Updated
Can you compare Green Dot Corporation to SelectCore?
Green Dot is trading at $52 on the NYSE GDOT
SelectCore is trading at 40 cents as SCG.V in Canada
Theyhave similar business models.Maybe we are seeing an emerging giant inSelectCore following in the footsteps of an obviously successfulbusiness model in Green Dot. I am eagerly following this story to seewhat happens next.
About Green Dot:
GreenDot is a leading prepaid financial services company providingsimple, low-cost and convenient money management solutions to a broadbase of U.S. consumers. Green Dot also owns and operates theGreen Dot Network, the nation's leading prepaid card reloadnetwork. Green Dot products are available online atwww.greendot.com and at approximately 55,000 retail stores,including Walmart, Walgreens, CVS, Rite Aid, 7-Eleven, Kroger,Kmart, Meijer, and Radio Shack. Green Dot is headquartered inthe greater Los Angeles area. For more details, visitwww.greendot.com.
About SelectCore:
SelectCoreis a leading payment and transaction processor utilizing itsproprietary point-of-sale technology to deliver prepaid telecom andfinancial services to millions of credit-challenged consumers throughan extensive retail network across North America. SelectCore is apublic company on the TSX Venture Exchange trading under the symbol"SCG". We were ranked one of the nation's top 100 fastest-growingcompanies in 2006 and 2007 and 2009 by Profit100.
SelectCore to Launch Iridium MasterCard in United States
5/5/2011 7:51:47 AM - Market Wire
TORONTO, ONTARIO, May 5, 2011 (Marketwire via COMTEX News Network) --
SelectCoreLtd.(TSX VENTURE:SCG), a provider of prepaid telecom and financialsolutionsfor the credit challenged and unbanked consumer market ispleased toannounce that it has received approval for its Iridium brandfrom theUnited States Patent and Trademark Office.
Mirroring itsprovenbusiness model in Canada, SelectCore now plans to launchIridiumMasterCard in the United States with an initial roll-out by thethirdquarter through the Company's top 2,000 existing retail locations.
UnlikeGreenDot (NYSE:GDOT) and NetSpend (NASDAQ:NTSP) who successfully focusonlarge corporate retail distribution, SelectCore is uniquelypositioned tocapitalize on the untapped independent retail channel byleveraging itsproprietary point-of-sale technology and considerableexperience.
Accordingto NACS (the National Association ofConvenience Stores), there are over146,000 convenience stores acrossthe United States of which 62.7% aredominated by single-owner /operators. This, in management's opinion,represents a significantopportunity for the Company to continue growingits US retail network.
Agreat deal of SelectCore's success todate has been a result of itsretail partners' ability to connect withconsumers of the same ethnicbackground and language. "Our typicallocations are located in areaswhere the highest concentration ofunderbanked consumers shop" explainedKeith McKenzie, CEO of SelectCore,"This provides SelectCore withdirect access to a captive audience."
Iridiumwill be the firstof its kind prepaid card that is issued in both Canadaand the UnitedStates. Iridium MasterCard is accepted at millions oflocationsworldwide from retail stores to online, mail, and phone orders.Cardfeatures include online account access, text message and emailalerts,bill pay, money transfers, ATM cash access and more. No creditcheck orbank account is required and cards can be reloaded over and overagainwith up to a $5,000 balance.
According to a recent articleonForbes.com and the most recent FDIC national survey, 25% ofhouseholdsin the United States are unbanked or underbanked, representingover 60million adults. In 2010, value-loads on open-loop prepaid cardsalonetotaled $165 billion and is expected to grow to $400 billion by2013.
"Iridiumprovides unbanked consumers with financialempowerment in a societythat is quickly shifting to electronic forms ofpayment" commented RyanDeslippe, President of SelectCore, "Expansioninto the US is a naturalprogression for us, especially with our alreadyestablished retailnetwork"
About SelectCore
SelectCore is aleading providerof transaction processing and point-of-sale solutionsfor the prepaidtelecom market and financial services sector. Fromprepaid mobile top-upto stored-value cards, SelectCore services a marketof nearly 80million underbanked and credit-challenged consumers throughitsextensive retail distribution network across Canada and theUnitedStates. SelectCore is listed on the TSX Venture Exchange underthesymbol "SCG" (TSX VENTURE:SCG). SelectCore was ranked byProfit100Magazine as one of Canada's fastest growing companies in 2006,2007 and2009 and is a candidate again for 2010.
