TORONTO, ONTARIO--(Marketwired - Mar 16, 2017) - SelectCore Ltd. ("SelectCore" or the "Company") (TSX VENTURE:SCG) announced today that SelectCore Financial Services Inc., the Company's wholly owned subsidiary, and six other program managers (collectively, the "Defendants") have been served by All Trans Financial Services Credit Union Limited ("All Trans") with two separate Statements of Claim filed in the Ontario Superior Court of Justice (the "Claims").
The Claims relate to separate claims brought by a plaintiff (the "Underlying Plaintiff") against All Trans in the Court of Queen's Bench for Saskatchewan and the Supreme Court of British Columbia, and which allege, among other things, that the fees and expiry dates associated with the prepaid cards issued by All Trans are not permitted under the consumer protection and trade legislation of each province (the "Underlying Claims"). The prepaid cards at issue in the Underlying Claims relate to cards that were distributed by the Defendants pursuant to Special Account Agreements executed individually between each of the Defendants and All Trans. The Claims seek, among other things, for an order requiring the Defendants; the seven program managers, to indemnify All Trans for any amounts for which All Trans is found liable to pay to the Underlying Plaintiff or for damages for breach of the Special Account Agreements, negligence and negligent misrepresentations in an amount equal to any amounts for which All Trans is liable to pay to the Underlying Plaintiff.
In the view of SelectCore's management, the allegations made in the Claims are without merit and the action will be vigorously defended.
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.