TORONTO, March 4, 2013 /CNW/ - Home Trust, a wholly owned subsidiary of
Home Capital Group Inc. (TSX: HCG), today announced that it has teamed
up with SelectCore Ltd. ("SelectCore" or the "Company") (TSX-V: SCG) a
leader in prepaid payment solutions, to offer corporate and public
sector prepaid card and payment solutions through Visa Canada (NYSE: V)
and MasterCard Canada (NYSE: MA).
The Canadian payments market is anticipating explosive growth as Canada
shifts into the digital age and moves away from paper cheques and cash
forms of payment. This new venture will enable SelectCore and Home
Trust to harness this growth and capture marketshare.
Prepaid Visa and MasterCard cards will be a key driver in the evolution
of cheque replacement - driving significant cost savings for government
agencies, corporations and consumers alike. The Canadian Task Force
for the Payments System Review has set forth recommendations to reduce
the use of cheques by 80 percent. SelectCore and Home Trust are well
positioned to address this market demand by leveraging our combined
synergies of technology, infrastructure, capabilities and expertise.
The Canadian prepaid market is expected to grow to an estimated $19.2B
in the next five years alone, with an addressable market surpassing
$125B. Our focus will be on targeting emerging segments of the market
that are expected to drive the majority of this anticipated growth,
including government benefits, healthcare, payroll, travel and
"We are excited by the opportunity to enter this rapidly growing
payments space," said Gerald M. Soloway, Chief Executive Officer, Home
Trust. "By expanding our portfolio to include prepaid card solutions,
we are further diversifying our business. We look forward to building
and developing our relationship with SelectCore."
"As the incumbent provider of government disbursement solutions and a
pioneer in the prepaid industry, our agreement with Home Trust
reconfirms our leadership position in the Canadian marketplace,"
commented Keith McKenzie, President of SelectCore. "We are delighted to
be working with one of Canada's leading alternative financial services
About Home Capital and Home Trust
Home Capital Group Inc. is a public company, traded on the Toronto Stock
Exchange (HCG), operating through its principal subsidiary, Home Trust
Company. Home Trust is a federally regulated trust company offering
deposits, residential and non-residential mortgage lending,
securitization of insured residential first mortgage products, consumer
lending and credit card services. Licensed to conduct business across
Canada, Home Trust has offices in Ontario, Alberta, British Columbia,
Nova Scotia, Quebec and Manitoba.
SelectCore Ltd. (TSX-V: SCG) is a pioneer and leader in prepaid payment
solutions for underserved markets. Founded in 1999, the Company offers
a range of prepaid products and services from stored-value cards to
mobile top-up that provide financial empowerment to a market of
millions of under-banked consumers. SelectCore has been ranked among
Canada's fastest growing companies by Profit Magazine four times in the
past six years and was included in the 2011 Deloitte Technology Fast
500 list of North America's fastest-growing technology companies.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" within the
meaning of applicable Canadian securities legislation. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "expects", or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "does not anticipate", or
"believes" or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might", or
"will be taken", "occur", or "be achieved". Forward-looking information
is based on the opinions and estimates of management at the date the
information is made, and is based on a number of assumptions and is
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance or
achievements of the Company to be materially different from those
expressed or implied by such forward-looking information, including
risks related to the regulatory approval process, market and financing
conditions as well as risks associated with the prepaid telecom and
prepaid financial industries, changes in project parameters as plans
continue to be refined as well as those risk factors discussed in the
Company's management's discussion and analysis for most recent
financial reporting period, available on www.sedar.com. Although the Company has attempted to identify important factors that
could cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be
no assurance that such information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not place
undue reliance on forward-looking information. The Company does not
undertake to update any forward-looking information contained herein,
except in accordance with applicable securities laws.
SOURCE: Home Capital Group Inc.
For further information:
Home Capital Group Inc.
Gerald M. Soloway, CEO, or
Martin Reid, President
SelectCore Investor Relations
(800) 584-8819 ext. 105