TORONTO, ONTARIO--(Marketwired - Feb. 1, 2017) - SelectCore Ltd., ("SelectCore" or the "Company") (TSX VENTURE:SCG) a leader in prepaid payment solutions, is pleased to provide a corporate update as it moves forward with its strategic growth initiatives, aiming to become a North American Fintech player for 2017.
For the past few years, the Company has been successfully serving the City of Toronto through the disbursement of the Services Benefits Card for the Ontario Works social assistance. It has also been serving the Government of Alberta through the issuing of prepaid cards for the government's relief programs.
In Q3 2015, the Company signed a joint venture agreement with CellMaster related to prepaid financial payment services. The first EMV prepaid program was developed for a large mobile company in Trinidad and Tobago. The program has been launched, and an increase of activated cards are gradually expected, as the mobile company has launched a promotional program for its customers in the country.
Additionally, the Company has been serving corporations and large customers through white label prepaid cards that are issued to their clients. The Company has also been serving cash and payday loan stores, as well as independent retailers, through the Company's private label prepaid card.
On January 25, 2017, the Company signed a Letter of Intent for a Joint Venture with First Global Data Corp. The JV will combine the synergistic assets of both organizations to offer a full suite of payment services in the Canadian marketplace. This includes prepaid cards, mobile, online and international payments. The two organizations are working on the definitive agreement of this LOI.
SelectCore is well positioned and will continue to address the prepaid market demand by leveraging the Company's technology, infrastructure, capabilities and expertise.
"We have invested considerable time and money in order to arrive at our current stage of evolvement. We have identified an opportunity whereby our prepaid technology added to the e-wallet/remittance platform, which creates a new revenue dynamic for the company as we continue to move toward becoming a North American Fintech player," commented Mohammad Abuleil, President of SelectCore.
"It is now time to take advantage of the technology that SelectCore has developed over time, and to exploit this technology in a more impactful way either organically or in concert with partners who can lever our technological advantages so we may grow revenue, profits and shareholder value," stated Martin Bernholtz, Chairman of SelectCore.