announced that Laura
Young, CPA, CGA has been appointed Chief Financial Officer
of DRTC. For the last nearly five years, Ms. Young has served
as Director of Finance for DRTC division, Digital Boundary Group,
where she has been instrumental in supporting the growth of the
business. Prior thereto, Ms. Young held increasingly senior
finance and accounting roles with private companies, including
Controller of ON Communication Inc. Ms. Young began her
career with Deloitte & Touche LLP.
"These appointments come at an important time for DRTC as we
look to accelerate the growth of our cybersecurity services
subsidiary amidst today's world of ever-increasing and more
sophisticated cyber threats," said David
Taylor, President and Chief Executive Officer, VersaBank.
"With one of the leading suites of cybersecurity offerings in
North America, and a Who's-Who
client list of business, government and critical infrastructure
entities, DRTC represents a significant opportunity to generate
incremental value for VersaBank shareholders, alongside that which
we expect from the continued strong growth from our core Digital
Banking operations. With one of the foremost globally
recognized cybersecurity minds at the helm of DRTC in Mr. Sahota,
and Ms. Young leading the finance group, we look forward to
watching this business achieve its full potential."
"The greatest threat to business and government, and every
nation's security and economy, is what I call the 'digital
forevermore' -- the never-ending vulnerability that results from
the necessity of operating in a digital world," said Governor
Tom Ridge, Chair of DRTC and the
first U.S. Secretary of Homeland Security. "VersaBank's DRTC is a
leader in helping today's organizations – public and private, large
and small – stay safe from the constant threat of cyber
criminals. I congratulate Mr. Sahota and Ms. Young on their
appointments and have every confidence in their ability to
successfully lead the growth of the business."
About VersaBank
VersaBank is a Canadian Schedule I chartered (federally
licensed) bank with a difference. VersaBank became the world's
first fully digital financial institution when it adopted its
highly efficient business-to-business model in 1993 using its
proprietary state-of-the-art financial technology to profitably
address underserved segments of the Canadian banking market in the
pursuit of superior net interest margins while mitigating risk.
VersaBank obtains all of its deposits and provides the majority of
its loans and leases electronically, with innovative deposit and
lending solutions for financial intermediaries that allow them to
excel in their core businesses. In addition, leveraging its
internally developed IT security software and capabilities,
VersaBank established wholly owned, Washington, DC-based subsidiary, DRT Cyber
Inc. to pursue significant large-market opportunities in cyber
security and develop innovative solutions to address the rapidly
growing volume of cyber threats challenging financial institutions,
multi-national corporations and government entities on a daily
basis.
VersaBank's Common Shares trade on the Toronto Stock Exchange
("TSX") and Nasdaq under the symbol VBNK. Its Series 1 Preferred
Shares trade on the TSX under the symbol VBNK.PR.A.
Forward-Looking
Statements
VersaBank's public communications often include written or oral
forward-looking statements. Statements of this type are included in
this document, and may be included in other filings and with
Canadian securities regulators or the U.S. Securities and Exchange
Commission, or in other communications. All such statements are
made pursuant to the "safe harbor" provisions of, and are intended
to be forward-looking statements under, the United States Private
Securities Litigation Reform Act of 1995 and any applicable
Canadian securities legislation. The statements in this press
release that relate to the future are forward-looking statements.
By their very nature, forward-looking statements involve inherent
risks and uncertainties, both general and specific, many of which
are out of our control. Risks exist that predictions, forecasts,
projections, and other forward-looking statements will not be
achieved. Readers are cautioned not to place undue reliance on
these forward-looking statements as several important factors could
cause actual results to differ materially from the plans,
objectives, expectations, estimates and intentions expressed in
such forward-looking statements. These factors include, but are not
limited to, the strength of the Canadian and U.S. economy in
general and the strength of the local economies within Canada and U.S. in which we conduct
operations; the effects of changes in monetary and fiscal policy,
including changes in interest rate policies of the Bank of
Canada and the U.S. Federal
Reserve; changing global commodity prices; the effects of
competition in the markets in which we operate; inflation; capital
market fluctuations; the timely development and introduction of new
products in receptive markets; the impact of changes in the laws
and regulations pertaining to financial services; changes in tax
laws; technological changes; unexpected judicial or regulatory
proceedings; unexpected changes in consumer spending and savings
habits; the impact of wars or conflicts including the crisis in
Ukraine and the impact of the crisis on global supply chains;
the impact of new variants of COVID-19 and the Bank's anticipation
of and success in managing the risks implicated by the foregoing.
For a detailed discussion of certain key factors that may affect
our future results, please see our annual management's discussion
and analysis ("MD&A") for the year ended October 31, 2022.
The foregoing list of important factors is not exhaustive. When
relying on forward-looking statements to make decisions, investors
and others should carefully consider the foregoing factors and
other uncertainties and potential events. The forward-looking
information contained in this document and the related MD&A is
presented to assist our shareholders and others in understanding
our financial position and may not be appropriate for any other
purposes. Except as required by securities law, we do not undertake
to update any forward-looking statement that is contained in this
document and the MD&A or made from time to time by the Bank or
on its behalf.
Visit our website at: www.versabank.com
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