SelectCore Ltd.
TSX VENTURE : SCG

SelectCore Ltd.

August 24, 2011 09:21 ET

SelectCore Secures Trademark and Provides Update for ReCash®

TORONTO, ONTARIO--(Marketwire - Aug. 24, 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 announce that it has received its trademark registration for ReCash® from the Canadian Intellectual Property Office.

Similar to Green Dot (NYSE:GDOT) in the United States, ReCash® will be Canada's first ubiquitous retail cash reload network that offers consumers a convenient and secure way to load cash onto any prepaid Visa, MasterCard or a wide range of other stored-value cards and accounts.

The ReCash® platform facilitates the conversion of cash into electronic forms of payment in real-time. For a nominal service fee of up to $4.95, customers can purchase a ReCash® voucher in any dollar value up to $500 from any participating merchant. The funds are instantly transferred to the customer's prepaid card or account and available for immediate use.

Further to the Company's press release on May 27, 2011, SelectCore remains focused on completing the development of its patent-pending technology for ReCash® with the objective of rolling out the platform to thousands of retail locations across Canada in addition to exploring licensing opportunities in other markets. SelectCore's Senior Advisor, Bryan Kenyon, former Director of Financial Planning and Analysis for Green Dot Corporation (NYSE:GDOT), continues to assist the Company with its development and launch initiatives.

"We believe that upon successful execution, SelectCore will become Canada's frontrunner in the emerging business of converting consumer's cash into electronic forms of payment" said Keith McKenzie, CEO of SelectCore. "Last year alone the US market for prepaid reloads surpassed $165 billion and is expected to more than double by 2013."

"ReCash® can provide millions of under-banked consumers with financial empowerment to be included in what's increasingly becoming a cashless society," commented Ryan Deslippe, President of SelectCore.

The launch of ReCash® is part of SelectCore's strategic growth strategy of leveraging its well-established legacy business to transition the Company into becoming a high-margin financial transaction processor for the under-banked consumer market.

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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