SelectCore Ltd.

SelectCore Ltd.

January 12, 2011 09:48 ET

SelectCore Highlights Growth Strategy for the New-Year and 2010 Milestones Including Record-Breaking Sales Surpassing $100 Million

TORONTO, ONTARIO--(Marketwire - Jan. 12, 2011) - SelectCore Ltd. (TSX VENTURE:SCG) a leading payment and transaction processor for prepaid telecom and financial services is pleased to provide an update regarding the Company's achievements over the past year, and its growth strategy for 2011.

2010 Key Milestones:

  • Record-breaking revenues for 2010 (unaudited) exceeded $102 million, bringing the company's ten year CAGR to 82%. The Company expects to release its full audited year-end financials on or before April 30th, 2011.
  • Added over 3,500 new merchant locations to our retail network.
  • Successfully expanded our business into the US market.
  • Ranked one-of Canada's fastest-growing companies for the 3rd year by Profit 100 magazine.
  • Processed over 40 million transactions.
  • Signed new distribution agreements with Wind Mobile and Chatr Wireless.
  • Reduced senior debt facility from $5M USD to $3.75M USD in Q4.
  • Completed new technology development and established key partnerships to launch transaction processing solutions for mobile remittance.
  • Substantially completed technology development for new prepaid financial service offerings to be announced in the first quarter of 2011.

Growth Strategy Highlights:

The Company remains focused on its growth strategy for 2011:

  1. Grow its core business & merchant network
  2. Diversify into high-margin financial transaction processing
  3. License its technology in emerging markets

SelectCore is expanding into high-margin financial transaction processing by leveraging its existing infrastructure, technology, retail channel and capital investment in Verifone terminals.

The Company continues to pursue partnerships in emerging markets such as Latin America in efforts to license its proprietary point-of-sale technology.

SelectCore is actively seeking a new lender to replace its current $3.75M USD senior debt facility with ComVest Capital II LP on or before March 31, 2011 when a principal payment of $1.25M becomes due. A final payment of $2.5M is due December 31, 2011. The Company makes no assurance that it will be able to secure a new credit facility to meet such payment obligations.

SelectCore also announces that it has accepted the resignation of Randy Khalaf from the Board of Directors. Management wishes to thank Mr. Khalaf for his contributions over the past year. The Company does not intend to fill the vacated position at this time.

About SelectCore:

SelectCore is a leading payment and transaction processor utilizing its proprietary point-of-sale technology to deliver prepaid telecom and financial services to millions of credit-challenged consumers through an extensive retail network across North America. SelectCore is a public company on the TSX Venture Exchange trading under the symbol "SCG". We were ranked one of the nation's top 100 fastest-growing companies in 2006 and 2007 and 2009 by Profit100.

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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