SelectCore Ltd.
TSX VENTURE : SCG

SelectCore Ltd.

July 07, 2011 07:59 ET

SelectCore Plans Expansion Into the Middle East

TORONTO, ONTARIO--(Marketwire - July 7, 2011) - SelectCore Ltd. (TSX VENTURE:SCG), a prepaid telecom and financial services transaction processor for the unbanked consumer market is pleased to announce its plans to enter the Middle East market with an initial focus on IT development and pursuing transaction processing and licensing partnerships for its proprietary PrepaidONE POSA solution and mobile remittance platform. The Company is currently in the process of opening a regional office in Amman, Jordan.

The Company's expansion efforts will be led by Mohammad Abu-Leil who has accepted the new role as Executive Vice President of International Business Development. Mr. Abu-Leil has been with SelectCore since January of 2007 formerly in the roles of both Vice President of Sales and Distribution and COO. His roots and broad knowledge of the Middle East are strong assets that will facilitate the Company's entrance into this sizable market. Mohammad will continue to manage key Distribution accounts in Canada and will be responsible for future expansion into other international markets.

"We believe that licensing our technology is the best strategy for the Company to grow and expand into new markets without having to incur significant overhead or capital expenditures" said Keith McKenzie, CEO of SelectCore.

Further to this appointment and the Company's previously announced interim CFO appointment in February of 2010, the Board of Directors of SelectCore has now commenced the process of vetting a seasoned executive to fill a permanent CFO/COO role to assist the Company with its growth plans as it begins to enter new markets and the prepaid financial services space.

About SelectCore:

SelectCore is a leading provider of transaction processing and point-of-sale solutions for the prepaid telecom market and financial services sector. From prepaid mobile top-up to stored-value cards, SelectCore services a market of millions of underbanked and credit-challenged consumers through its retail distribution network across Canada and the United States. SelectCore is listed on the TSX Venture Exchange under the symbol "SCG" (TSX VENTURE:SCG). SelectCore was ranked by Profit100 Magazine as one of Canada's fastest growing companies in 2006, 2007, 2009 and 2010.

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 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 the period ended December 31, 2010, available on www.sedar.com. 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.

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.

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