SelectCore Ltd.
TSX VENTURE : SCG

SelectCore Ltd.

April 30, 2009 16:22 ET

SelectCore Announces 2008 Year-End Results

TORONTO, ONTARIO--(Marketwire - April 30, 2009) - SelectCore Ltd. (TSX VENTURE:SCG) announced today the company's audited financial results for the year ended December 31, 2008.

Financial highlights:

- Revenues increased 48% to $70.6 million over 2007

- Gross Profit increased 71% over 2007

- Adjusted EBITDA improved $1.5 million over 2007

Revenues of $70.6 million for fiscal 2008 represented an increase of 48% as compared to $47.8 million in 2007. The growth is attributable primarily to an increase in prepaid wireless top-up sales through the Company's proprietary point of sale activation (POSA) platform.

Gross Profit for fiscal 2008 was $3.6 million, a significant improvement of 71% over 2007. Adjusted EBITDA for fiscal 2008 was positive $107,000 compared to negative $1.4 million in 2007, an improvement of $1.5 million.

The Company decided to write-down $4.3 million in equipment, intangibles and goodwill that was acquired through the acquisition of Canquest Communications in 2007. "These write-downs along with recent restructuring and cost reduction initiatives will lead to higher profits for the Company in 2009," said Peter Burdon, CFO of SelectCore.

Keith McKenzie, CEO of SelectCore, stated, "We have experienced year over year growth in both sales and margins and we expect this trend to continue in 2009 as we leverage our technology and retail distribution channel to deliver new prepaid products and services."

The Company's Audited Financial Statements and Management Discussion and Analysis for the year ended December 31, 2008 are available on SEDAR at www.sedar.com.

About SelectCore:

SelectCore (TSX VENTURE:SCG) is in the business of providing prepaid telecom and transaction-based POSA (point of sale activation) solutions for the convenience and grocery store channel in Canada. The company supports a nation-wide distribution network of over 10,000 retail locations utilizing its own network infrastructure and proprietary technology. Profit 100 ranked SelectCore one of Canada's fastest-growing companies in 2006 and again in 2007.

This news release contains projections and other forward-looking statements regarding future events. Such statements are predictions, which may involve known and unknown risks, uncertainties and other factors, which could cause the actual events or results and objections to differ materially from those expressed.

The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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