SelectCore Provides Corporate Update
06 Março 2014 - 9:00AM
Marketwired
SelectCore Provides Corporate Update
TORONTO, ONTARIO--(Marketwired - Mar 6, 2014) - SelectCore Ltd.
("SelectCore" or the "Company") (TSX-VENTURE:SCG), Canada's Leading
Payments Organization, is pleased to provide this corporate update
to the investment community.
2013 was a momentous year for SelectCore with multiple
achievements such as being recognized as Canada's Leading Payments
Organization, one of Canada's Top Technology Firms and most
importantly wining prestigious industry awards for Best Government
Prepaid Card Program on both a North American and Global level.
These accolades solidify the Company's proven technology solutions
and position as a true leader in the global alternative payments
industry.
Prepaid payments alone is expected to grow at an annual rate of
22% through 2017 with the projected global market size exceeding
$822B. This significant growth is driven by prepaid's ability to
solve almost any payment need. Prepaid democratizes electronic
payments for an estimated 2.5B people outside the traditional
banking systems while providing a transparent, cost-effective
alternative to cash and checks for both businesses and
governments.
The Canadian public sector is increasingly showing significant
interest in prepaid card solutions for benefits disbursements. The
Government of Canada has mandated the replacement of cheques with
electronic payments by April 2016 and many other provincial and
municipal government agencies are following this lead. SelectCore
has and continues to respond to various public tenders. Management
believes that the Company is well positioned as a lead proponent
for these contracts based on the continued success of the City of
Toronto City Services Benefit Card and the Company's incumbent
status as the only provider to have successfully deployed a prepaid
government disbursement solution in the Canadian market.
In March of last year the Company announced its partnership with
Home Capital Group Inc. (TSX:HCG), to issue prepaid cards for the
corporate and public sector through Visa Canada (NYSE:V) and
MasterCard Canada (NYSE:MA). SelectCore is pleased to announce that
the Company is now expanding its relationship with Home Capital to
launch innovative payment processing solutions which the Company
plans to announce in the near term.
The Company also continues to focus on innovation in the
alternative payments space including mobile wallet, NFC (near field
communications), crypto currency and remittance solutions. New
product launches are slated for 2014.
While our core focus remains the public sector, we are now
targeting new, lucrative verticals for our prepaid card solutions
such as corporate expense, travel, payroll and incentive
disbursements. SelectCore now has the ability to issue cards
globally in 21 different currencies which is key to supporting our
expansion into the US and emerging markets such as the Caribbean
and Central America where the Company is currently implementing a
large-scale consumer card program with one of the regions largest
mobile carriers. Management anticipates that it will be in a
position to announce this contract in the coming months. Likewise,
management is enthusiastic about the large pipeline of new business
and opportunities that has been established over the past year,
many of which have reached an advanced stage and will be disclosed
in due course.
The Company has implemented a number of cost saving measures
within its legacy telecommunications business to allow for better
utilization of resources within its high-margin, alternative
payments business. Further to the press release dated February 11,
2014, the Company continues to evaluate options to strengthen its
balance sheet and working capital position, allowing SelectCore to
pursue new contracts and expand its product offerings. There are no
guarantees that the Company will be successful in these initiatives
and as such may not be able to execute on all opportunities in its
pipeline.
"The alternative payments landscape continues to evolve and
SelectCore has demonstrated itself as a true market leader and
innovator, allowing us to take full advantage of a vast array of
new opportunities", commented Keith McKenzie, President of
SelectCore. "We remain focused on executing our business plan while
driving profitability and long-term shareholder value."
About SelectCore:
SelectCore Ltd. (TSX-VENTURE:SCG) is a pioneer and leader in
alternative prepaid payment solutions for underserved markets.
Founded in 1999, the Company offers a range of prepaid products and
services that provide financial empowerment to a market of millions
of under-banked consumers. SelectCore has been recognized as one of
Canada's Fastest-Growing Companies by Profit100, North America's
Fastest-Growing Technology companies by Deloitte Fast500, Canada's
Top Tech companies by Branham300 and Canada's Leading Payments
Organization by Payments Exchange.
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.
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 most recent
financial reporting period, 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.
SelectCore Investor Relations(800) 584-8819 ext.
105investor@selectcore.comwww.selectcore.com
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