TORONTO, ONTARIO--(Marketwired - Apr 28, 2017) - SelectCore Ltd. ("SelectCore" or the "Company") (TSX VENTURE:SCG) is pleased to announce that it was able to settle debts of $2,749,000 related to its telecommunication business for an aggregate amount of $478,000 net.
The Company has successfully negotiated the discount and terms on the mentioned debt, and has funded the necessary payments. The full settled amount of $478,000 has been paid in full, with the last tranche was recently funded.
"The Company has strived to cleanse its balance sheet and will continue to do so, as a stronger balance sheet will enable SelectCore to achieve more corporate and governmental business," stated Mohammad Abuleil, President of SelectCore.
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.