TORONTO, ONTARIO--(Marketwired - Apr 20, 2017) - SelectCore Ltd. ("SelectCore" or the "Company") (TSX VENTURE:SCG) announced today that it has been served by PACE Savings & Credit Union Limited ("PACE") with a Statement of Claim filed in the Ontario Superior Court of Justice (the "Claim").
The Claim relates to the shortfall of a secured cash pledge ("Secured Deposit"), as per the Special Account Agreement executed between the Company and All Trans Financial Services Credit Union Limited ("All Trans"), which was acquired by PACE. The Company has been disclosing this shortfall in its financial statements during the previous years.
The shortfall has been reduced on a regular basis by the different transaction and monthly fees that are usually charged to cards-as per cardholder agreements-and the Company has every intention to resolve this matter expeditiously.
Mohammad Abuleil, president of the Company, comments, "This has been a lingering situation over an extended period of time. The company is in a much better fiscal position to address the matter. It should be emphasized that this is a cash covenant scenario."
Established in 1999, SelectCore is a leading prepaid financial services provider and transaction processor for under-banked and underserved markets. From prepaid mobile top-up to stored-value cards and remittance solutions, SelectCore services a market of millions of under-banked consumers through its technology platforms and extensive retail distribution network. SelectCore is a publicly traded company listed on the TSX Venture Exchange under the symbol "SCG" (TSX VENTURE:SCG). 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.