TORONTO, Sept. 25, 2012 /CNW/ - SelectCore Ltd. ("SelectCore" or the
"Company") (TSX-V: SCG) a leading prepaid payment solutions provider
for underserved markets, is pleased to provide a corporate update in
relation to its recently closed financing.
This capital injection not only strengthens the Company's balance sheet,
but also provides the necessary working and growth capital to execute
on a large number of programs and opportunities in the pipeline as well
as fund the roll-out of SelectCore's new financial product and service
offerings including Iridium MasterCard and ReCash reload network.
In addition to completing this financing, the Company is implementing
cost saving measures within its legacy business to allow the Company to
better utilize resources and focus on its high-margin prepaid payments
The successful launch of the City of Toronto City Services Benefit Card
program has positioned SelectCore as the incumbent in the Canadian
marketplace having launched the first government disbursement card
program of its kind. SelectCore has the capabilities, expertise,
technology and infrastructure to deliver turn-key programs to other
government agencies looking to modernize service delivery to recipients
and benefit from significant cost savings over issuing paper checks.
The shift to a cashless society is starting to drive significant
interest for prepaid cards within the public and private sector.
SelectCore is now focusing efforts on submitting multiple bids for
government and corporate RFPs for the procurement of prepaid card
programs and is hopeful to be awarded certain contracts in the near
The Company is also expanding it's payment solutions business to key
markets in the Caribbean and Central America where there is a large
population of underbanked consumers and very low market penetration of
"We believe this financing is key in taking the Company to the next
level and being able to execute on our growth strategy that will
ultimately drive profitability and long-term shareholder value."
commented Keith McKenzie, CEO of SelectCore.
Established in 1999, SelectCore is a leading prepaid financial services
provider and transaction processor for under-banked and underserved
markets. From prepaid mobile top-up to stored-value cards and
remittance solutions, SelectCore services a market of millions of
under-banked consumers through its technology platforms and extensive
retail distribution network. SelectCore is a publicly traded company
listed on the TSX Venture Exchange under the symbol "SCG" (TSXV: SCG).
SelectCore was ranked by Profit100 as one of Canada's fastest-growing
companies in 2006, 2007, 2009 and 2010. SelectCore was also ranked one
of North America's fastest growing companies on Deloitte's 2011
Technology Fast 500.
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.
Certain information in this news release contains forward-looking
statements. These forward-looking statements are subject to numerous
risks and uncertainties, certain of which are beyond SelectCore's
control including, without limitation, the impact of general economic
conditions, industry conditions, fluctuation of exchange rates,
industry competition, availability of qualified personnel and
management, stock market volatility and timely and cost effective
access to sufficient capital from internal and external sources. As a
consequence, actual results may differ materially from those
anticipated in the forward-looking statements. Readers are cautioned
that the forgoing list of factors is not exhaustive. Additional
information on these and other factors that could affect SelectCore's
operations and financial results are included in reports on file with
Canadian securities regulatory authorities and may be accessed through
the SEDAR website (www.sedar.com). Furthermore, the forward-looking
statements contained in this news release are made as at the date of
this news release and SelectCore does not undertake any obligation to
update publicly or to revise any of the forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required by applicable securities laws.
SOURCE: Selectcore Ltd.
For further information:
SelectCore Investor Relations
(800) 584-8819 ext. 105