Great news Selectcore sets up "cost-saving measures"
Selectcore Ltd (C:SCG)
Shares Issued 124,020,365
Last Close 9/24/2012 $0.075
Tuesday September 25 2012 - News Release
Mr. Keith McKenzie reports
SELECTCORE PROVIDES CORPORATE UPDATE
Selectcore Ltd. has provided a corporate update in relation to its recently closed financing.
This capital injection not only strengthens the Company's balance sheet, but also provides the necessary working and growth capital to execute on a large number of programs and opportunities in the pipeline as well as fund the roll-out of Selectcore's new financial product and service offerings including Iridium MasterCard and ReCash reload network.
In addition to completing this financing, the Company is implementing cost saving measures within its legacy business to allow the Company to better utilize resources and focus on its high-margin prepaid payments solutions business.
The successful launch of the City of Toronto City Services Benefit Card program has positioned Selectcore as the incumbent in the Canadian marketplace having launched the first government disbursement card program of its kind. Selectcore has the capabilities, expertise, technology and infrastructure to deliver turn-key programs to other government agencies looking to modernize service delivery to recipients and benefit from significant cost savings over issuing paper checks.
The shift to a cashless society is starting to drive significant interest for prepaid cards within the public and private sector. Selectcore is now focusing efforts on submitting multiple bids for government and corporate RFPs for the procurement of prepaid card programs and is hopeful to be awarded certain contracts in the near term.
The Company is also expanding it's payment solutions business to key markets in the Caribbean and Central America where there is a large population of underbanked consumers and very low market penetration of prepaid cards.
"We believe this financing is key in taking the Company to the next level and being able to execute on our growth strategy that will ultimately drive profitability and long-term shareholder value." commented Keith McKenzie, CEO of Selectcore.