October 29, 2007
SelectCore Closes $3.16 Million Private Placement
For Immediate Release: October 29, 2007
TECUMSEH, Ontario - SelectCore Ltd. (the "Corporation") is pleased to announce that it has closed on $3,162,500 of a previously announced private placement led by Research Capital Corporation. The Corporation has sold 15,812,500 units at $0.20 per unit. Each Unit consists of one common share and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to acquire one additional common share (a "Warrant Share") of Corporation at an exercise price of $0.24 for a period of 24 months from the date of issuance.
Research Capital Corporation ("Research") acted as agent on the offering and received a cash fee equal to 8% of the proceeds raised in the offering on 12,837,500 units and cash fee of 4% of the proceeds on 2,975,000 units. Research also received broker warrants ("Broker Warrants) equal to 8% of the number of Units issued. Each Broker Warrant entitles Research to acquire one Unit at an exercise price of $0.20 for a period of twenty four (24) months from the date of issuance.
Net proceeds from the sale of the Units will be used to retire a previously announced bridge loan taken out to complete the Canquest asset purchase and for general working capital purposes.
The Units and the Warrant Shares will be subject to a four-month hold period expiring February 27, 2008.
The securities distributed have not been and will not be registered under the United States Securities Act of 1933, as amended, and may no be offered or sold in the United States or to U.S. persons in the absence of registration or an applicable exemption from the registration requirements. ..hide
October 11, 2007
SelectCore Announces Pricing of Private Placement
For Immediate Release: October 11, 2007
WINDSOR, ON - Further to its press release dated September 6, 2007 in which SelectCore Ltd. (the "Company") announced a private placement of units (the "Offering") led by Research Capital Corporation ("Research") on a best efforts basis, the units (the "Units") will be priced at $0.20 per Unit for gross proceeds of up to $6 million. Each Unit is comprised of one (1) common share and one half (1/2) common share purchase warrant (the "Warrant"). Each whole Warrant entitles the holder thereof to purchase one (1) common share for a period of twenty four (24) months from the date of issuance at a price of $0.24.
In connection with the Offering, the Company will pay Research a cash commission of 8% of the gross proceeds of the Offering. In addition, the Company will issue broker warrants ("Broker Warrants) to Research equal to 8% of the number of Units issued. Each Broker Warrant will entitle Research to acquire one Unit at an exercise price of $0.20 for a period of twenty four (24) months from the date of issuance. The Offering is subject to regulatory approval.
October 3, 2007
SelectCore Signs Retail Distribution Partership with JumpTV and Prepaid Telecom Leader to Partner with Internet TV Leader to Reach Ethnic Communities
For Immediate Release: October 3, 2007
WINDSOR, ON: SelectCore (TSX-V: SCG), one of Canada's fastest-growing companies* and a leading prepaid telecommunications provider is pleased to announce the signing of a retail distribution partnership with JumpTV (AIM, TSX: JTV) the top broadcaster of international television and sports content over the Internet.
SelectCore and JumpTV are partnering to develop and launch a trial program of a new prepaid product offering for JumpTV's internet television service which will be marketed through SelectCore's retail distribution channel of convenience stores.
Kaleil Isaza Tuzman, President & COO of JumpTV stated, "In looking to launch a prepaid product, we turned to SelectCore - a proven player in the prepaid industry whose retail distribution channel provides JumpTV with direct access to our target ethnic consumer market."
Amir Hegazi, General Manager of JumpTV's Middle East and North Africa group further commented, "We're especially excited to launch this first-of-its-kind program with an initial focus on the Arabic-speaking community--one of the fastest growing demographics in North America." The new JumpTV prepaid cards will feature a 10 day subscription to 15 top Arabic channels for a promotional price of $5. The cards will be placed in over 2,000 stores in top Arab communities across North America.
Keith McKenzie, CEO of SelectCore stated, "JumpTV's prepaid offering is a natural complement to our portfolio of prepaid telecom products and services. We're looking forward to the success of this trial and working with the JumpTV team."
September 17, 2007
SelectCore Prepares for Market Expansion. Signs Agreements with SaskTel, MTS and Aliant
For Immediate Release: September 17, 2007
WINDSOR, ON: SelectCore Ltd., (TSX-V: SCG) is pleased to announce that it has appointed Research Capital Corporation to act as lead agent on a best-efforts private placement offering (the "Offering") of up to approximately C$6,000,000 of Units of the Company at a price to be determined in the context of the market.
