TORONTO, ONTARIO--(Marketwire - Nov. 30, 2012) -
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION TO U.S. NEWS WIRE SERVICES.
SelectCore Ltd. ("SelectCore" or the "Company") (TSX VENTURE:SCG) is pleased to announce that it has entered into a cooperation agreement with Radix Limited, a company existing under the laws of St. Lucia ("Radix") in which Kevin Taylor, a director of the Company, will have an equity interest, for the purpose of making available to Radix the Company's expertise, technology, infrastructure and other resources with a view to developing a market for the Company's stored-value card and payment solutions in certain Caribbean, Central American and South American countries (the "Territory"). Pursuant to the agreement, the Company has granted to Radix a license to use certain trademarks of the Company for the purpose of developing new business in the Territory. The agreement is for an initial term of five years and is renewable on a yearly basis thereafter.
The parties have already ascertained a pipeline of significant card program opportunities in the Territory and will be in a position to publicly disclose such opportunities as definitive agreements are executed.
"Given Kevin's extensive experience, contacts and market knowledge in the region, we are excited about the current and future opportunities that will drive significant growth for the Company" commented Keith McKenzie, CEO of SelectCore.
The entering into of the cooperation agreement is considered a related party transaction under the policies of the TSX Venture Exchange and Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions ("MI 61-101") and the transactions contemplated by the agreements may be considered "connected transactions" within the meaning of MI 61-101. In that regard, the Company is relying on the exemption from the formal valuation requirement set out in section 5.5(b) of MI 61-101 and on the exemption from the minority approval requirement set out in section 5.7(a) of MI 61-101, including on the basis that the transactions contemplated by the agreements may be "connected transactions". The cooperation agreement was approved by all of the independent directors of the Company.
Established in 1999, SelectCore is a leading prepaid financial services provider and transaction processor for under-banked and underserved markets. From prepaid mobile top-up to stored-value cards and remittance solutions, SelectCore services a market of millions of under-banked consumers through its technology platforms and extensive retail distribution network. SelectCore is a publicly traded company listed on the TSX Venture Exchange under the symbol "SCG" (TSX VENTURE:SCG). SelectCore was ranked by Profit100 as one of Canada's fastest-growing companies in 2006, 2007, 2009 and 2010. SelectCore was also ranked one of North America's fastest growing companies on Deloitte's 2011 Technology Fast 500.
Certain information in this news release contains forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond SelectCore's control. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the risks and uncertainties set out in this press release are not exhaustive. Additional information on these and other factors that could affect SelectCore's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and SelectCore does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.