SelectCore Ltd.

SelectCore Ltd.

May 19, 2011 07:30 ET

SelectCore Releases Q1 Key Performance Indicators for Iridium MasterCard

TORONTO, ONTARIO--(Marketwire - May 19, 2011) - SelectCore Ltd. (TSX VENTURE:SCG)(PINK SHEETS:SLXXF), a provider of prepaid telecom and financial solutions for the credit challenged and unbanked consumer market is pleased to release its key performance indicators for Iridium MasterCard for the first quarter of 2011.

  • New cardholders up an average of 16% month over month with a total increase of 61% over the previous quarter.
  • Total value loads up an average of 11% month over month with a total increase of 36% over the previous quarter.
  • New card sales per retail location up an average of 14% month over month
  • Average dollar value per initial load is $89 while the average reload is $143

The preliminary launch of Iridium MasterCard in SelectCore's existing retail channel is proving the Company's business model to be successful. These performance metrics clearly demonstrate that Iridium is gaining traction in the marketplace and cardholders are embracing the value of having a prepaid card.

Iridium MasterCard is the first of its kind, reloadable prepaid card offered in Canada. Everyone qualifies – no bank account, credit check or security deposit required, and the card is accepted at over 28.5 million locations and over 1 million ATMs worldwide. As a safe and convenient alternative to cash, and low-cost alternative to a traditional checking account, the Iridium card offers significant benefits for the underbanked consumer including:

  • Instant access to funds
  • Reloadable over & over
  • No interest charges
  • Ability to shop online
  • SMS & email alerts
  • Direct payroll deposit
  • Spending control
  • Card-to-card money transfers
  • Bill payments
  • Online account access
  • and more

"It's all about converting cash to electronic currency" said Keith McKenzie, CEO of SelectCore. "Consumer awareness and adoption, combined with the global paradigm shift to electronic forms of payment is what's driving the tremendous growth in our industry."

The global prepaid market is expected to expand at a Compound Annual Growth Rate (CAGR) of 22% to an estimated $840 billion by 2017. North America will lead that expansion, growing to $442 billion by 2017, holding more than twice the market size of any other region.

The Company also recently announced its plans to expand Iridium into the US market where consumer awareness for prepaid financial services is much further ahead than Canada. Unlike Green Dot (NYSE:GDOT) and NetSpend (NASDAQ:NTSP) however, who successfully focus on large retail distribution, SelectCore is uniquely positioned to capitalize on the untapped independent retail channel by leveraging its proprietary point-of-sale technology platform.

For more information on Iridium MasterCard, please visit

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 nearly 80 million underbanked and credit-challenged consumers through its extensive retail distribution network across Canada and the United States. SelectCore is listed on the TSX Venture Exchange under the symbol "SCG" (TSX VENTURE:SCG) and "SLXXF" (PINK SHEETS:SLXXF) in the US. SelectCore was ranked by Profit100 Magazine as one of Canada's fastest growing companies in 2006, 2007 and 2009 and is a candidate again for 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 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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