Each Unit shall consist of one common share of the Company and one half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire, at any time within twenty four months from the closing of the Offering, one common share of the Company. The Units and underlying securities will be subject to a four-month hold period following closing of the Offering.
Proceeds from the Offering will be used to fund sales and marketing, product development, working capital, and repayment of a bridge loan used to purchase the assets of Canquest Communications (Canada) Inc.
For consideration for their services, the agent will receive a cash commission equal to 8.0% of the gross proceeds of the Offering and broker warrants entitling them to purchase 8.0% of the number of Units sold for 24 months following closing of the Offering.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States unless registered under the U.S.
September 6, 2007
SelectCore Announces $6 Million Private Placement
For Immediate Release: September 6, 2007
WINDSOR, ON: SelectCore Ltd., (TSX-V: SCG) is pleased to announce that it has signed agreements with the carrier services groups of SaskTel, MTS and Aliant, allowing the Company to expand its service offerings into the provinces of Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Newfoundland and PEI.
"The addition of these incumbent carriers, along with our existing contracts with Bell, Telus and Rogers, completes our footprint across Canada and makes SelectCore a national player in the prepaid telecom industry" said Keith McKenzie, CEO of SelectCore. "We are preparing to launch our services in these regions through our already established distribution channel."
August 29, 2007
SelectCore Improves Revenues, Margins and Earnings. Reports Second Quarter Results
For Immediate Release: August 29, 2007
WINDSOR, ON: SelectCore Ltd., (TSX-V: SCG) one of Canada's fastest-growing companies* and a nation-wide prepaid telecommunications provider, announced today the company's record financial results for the second quarter of 2007.
By way of comparison to last quarter, revenue was $10,760,274, an increase of 43%. Gross profit increased 50% and net earnings improved 66%. The Company's un-audited interim consolidated financial statements and management discussion and analysis for the period ending June 30, 2007 are available on SEDAR at www.sedar.com.
Subsequent to the company's second quarter reporting period, SelectCore completed the acquisition of Canquest Communications as previously announced in the news release dated August 1, 2007. This accretive transaction is expected to substantially increase revenues, gross margins and earnings.
"Our record financial results are a solid indicator that we have been moving in the right direction since our public listing in September of 2006" said Peter Burdon, CFO of SelectCore. "We are confident that this organic growth, together with the growth and operational efficiencies expected from the Canquest acquisition, will continue to build shareholder value."
August 01, 2007
SelectCore Completes Asset Acquitision of Canquest Communications
For Immediate Release: August 01, 2007
WINDSOR, ON: Further to the news release dated July 9th, 2007, SelectCore Ltd. (the "Company") (TSX-V: SCG), today announced that it has closed its acquisition of substantially all of the assets of Canquest Communications (Canada) Inc. and its subsidiary, Canquest Communications (Wireless) Inc. (collectively, "Canquest").
Pursuant to an asset purchase agreement dated July 6, 2007 (the "Asset Purchase Agreement"), the Company agreed to pay an aggregate amount of $5,722,353 of which $1.5 million was satisfied through the issuance of 5 million common shares at a deemed price of $0.30 per share, the assumption of $2,422,353 in liabilities and the payment of $1,800,000. In addition, the Company issued an aggregate 500,000 common share purchase warrants (the "Warrants") which entitles the holder thereof to purchase one (1) common share (a "Warrant Share") in the capital of the Company for a period of eighteen (18) months from the date of issuance at an exercise price of $0.30 per Warrant Share. The purchase price is subject to adjustments pursuant to the terms and conditions of the Asset Purchase Agreement. The shares, Warrants, Warrants Shares (which are subject to a four-month hold period) and $291,167.12 have been paid into escrow pursuant to the terms of the Asset Purchase Agreement.
Canquest, based in Chatham, Ontario, is a prepaid telecommunications and transaction-based technology company. It is a well-respected leader in the industry, servicing many of Canada's largest incumbent phone companies and national-chain retailers.
Keith McKenzie, CEO of the Company stated "This acquisition provides us with people, resources and technology that will allow us to capitalize on the Company's product pipeline and retail distribution channel. With this new team, we believe we can establish a solid foundation for continued growth."
Ryan Deslippe, President of the Company further commented "This has been an exciting and transformational event for SelectCore. The hard work and dedication of our transaction team and advisors made this acquisition possible. We expect a seamless integration of our operations, and look forward to working with our new colleagues."
The Company would also like to announce that it has granted an aggregate 2,575,000 stock options to its directors, officers and certain service providers of the Company. Each option is exercisable at $0.20 per share until August 1, 2009.
