SelectCore Ltd.

SelectCore Ltd.

March 06, 2014 07:00 ET

SelectCore Provides Corporate Update

TORONTO, ONTARIO--(Marketwired - March 6, 2014) - SelectCore Ltd. ("SelectCore" or the "Company") (TSX VENTURE:SCG), Canada's Leading Payments Organization, is pleased to provide this corporate update to the investment community.

2013 was a momentous year for SelectCore with multiple achievements such as being recognized as Canada's Leading Payments Organization, one of Canada's Top Technology Firms and most importantly wining prestigious industry awards for Best Government Prepaid Card Program on both a North American and Global level. These accolades solidify the Company's proven technology solutions and position as a true leader in the global alternative payments industry.

Prepaid payments alone is expected to grow at an annual rate of 22% through 2017 with the projected global market size exceeding $822B. This significant growth is driven by prepaid's ability to solve almost any payment need. Prepaid democratizes electronic payments for an estimated 2.5B people outside the traditional banking systems while providing a transparent, cost-effective alternative to cash and checks for both businesses and governments.

The Canadian public sector is increasingly showing significant interest in prepaid card solutions for benefits disbursements. The Government of Canada has mandated the replacement of cheques with electronic payments by April 2016 and many other provincial and municipal government agencies are following this lead. SelectCore has and continues to respond to various public tenders. Management believes that the Company is well positioned as a lead proponent for these contracts based on the continued success of the City of Toronto City Services Benefit Card and the Company's incumbent status as the only provider to have successfully deployed a prepaid government disbursement solution in the Canadian market.

In March of last year the Company announced its partnership with Home Capital Group Inc. (TSX:HCG), to issue prepaid cards for the corporate and public sector through Visa Canada (NYSE:V) and MasterCard Canada (NYSE:MA). SelectCore is pleased to announce that the Company is now expanding its relationship with Home Capital to launch innovative payment processing solutions which the Company plans to announce in the near term.

The Company also continues to focus on innovation in the alternative payments space including mobile wallet, NFC (near field communications), crypto currency and remittance solutions. New product launches are slated for 2014.

While our core focus remains the public sector, we are now targeting new, lucrative verticals for our prepaid card solutions such as corporate expense, travel, payroll and incentive disbursements. SelectCore now has the ability to issue cards globally in 21 different currencies which is key to supporting our expansion into the US and emerging markets such as the Caribbean and Central America where the Company is currently implementing a large-scale consumer card program with one of the regions largest mobile carriers. Management anticipates that it will be in a position to announce this contract in the coming months. Likewise, management is enthusiastic about the large pipeline of new business and opportunities that has been established over the past year, many of which have reached an advanced stage and will be disclosed in due course.

The Company has implemented a number of cost saving measures within its legacy telecommunications business to allow for better utilization of resources within its high-margin, alternative payments business. Further to the press release dated February 11, 2014, the Company continues to evaluate options to strengthen its balance sheet and working capital position, allowing SelectCore to pursue new contracts and expand its product offerings. There are no guarantees that the Company will be successful in these initiatives and as such may not be able to execute on all opportunities in its pipeline.

"The alternative payments landscape continues to evolve and SelectCore has demonstrated itself as a true market leader and innovator, allowing us to take full advantage of a vast array of new opportunities", commented Keith McKenzie, President of SelectCore. "We remain focused on executing our business plan while driving profitability and long-term shareholder value."

About SelectCore:

SelectCore Ltd. (TSX VENTURE:SCG) is a pioneer and leader in alternative prepaid payment solutions for underserved markets. Founded in 1999, the Company offers a range of prepaid products and services that provide financial empowerment to a market of millions of under-banked consumers. SelectCore has been recognized as one of Canada's Fastest-Growing Companies by Profit100, North America's Fastest-Growing Technology companies by Deloitte Fast500, Canada's Top Tech companies by Branham300 and Canada's Leading Payments Organization by Payments Exchange.

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.

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 the regulatory approval process, 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 most recent financial reporting period, available on 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.

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