TORONTO, May 16, 2017 (GLOBE NEWSWIRE) -- SelectCore Ltd. (“SelectCore” or the “Company”) (TSXV:SCG), a newly established Fintech company is pleased to advise that the secured Demand Loan as recorded on the balance sheet dated Dec 31, 2016 in the amount of $2,467,947 has been reduced to $200,000 at a reduced interest rate of 6% effective immediately.
There was a forgiveness component of $770,047 granted on the loan by insiders and other investors.
We wish to thank the loan investors and insiders for their show of corporate support.
Mohammad Abuleil, President of SelectCore, comments, "We continue to make progress on fixing our balance sheet and eliminating onerous interest charges. This reduction of $2,267,947 on our balance sheet will reflect favorably as we move forward and will have a positive impact on our bottom line. A strong balance sheet attracts more business and our mandate is to leave no stone unturned in the pursuit of new business especially now that we are offering a full suite fintech solution."
About SelectCore
Established in 1999, SelectCore is a leading prepaid financial services provider. 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” (TSXV: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.