SelectCore Ltd.
TSX VENTURE : SCG

SelectCore Ltd.

September 06, 2007 08:23 ET

SelectCore Announces $6 Million Private Placement

WINDSOR, ONTARIO--(Marketwire - Sept. 6, 2007) - SelectCore Ltd. (TSX VENTURE:SCG) is pleased to announce that it has appointed Research Capital Corporation to act as lead agent on a best-efforts private placement offering (the "Offering") of up to approximately C$6,000,000 of Units of the Company at a price to be determined in the context of the market.

Each Unit shall consist of one common share of the Company and one half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire, at any time within twenty four months from the closing of the Offering, one common share of the Company. The Units and underlying securities will be subject to a four-month hold period following closing of the Offering.

Proceeds from the Offering will be used to fund sales and marketing, product development, working capital, and repayment of a bridge loan used to purchase the assets of Canquest Communications (Canada) Inc.

For consideration for their services, the agent will receive a cash commission equal to 8.0% of the gross proceeds of the Offering and broker warrants entitling them to purchase 8.0% of the number of Units sold for 24 months following closing of the Offering.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States unless registered under the U.S.

About SelectCore:

Established in 1999, SelectCore is in the business of providing prepaid telecommunication solutions to under-serviced and credit-challenged consumer markets across Canada. The offerings, which include wireless, home telephone, long distance and broadband internet, are marketed through the company's nation-wide distribution channel of independent and chain retailers. SelectCore's technology division maintains its own network infrastructure and provides telecom switching and transaction-based services to several corporate clients including Canada's largest incumbent phone companies. SelectCore became listed on the TSX Venture Exchange in September of 2006 and trades under the symbol "SCG". 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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