July 18, 2007
SelectCore Signs Letter of Intent with Easyhome Ltd.
For Immediate Release: July 18, 2007
WINDSOR, ON: SelectCore Ltd., (TSX-V: SCG), one of Canada's fastest-growing companies* and leading telecom providers to the credit-challenged consumer market, is pleased to announce the signing of a letter of intent with easyhome Ltd. (TSX: EH), Canada's leading merchandise leasing company.
SelectCore and easyhome are currently in the development stages of offering residential telecommunication services throughout easyhome's 198 locations across Canada under the new 'easyfone' brand. The trial launch is expected to commence this month. If successful, the companies will immediately begin to implement their roll-out strategy across Canada and eventually easyhome's new retail locations in the US.
"This business is a natural complement to our core operations," stated David Ingram, President and Chief Executive Officer of easyhome Ltd. "It targets a wide base of customers whom we already know, and this will allow us to strengthen our relationship with them."
Ryan Deslippe, President of SelectCore further commented, "We are excited about partnering with such a reputable organization. The market segment we are going after is widely under-serviced and easyhome's retail network provides us with direct access to these target consumers".
July 9, 2007
SelectCore to Acquire Canquest Communications
For Immediate Release: July 9, 2007
WINDSOR, ON: Further to the news release dated June 18, 2007, SelectCore (TSX-V: SCG) today announced that it has entered into a definitive agreement to purchase substantially all of the assets of Canquest Communications (Canada) Inc. and its subsidiary, Canquest Communications (Wireless) Inc.
On July 3rd, the shareholders of Canquest unanimously approved the sale. SelectCore and Canquest are arms-length parties and the closing of the transaction is subject to TSX and regulatory approval, financing and court approval on Bulk Sales Act compliance. The aggregate purchase price of $4 million will be paid by way of $1.8M in cash, $1.5M in stock and assumption of approx. $700K in net liabilities. In addition, SelectCore will issue to Canquest 500,000 warrants which will expire after 18 months. Both the stock and warrant issue price will be determined on closing using the average of the previous ten business days closing price.
Canquest, based in Chatham, Ontario, is one of Canada's largest privately-owned prepaid telecommunications and transaction-based technology companies. With annual revenues in excess of $25 million, they are a well-respected leader in the industry, servicing many of Canada's largest incumbent phone companies and national-chain retailers.
David Parkes, Chairman of SelectCore, stated "this is an accretive acquisition that completes the picture of SelectCore becoming a fully-integrated prepaid telecommunications provider". Keith McKenzie, CEO of SelectCore, further commented "With Canquest, we're adding a great team of technical experts who have developed leading technology platforms for the prepaid telecommunications industry. Leveraging their infrastructure will enable us to launch new offerings in high-growth areas of wireless and IP. We are also anticipating a multitude of operational efficiencies and cost savings moving forward."
June 19, 2007
Profit 100 Ranks SelectCore One of Canada's Fastest-Growing Companies for 2nd Consecutive Year
For Immediate Release: June 19, 2007
TECUMSEH, ON: SelectCore, (TSX-V: SCG) a leading telecom provider to the credit-challenged consumer market, is pleased to announce that it has been recognized in the 19th annual PROFIT 100 ranking of Canada's Fastest-Growing Companies by PROFIT Magazine.
This is the second consecutive year that SelectCore has been ranked in the top 100, having achieved revenues of $37.7M in 2006. "We're delighted to be recognized by PROFIT 100 again this year." stated Ryan Deslippe, President of SelectCore. "This achievement clearly demonstrates our growth trend and commitment to delivering high value to our customers and shareholders. This continued success can be attributed to the hard work and dedication of SelectCore's entire management and support team."
Ranking Canada's Fastest-Growing Companies by five-year revenue growth, the PROFIT 100 profiles the country's most successful growth companies. Published in the June issue of PROFIT and online at PROFITguide.com, the PROFIT 100 is Canada's largest annual celebration of entrepreneurial achievement. "PROFIT 100 companies are the new heroes of Canadian business, creating jobs at home and products used around the world." says Ian Portsmouth, editor of PROFIT. "They've accomplished this by building great employee teams, exploiting export markets and rapidly responding to the customer's fast-changing needs."
June 18, 2007
SelectCore Announces Board of Director Change
SelectCore Announces Accretive Acquisition Target
TECUMSEH, ON: SelectCore, (TSX-V: SCG) one of Canada's fastest-growing companies* and a premier telecommunications provider to the credit-challenged consumer market, today announced that it is negotiating the terms of a definitive agreement to acquire substantially all of the assets of a privately-owned telecommunications technology company.
