SelectCore Ltd.

SelectCore Ltd.

October 31, 2011 12:41 ET

SelectCore to Acquire Canadian Payment Processor

TORONTO, ONTARIO--(Marketwire - Oct. 31, 2011) - SelectCore Ltd. ("SelectCore" or the "Company") (TSX VENTURE:SCG), a prepaid telecom and financial services provider and transaction processor for the under-banked consumer market, announced today that it has executed a binding Letter of Intent to acquire the assets of an arms-length Canadian payment processor (the "Acquisition"). The assets to be acquired will consist of all merchant contracts, all processing agreements, all hardware and software, all accounts receivables, goodwill and all other assets used in the business of the vendor (the "Assets").

Final terms and details pertaining to the Acquisition will be disseminated at a future date upon the execution of a definitive asset purchase agreement, which is scheduled to be executed on or about November 14, 2011.

"This acquisition will be a key step in the advancement of the Company's business plan to develop new revenue streams while enhancing the services being offered to our retail partners" commented Keith McKenzie, Chief Executive Officer of the SelectCore. "We are pleased that the vendor has agreed to an all-stock deal which reflects their confidence in our business model, growth strategy and ability to execute."

The transaction is subject to approval by the TSX Venture Exchange.

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 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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