SelectCore Ltd.
TSX VENTURE : SCG

SelectCore Ltd.

August 30, 2011 07:00 ET

SelectCore Releases Q2 Key Performance Indicators for Iridium MasterCard

TORONTO, ONTARIO--(Marketwire - Aug. 30, 2011) - SelectCore Ltd. (TSX VENTURE:SCG), a provider of prepaid telecom and financial solutions for the credit challenged and under-banked consumer market is pleased to release its key performance indicators for Iridium MasterCard for the second quarter of 2011.

  • New cardholders are up 41% over the previous quarter.
  • Total value loads are up 40% over the previous quarter.
  • Number of new retailers selling Iridium cards increased 61% over the previous quarter.
  • New card sales per retail location is holding steady growth at 14% month over month.
  • Average dollar value per initial load remains consistent at $90 while the average reload has increased 26% over the previous quarter to $180.
  • Cardholder fees have increased 25% over the previous quarter.
  • Total funds settlements have increased 42% over the previous quarter.

Performance metrics for the past two quarters continue to prove the Company's business model successful. With limited capital resources to date, Iridium has been merchandised in less than 5% of SelectCore's retail channel, leaving a significant opportunity for growth and profitability as the Company completes its current financing initiatives to fund a nation-wide rollout.

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 financial empowerment and significant benefits for the under-banked 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

On June 15, 2011 SelectCore also announced the launch of instant online reloads with Interac Online, allowing the Company to broaden its demographic audience from the unbanked to mainstream consumers such as parents and teenagers, students, travelers, and more. SelectCore also announced the ability for consumers to purchase an Iridium card online.

Iridium MasterCard is part of the Company's strategic growth strategy to diversify into high-margin financial transaction processing. SelectCore is uniquely positioned to leverage its legacy prepaid business, technology platform, capital investment in point of sale terminals and most importantly, direct access to millions of un-banked and credit challenged consumers through its extensive retail distribution channel.

The Company also announces that it continues to forge ahead with its recently announced plans to expand Iridium into the US market and plans to provide market updates with respect to the launch.

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.

Although the Company is not yet in a position to provide financial guidance, Management is of the opinion that based on current performance metrics, a full roll-out of Iridium over the next few quarters will drive strong growth resulting in long-term shareholder value.

For more information on Iridium MasterCard, please visit www.iridiumcard.ca.

About SelectCore:

SelectCore is a leading provider of transaction processing and point-of-sale solutions for the prepaid telecom market and prepaid financial services sector. From prepaid mobile top-up to stored-value cards and remittance solutions, SelectCore services a market of millions of under-banked and credit-challenged consumers through its technology platforms and 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 March 31, 2011, 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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