This newsreleasecontains "forward-looking information" within the meaning ofapplicableCanadian securities legislation. Forward-looking informationincludes,but is not limited to, information with respect to theCompany's debtfinancing arrangements with Windsor Bancorp LimitedPartnership andDigital Telecom Inc. and the Company's future plans.Generally,forward-looking information can be identified by the useofforward-looking terminology such as "plans", "expects", or "doesnotexpect", "is expected", "budget", "scheduled", "estimates","forecasts","intends", "anticipates", or "does not anticipate", or"believes" orvariations of such words and phrases or state that certainactions,events or results "may", "could", "would", "might", or "will betaken","occur", or "be achieved". Forward-looking information is basedon theopinions and estimates of management at the date the informationismade, and is based on a number of assumptions and is subject toknownand unknown risks, uncertainties and other factors that may causetheactual results, level of activity, performance or achievements oftheCompany to be materially different from those expressed or impliedbysuch forward-looking information, including risks related to marketandfinancing conditions as well as risks associated with theprepaidtelecom, prepaid financial and transaction-based point ofsaleactivation industries, changes in project parameters as planscontinueto be refined as well as those risk factors discussed in theCompany'smanagement's discussion and analysis for the period endedSeptember 30,2010, available on www.sedar.com.Although the Company has attempted toidentify important factors thatcould cause actual results to differmaterially from those contained inforward-looking information, theremay be other factors that causeresults not to be as anticipated,estimated or intended. There can be noassurance that such informationwill prove to be accurate, as actualresults and future events coulddiffer materially from those anticipatedin such information.Accordingly, readers should not place undue relianceon forward-lookinginformation. The Company does not undertake to updateanyforward-looking information contained herein, except in accordancewithapplicable securities laws.
SOURCE: SelectCore Ltd
SelectCore Provides Update on Iridium MasterCard
TORONTO,ONTARIO--(Marketwire - Feb. 14, 2011) - Selectcore Ltd. (TSXVENTURE:SCG) a leading payment and transaction processor for prepaidtelecom and financial services is providing an update on its IridiumMasterCard business.
In the first quarter of last year, SelectCorelaunched Iridium MasterCard, the first of its kind reloadable prepaidcard offered in Canada.
SelectCore's proprietary point-of-saletechnology that facilitates real-time card activation and reloads, hasbeen deployed on over 4,000 company-owned VeriFone terminals in themarketplace. Sales results from Iridium cards being offered in alimited number of locations to date has proven to be highly successful.The Company is prepared to continue a nation-wide roll-out once itcompletes its refinancing (as per the Company's press release datedFebruary 11, 2011).
Iridium MasterCard is part of the Company'sstrategic growth strategy to diversify into high-margin financialtransaction processing. With millions of prepaid transactions beingprocessed through SelectCore's existing terminal network, the Companyenjoys direct access to millions of un-banked and credit challengedconsumers who do not have access to traditional financial servicesoffered by the banks.
For more information on Iridium MasterCard, please visit www.iridiumcard.ca.
Further to the management update press release dated January 12, 2011, the Company will be announcing the launch of additional financial service offerings in the coming weeks.
About SelectCore:
SelectCoreis a leading payment and transaction processor utilizing itsproprietary point-of-sale technology to deliver prepaid telecom andfinancial services to millions of credit-challenged consumers throughan extensive retail network across North America. SelectCore is apublic company on the TSX Venture Exchange trading under the symbol"SCG". We were ranked one of the nation's top 100 fastest-growingcompanies in 2006 and 2007 and 2009 by Profit100.
This newsrelease contains projections and other forward-looking statementsregarding future events. Such statements are predictions, which mayinvolve known and unknown risks, uncertainties and other factors, whichcould cause the actual events or results and objections to differmaterially from those expressed.
The TSX Venture Exchange hasneither approved nor disapproved the contents of this news release. TheTSX Venture Exchange does not accept responsibility for the adequacyor accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
SelectCore Ltd.
1.800.584.8819
Fax: 1.866.730.2835(FAX)
investor@selectcore.com
www.selectcore.com
Source: SelectCore Ltd.