SelectCore Ltd.
TSX VENTURE : SCG

SelectCore Ltd.

November 29, 2011 23:57 ET

SelectCore Reports Q3, 2011 Interim Financial Results

TORONTO, ONTARIO--(Marketwire - Nov. 29, 2011) - SelectCore Ltd. (the "Company") (TSX VENTURE:SCG), a provider of prepaid telecom and financial solutions for the credit challenged and under-banked consumer market today reported its interim financial results for the third quarter ended September 30, 2011.

Revenues for the period were $21,144,042 and adjusted EBITDA was $146,171. Net earnings per share was ($0.0092). Total operating expenses, the majority of which are related to the Company's growth initiatives increased to $1,245,278. During the period, the Company significantly improved its working capital position by securing a new $5 million long-term convertible debt facility and raising an aggregate of $2 million in new equity from a private placement and the exercise of warrants and options.

Over the past few quarters, the Company has dedicated the majority of its financial, infrastructure and human resources towards development of its growth plan of transitioning SelectCore into the high-margin financial services space versus focusing on the its lower-margin, legacy business. Management expects that this strategy, together with new growth capital, will drive high-margin revenue streams in the coming quarters.

Keith McKenzie, CEO of SelectCore commented "We are committed to our transitional growth strategy of becoming a leading financial services provider, and have made significant progress with product and technology development this year. Our advancements, coupled with strategic and accretive acquisitions is expected to accelerate our business plan and build long-term shareholder value."

The Company's Financial Statements and Management Discussion and Analysis for the three months ending September 30, 2011 are available on SEDAR at www.sedar.com.

About SelectCore

Established in 1999, 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 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.

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 the period ended June 30, 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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