SEL Exchange Inc.

September 02, 2014 09:34 ET

SEL Exchange Inc. Releases Third Quarter Fiscal 2014 Financial Results

Continues to Achieve Record Revenue Growth

TORONTO, ONTARIO--(Marketwired - Sept. 2, 2014) - SEL Exchange Inc. (formerly Penfold Capital Acquisition IV Corporation) (the "Company" or "SEL") (TSX VENTURE:SEL) has released its unaudited financial statements for the three and nine months ended June 30, 2014 and the related management's discussion and analysis of financial position and results of operations ("MD&A").

For the quarter ended June 30, 2014 the Company generated record revenues of $1,823,985, an 85% increase over the $986,279 generated in the same period last year. Revenues benefited from the acquisition of SRT which contributed $893,663 in the current quarter. Revenues for the nine months ended June 30, 2014 were $3,555,904 compared to $2,446,633 in the same period last year, an increase of 45%. The Company lost $178,555 or $0.00 per share compared with a loss of $227,330 or $0.01 per share in the same quarter last year. For the nine months ended June 30, 2014 the Company lost $40,950 or $0.00 per share, compared to a loss of $184,640 or $0.01 in the comparable prior period.

In addition, the Company is pleased to announce that it has hired Patrick Westfall as its fulltime Chief Financial Officer. Mr. Westfall was most recently the Chief Financial Officer of Pacific Vector Holdings Inc. Mr. Westfall replaces SEL's interim part-time Chief Financial Officer and he will continue to work to strengthen the Company's financial reporting processes.

"The third quarter was very exciting for us", said Vito Buffone, President and Chief Executive Officer. "We were extremely pleased with the opening of our US based facility and are very excited about the level of business we have started to do in the US. We look forward to reporting the first operational results for the US facility when we report our year-end numbers."

Copies of the unaudited financial statements and related MD&A can be found on SEDAR at

About SEL Exchange Inc.

The Corporation, through its wholly owned subsidiaries SLM Logistics Corporation, and Service Results Technology Inc. is dedicated to managing consumer and retail store returns and problematic electronics through a product management system. The Corporations manage product warranties, service repairs, consumer returns from receiving to end-of-life with quality assurance testing, factory servicing, resale through non-traditional channels and recycling of non saleable product to support a closed-loop distribution process. The Corporation is able to recycle the non-saleable returns it receives, thereby allowing customer returns to have a very low environmental impact. Independent Waste Audit Reports, since 2011, show the Corporation is able to achieve a consistent waste diversion rate of over 98.6%. This means brands using the Corporation's processes are able to divert over 98.6% of their product from landfill. The Corporation is currently working on rolling out this product offering to retailers to allow them to capture the environmentally conscious consumer. The Corporation currently operates only in Ontario and Tennessee.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Corporation cautions investors that any forward-looking information provided by the Corporation is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the state of the financial markets for the Corporation 's securities; the state of the industry; recent market volatility; the Corporation 's ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that the Corporation is unaware of at this time. The Corporation expressly disclaims any obligation to update any forward-looking statements except as may be required by law.

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