The acquisition target is a well-respected leader in the Canadian telecom industry with annual revenues in excess of $25 million. It is anticipated that the aggregate purchase price will be approximately $5.5 million, which will be paid in cash, stock and assumption of debt. As a condition of entering into a definitive agreement, SelectCore has filed an application with the Ontario Superior Court of Justice requesting among other things that the proposed purchase is in full compliance of the Bulk Sales Act.
Further details of the transaction will be announced pending the execution of a definitive purchase agreement.
May 31, 2007
SelectCore to Market Telus Prepaid Gaming Products
For Immediate Release: May 31, 2007
TECUMSEH, ON: SelectCore Ltd.,(TSX-V: SCG) Canada's 6th fastest growing company* and one of the nation's largest telecom distributors and service providers targeting the ever-growing credit challenged consumer market, is pleased to announce that it has extended its distribution agreement with Telus to market new Prepaid Gaming products throughout SelectCore's nation-wide retail distribution channel.
Ryan Deslippe, President of SelectCore stated "Telus is first to market with Prepaid Gaming. Huge market potential exists for these new offerings and we're excited to be part of the launch."
May 30, 2007
SelectCore Increases Gross Profit 874%. Reports First Quarter Results.
For Immediate Release: May 30, 2007
TECUMSEH, ON: SelectCore Ltd., (TSX-V: SCG) Canada's 6th fastest growing company* and one of the nation's largest telecom distributors and service providers targeting the ever-growing credit challenged consumer market, announced today the company's financial results for the first quarter of 2007.
By way of brief overview, revenue was $7,517,750, an increase of over 3% compared to Q1, 2006 which is seasonally typical for SelectCore's business. Gross profit was $286,107, an increase of 874% over Q1, 2006. Net earnings including stock-based compensation was ($289,372) and earnings per share was ($0.001). The Company's un-audited interim consolidated financial statements and management discussion and analysis for the period ending March 31, 2007 are available on SEDAR at www.sedar.com.
Peter Burdon, CFO of SelectCore stated "This is our very first reporting period with results from all business segments in our newly integrated public company. We recently started to execute our multi-faceted growth strategy by investing in the launch of higher margin products and services as well as new business opportunities."
Ryan Deslippe, President of SelectCore further commented "We are now positioned to begin capitalizing on our strategic efficiencies and legacy businesses. We have been making significant progress with both our distribution and service provider divisions and our focus is now on growing revenues, profitability and shareholder value."
April 30, 2007
SelectCore Reports Record Revenues of $37.6 Million for 2006
For Immediate Release: April 30, 2007
TECUMSEH, ON: SelectCore Ltd., (TSX-V: SCG) Canada's 6th fastest growing company* and one of the nation's largest telecom distributors and service providers targeting the ever-growing credit challenged consumer market, is pleased to announce the company's audited financial results for the year ended December 31, 2006.
By way of brief overview, revenue increased $13,200,000 to a record $37,645,919 from $24,388,295 in 2005, an improvement of 53%. Net earnings (loss) were ($699,932) and Basic and diluted earnings (loss) per share was ($0.019). The Company's Financial Statements and Management Discussion and Analysis for the year ending December 31, 2006 are available on SEDAR at www.sedar.com.
SelectCore completed its public listing on September 25th, 2006 via a CPC (Capital Pool Company) transaction with Ribbon Capital Corp. The three divisions (Local Fone Service Inc., SelectComm and Integrated Brands) operated as private companies during the prior 9 months.
"Over all we are pleased with the 2006 results," said Keith McKenzie, CEO of SelectCore. "2006 was a year of taking SelectCore public on the TSX Venture Exchange and integrating three separate operating companies. Now, as a new public entity, our focus is to not only continue our growth trend, but also deliver consistent value to our stakeholders."
* In June of 2006, SelectCore was ranked Canada's 6th fastest-growing company by Profit 100 with 5 year revenue growth of 9,299%. Management anticipates a subsequent ranking this June, having achieved further revenue growth in 2006.
Ryan Deslippe, President of SelectCore further commented, "2007 will be our first full year as a combined public company. We are well positioned to leverage our legacy businesses and implement our multi-faceted growth strategy."
April 26, 2007
SelectCore Signs Deal with Virgin Mobile
For Immediate Release: April 26, 2007
TECUMSEH, ON: SelectCore (TSX-V: SCG) and Virgin Mobile Canada announced a new distribution partnership today which will make Virgin Mobile top-up minutes available throughout SelectCore's retail network of thousands of independent convenience stores across Canada.
