SelectCore - Corporate Update and Summary of Annual General Meeting

Concord, Ontario, CANADA

TORONTO, Aug. 11, 2017 (GLOBE NEWSWIRE) -- SelectCore Ltd., (“SelectCore” or the “Company”) (TSX-V:SCG) is pleased to provide a corporate update and AGM summary as the Company moves forward with its strategic growth initiatives towards integrating Fintech technologies and crypto currency solutions.

The Company reports that the four nominees listed in the management information circular related to the Annual General Meeting held on August 10 2017, were elected as directors of the Company until the next Annual Meeting. The Company also reports that the re-election of Mahendra CA Professional Corporation as auditors of the Company, the Company’s rolling stock option plan and the Company’s name change to “Fintech Select Ltd” were all approved.

After the formal Annual General Meeting was finished, the Company’s management made a presentation to its shareholders addressing the Company’s objectives, forward vision and an overview of its products and services.

In the presentation, the Company’s management talked about:

  • The Company has a long history of being a leading provider of prepaid card solutions and programs for government and corporations by providing financial empowerment to card holders.
  • We have been enhancing our current business model by adding full Fintech technologies to card programs and infrastructure.
  • The proposed new name change to “Fintech Select Ltd” reflects the new course of the Company’s business.
  • The Company’s mission is to utilize disruptive Fintech solutions to provide customers with choice, convenience and cost-effective ways to facilitate financial transactions.
  • The Company has been working on enhancing its services to deploy disruptive Fintech solutions by leveraging its existing prepaid cards infrastructure and First Global Data’s mobile wallet and Mobile payment ecosystem. This provides cardholders with the convenience of a mobile wallet that can hold various currencies, and the ability to access a full convenient mobile payment tool for all payment and remittance needs.
  • The Company has been reviewing a crypto currency solution that establishes us as first movers in integrating a POS platform with digital currencies to make crypto currency transactions more convenient and simple for customers and merchants. This is to allow thousands of independent retailers and chains to be able to buy and sell crypto currencies, provide customers with the convenience of transacting in a multitude of various digital currencies and to give customers the ability to buy or sell various crypto currencies at retail locations.
  • To facilitate bank services, the Company has been in a process of reviewing a development of a robust mobile banking platform that will launch with its initial peer to peer lending feature.
  • The Company has chosen to take a multi product, multi vertical approach for its revenue streams that is based on monthly maintenance, transaction, and interchange fees of its prepaid solutions; crypto currency transaction fees, and mobile banking fees.

“We will continue investing time and money to enhance our existing products and services and to add new Fintech solutions that will set the Company apart from our peers as we continue to evolve within the Fintech and Crypto currency industry,” commented Mohammad Abuleil, President and CEO of SelectCore.

About SelectCore

Established in 1999, SelectCore is a leading prepaid financial services provider. From prepaid mobile top-up to stored-value cards and remittance solutions, SelectCore services a market of millions of under-banked consumers, corporates and governments through its technology platforms. 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are detailed from time to time in the Company's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Company has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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