SelectCore Announces New Patent-Pending Technology for ReCash Platform
TORONTO, ONTARIO, May 27, 2011, SelectCore Ltd. (TSX VENTURE: SCG)(PINK SHEETS: SLXXF), a provider of prepaid telecom and financial solutions for the credit challenged and unbanked consumer market is pleased to announce its industry-first, patent-pending technology that opens up the Company's ability to extend its ReCash network to virtually any merchant with a point-of-sale payment terminal.
Similar to Green Dot (NYSE: GDOT) in the US, ReCash is Canada's first ubiquitous retail cash reload network that offers consumers a convenient and secure way to load cash onto their store-valued accounts such as a prepaid Visa or MasterCard card. Simply put, ReCash is a means of converting cash to electronic forms of payment in real-time.
This new, patent-pending technology will allow virtually any merchant nation-wide to become a ReCash agent with no new hardware, integration or capital investment required. Transactions can be processed using existing point-of-sale devices over a traditional debit payment network. Merchants will also benefit from increased foot-traffic and a new, high-margin revenue stream.
"ReCash will become the single-largest retail network of 'branches-and-tellers' for the unbanked consumer market," said Ryan Deslippe, President of SelectCore.
Keith McKenzie, CEO of SelectCore further commented "With the significant influx of prepaid card users across North America, the shift to a cashless society is becoming more and more evident. Consumers want to shop online, pay for gas at the pump, book travel, and soon 'fund their mobile wallets'."
The Company also expects that it will be able to monetize this proprietary technology and intellectual property through both organic expansion and licensing arrangements globally.
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) and "SLXXF" (PINK SHEETS: SLXXF) in the US. 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.
Contacts: SelectCore Investor Relations (800) 584-8819 ext. 105 firstname.lastname@example.org www.selectcore.com
SOURCE: SelectCore Ltd.