SelectCore Ltd.
TSX VENTURE : SCG

SelectCore Ltd.

April 30, 2008 09:59 ET

SelectCore Reports Record Revenues of $47.7M and Highlights Key Milestones for 2007

TORONTO, ONTARIO--(Marketwire - April 30, 2008) - SelectCore Ltd., (TSX VENTURE:SCG) one of Canada's fastest-growing companies(i) and a nation-wide prepaid telecommunications provider, announced today the company's audited financial results for the year ended December 31, 2007.

By way of brief overview, revenue increased 27% to a record $47,762,218 from $37,645,919 in 2006. Gross margins increased 130% over the same period last year. Net earnings were ($2,353,617) and basic and diluted earnings per share was ($0.029). Extraordinary costs were incurred in 2007 due to an acquisition, financing, product development and reorganization of the company. The Company's Financial Statements and Management Discussion and Analysis for the year ending December 31, 2007 are available on SEDAR at www.sedar.com.

The company achieved several important milestones in 2007:

- In January, David Parkes officially joined the Company as Chairman of the Board. David is a prominent leader in the Canadian telecom industry, having led some of the industry's largest and most successful companies. He served as President & CEO of Sprint Canada, was a founding executive at Cantel (now Rogers Wireless), and a board member of Fido (Microcell).

- In March and April, SelectCore signed key distribution partnerships with Telus and Virgin Mobile.

- In June, Profit 100 magazine ranked SelectCore one of Canada's top 100 fastest-growing companies for the second consecutive year.

- In July, SelectCore commenced a marketing partnership with Easyhome Ltd., Canada's leading merchandise leasing company, to offer its customers prepaid residential telecom services under the new "easyfone" brand.

- In July, the Company completed the acquisition of Canquest Communications (a prepaid telecommunications and transaction-based technology company). This was an accretive acquisition that has allowed the Company to realize a multitude of operational efficiencies and cost savings. In addition, SelectCore has been able to leverage Canquest's technology and infrastructure to expedite its business plan including the successful deployment of our point of sale activation (POSA) solution.

- In August, after several months of development, the company began trials of its proprietary virtual distribution / point of sale activation solution using industry leader Verifone banking terminals. The solution coined "PrepaidOne" was subsequently launched into our retail distribution channel Q1, 2008.

- In October, the company completed a private placement of $3.16M at $0.20 per unit. The financing was led by Research Capital Corporation.

- In December, management implemented a reorganization plan in order to significantly reduce costs and streamline the operations. The reorganization was subsequently completed in Q1, 2008.

Keith McKenzie, CEO of SelectCore stated "2007 was a pivotal year for SelectCore. It was our first full year as publicly traded company and we closed on a very significant acquisition. The company is well positioned to continue our growth strategy and we are looking forward to a strong 2008."

About SelectCore:

SelectCore (TSX VENTURE:SCG) is in the business of providing prepaid telecommunication solutions to the credit-challenged consumer market across Canada. The offerings, which include wireless, home telephone, long distance and broadband internet are marketed through private-label partnerships as well as company's own nation-wide distribution channel of independent and corporate chain retailers. SelectCore's technology division maintains its own telecom network infrastructure servicing many of Canada's largest incumbent phone companies. (i)Profit 100 ranked SelectCore one of Canada's fastest-growing companies in 2006 and again in 2007.

This news release contains projections and other forward-looking statements regarding future events. Such statements are predictions, which may involve known and unknown risks, uncertainties and other factors, which could cause the actual events or results and objections to differ materially from those expressed. The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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