SelectCore Ltd.

SelectCore Ltd.

October 21, 2013 07:00 ET

SelectCore Appoints Fareed Sheik as CFO

TORONTO, ONTARIO--(Marketwired - Oct. 21, 2013) - SelectCore Ltd. ("SelectCore" or the "Company") (TSX VENTURE:SCG), Canada's Leading Payments Organization, announces that it has appointed Fareed Sheik as its acting Chief Financial Officer. The appointment is subject to regulatory approval.

Mr. Fareed Sheik is a Chartered Accountant from the Canadian Institute of Chartered Accountants, a CPA from the US and also from the Indian Institute of Chartered Accountants and a certified fraud examiner. He has over 12 years of experience in Audit, Tax and Consulting engagements across different industries. He is currently the Managing Partner of Fareed Sheik Professional Corporation, a full service accounting, assurance, tax and business consulting company.

Mr. Sheik has worked for Ernst & Young in India and Deloitte in Canada exposing himself to various compliance and accounting issues faced by Fortune 500 Companies. He has also served in the industry for a short time as group internal auditor for a leading service company. His areas of specialization include IFRS readiness, Canadian GAAP and US GAAP reporting, SOX and Bill 198 compliance audits, internal control documentation and testing.

Mr. Sheik replaces Alan Doody, who resigned as Senior Controller and Interim Chief Financial Officer to pursue other business opportunities. The Board of Directors would like to thank Mr. Doody for his contributions to SelectCore wish him well in his future endevours.

About SelectCore

SelectCore Ltd. (TSX VENTURE: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 recognized as one of Canada's Fastest-Growing Companies by Profit100, North America's Fastest-Growing Technology companies by Deloitte Fast500, Canada's Top Tech companies by Branham300 and Canada's Leading Payments Organization by Payments Exchange.

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 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.

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