Nick Bogais, Director of Sales at Virgin Mobile stated, "Virgin Mobile is all about providing convenience and flexibility to our customers. Teaming up with SelectCore means it will now be even easier for customers to top up their mobile phones when and how they like. It's this kind of wide availability and freedom of choice that makes Virgin Mobile's customers the happiest in Canada."
Keith McKenzie, CEO of SelectCore further commented that "the company is excited to add the Virgin brand to its wireless portfolio. This partnership further defines SelectCore as a leader in the Canadian telecommunications industry."
March 2, 2007
SelectCore Signs Distribution Agreement with Telus
For Immediate Release: March 2, 2007
TECUMSEH, ON: SelectCore (TSX-V: SCG) is pleased to announce that it has entered into a three year distribution agreement with TELUS to market prepaid long distance products into SelectCore's nation-wide retail distribution channel.
"We're looking forward to a rewarding relationship with SelectCore. Their vast distribution network provides TELUS with access to millions of potential prepaid long distance users across Canada," said Katherine Aker, TELUS director of Packaged Products at TELUS.
Ryan Deslippe, President of SelectCore further commented, "TELUS is a strong leader and innovator in our industry. Our team is very excited about the opportunity."
January 23, 2007
Key Industry Professional Joins SelectCore as Vice President of Sales & Distribution
For Immediate Release: January 23, 2007
TECUMSEH, ONTARIO (January 23, 2007) - SelectCore (TSX-V: SCG) is pleased to announce that on January 22nd, 2007, Mohammad Abu-Leil joined the company's management team as Vice President of Sales & Distribution.
Mr. Abu-Leil is a respected leader in the Canadian prepaid telecommunications industry. He brings with him a significant amount of expertise and contacts that will be instrumental in growing the company's retail and wholesale distribution channels.
Mr. Abu-Leil is an MBA graduate from Wilfrid Laurier University and also holds a BSc. in Computer Science from the University of Jordan. Since 2002 he successfully managed a private telecom distribution company growing it to multi-million dollar revenue levels.
Ryan Deslippe, President of SelectCore stated "We're excited that Mr. Abu-Leil has decided to join the SelectCore team. He's an incisive individual who will add tremendous value to our company."
January 22, 2007
SelectCore Grants Options and Welcomes David Parkes to Chairman of the Board
For Immediate Release: January 22, 2007
TECUMSEH, ONTARIO (January 22nd, 2007): Further to the press release dated December 13, 2006 announcing the appointment of David Parkes (former President & CEO of Sprint Canada) to Chairman of the Board, the Directors of the Company welcomed Mr. Parkes to his new role at a meeting held January 12th, 2007. The company also granted Mr. Parkes 500,000 options to purchase common shares of the company, exercisable at $0.15 per share, expiring January 11th, 2009.
David Parkes is a prominent leader in the Canadian telecommunications industry. As a founding member of the executive team at Cantel (now Rogers Wireless), David held various senior-level positions over a ten year period including President, Cantel Ontario and Senior Vice President, Sales & Marketing. Mr. Parkes continued his career as the CEO of some of the industry's most respected companies including Sprint Canada.
Mr. Parkes currently serves on the Board of Directors of Envoy Communications and Clearly Canadian Beverage Corp. He was also a founding board member of Microcell Communications during the successful launch of the Fido brand. He received his MBA and B.Sc. from York University.
January 17, 2007
SelectCore Announces Management Changes and Expense Reductions
SelectCore Ltd. Announces Name Change
Tecumseh, Ontario - SelectCore Ltd. (the "Corporation") (formerly Ribbon Capital Corp.) is pleased to announce that the shareholders of the Corporation approved at the special meeting of shareholders held on January 12, 2007, the name change of the Corporation from Ribbon Capital Corp. to SelectCore Ltd.
As at the opening of trading on January 18, 2007, the Corporation will commence trading on the TSX Venture under the name SelectCore Ltd. under the symbol "SCG"...hide
Neither TSX Venture Exchange nor its Regulation ServicesProvider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-lookingterminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks related to market and financing conditions as well as risks associated with the prepaid telecom and prepaidfinancial industries, changes in project parameters as plans continue to berefined as well as those risk factors discussed in the Company's management's discussion and analysis for the period ended December 31, 2010, available on www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance thatsuch information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information contained herein, except in accordance with applicable securities laws.