SelectCore Ltd.
TSX VENTURE : SCG

SelectCore Ltd.

May 11, 2011 07:06 ET

SelectCore Signs 5-Year Exclusive Deal for Iridium MasterCard

TORONTO, ONTARIO--(Marketwire - May 11, 2011) - SelectCore Ltd. (TSX VENTURE:SCG), a provider of prepaid telecom and financial solutions for the credit challenged and unbanked consumer market is pleased to announce that it has entered into a 5 year exclusive distribution agreement for the sale of Iridium MasterCard in over 200 retail locations including Long Distance Phone Card banner stores in major shopping malls across the GTA (Greater Toronto Area) such as Lawrence Square, Parkway Mall, Woodside Square, The Albion Centre, Shoppers World Brampton, Pacific Mall, Jane & Finch Mall, Rockwood Mall, Eglington Square, Centrepoint Mall, Woodbine Centre, Ceadarbrae Mall and Bridalwood Mall.

These locations are in key demographic markets and the mall stores alone currently service in excess of 150,000 customers every month. Deployment of the Company's point-of-sale platform and merchandising is expected to commence June 1st, 2011 or sooner.

In connection with the exclusive distribution agreement, SelectCore has received an initial purchase order for 20,000 Iridium MasterCard cards. The agreement is for an initial five-year term with one-year auto-renew provisions and requires a nominal investment to be made by SelectCore for the merchandising and set-up of each store. The agreement also provides for each location to act as an authorized agent for SelectCore's ReCash reload network.

Keith McKenzie, CEO of SelectCore commented "What excites us most about this partnership is the fact that the Iridium brand will be front and centre with our target audience."

There is no credit check or bank account required to get an Iridium MasterCard. The card, which can be reloaded over and over again, is accepted at over 28.5 million locations worldwide and online. Cardholders have complete control of their funds with online account access, text message alerts, bill pay, money transfers, ATM access and more. Customers may even have their paycheck deposited directly to their card on payday.

"Iridium is like a bank for the un-banked" said Ryan Deslippe, President of SelectCore "from direct deposit to ATM access and more, it's just like having a traditional checking account".

The Company is pursing similar distribution partnerships for Iridium MasterCard in both Canada and the US to further grow its existing retail network.

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 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). 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 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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