SelectCore Ltd.
TSX VENTURE : SCG

SelectCore Ltd.

January 25, 2017 12:32 ET

SelectCore Ltd. Enters Into Non-Binding Letter of Intent for Joint Venture with First Global Data Corp.

TORONTO, ONTARIO--(Marketwired - Jan. 25, 2017) - SelectCore Ltd. ("SelectCore" or the "Company") (TSX VENTURE:SCG) is pleased to announce that it signed a non-binding letter of intent (the "LOI") on January 23, 2017 with First Global Data Corp. ("First Global Data") to form a joint venture ("JV") between the two organizations.

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 card, mobile, online and international payments. The JV will be limited to the Canadian marketplace and will focus on providing governments, retailers, banks, telecom companies, and other strategic partners and clients with a wide spectrum of payment capabilities. First Global Data will inject float capital of $600,000, and shall own 51% of the JV. Revenues will be shared between the two companies on a 50/50 basis.

The parties have agreed to use their reasonable best efforts to settle a definitive agreement by January 31, 2017, and may extend this period by mutual consent.

"There are tremendous opportunities in the Canadian marketplace for the full suite of payment services that could be offered by the JV. This JV has the potential to elevate the two organizations and position them together as a unique company. We believe that this joint venture will open new avenues and business opportunities to both organizations that their combined technologies can bring in" stated Mohammad Abuleil, President of SelectCore.

About SelectCore

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.

About First Global Data

First Global Data is an international financial services technology ("Fintech") company. First Global Data's two main lines of business are mobile payments and cross border payments. First Global Data's proprietary leading edge technology enables the convergence of compliant domestic and cross border payments, money transfer, shopping and peer to peer payments. First Global Data enables its strategic partners and clients around the world with our leading edge financial services technology platform.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are detailed from time to time in the Company's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Company has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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