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SelectCore Ltd.: SelectCore Announces First Quarter Financial Results

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  Published in Business and Finance on Thursday, May 28th 2009 at 13:51 GMT, Last Modified on 2009-05-28 13:52:05 by Market Wire
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TORONTO, ONTARIO--(Marketwire - May 28, 2009) - SelectCore Ltd. (TSX VENTURE:SCG), Canada's premier provider of prepaid telecom and transaction solutions is pleased to report its financial results for the first quarter ended March 31, 2009.

Revenues of $18.2 million for the first quarter 2009 represented an increase of 18.5% as compared to $15.4 million in the same period 2008. This sales growth was attributable to the strong market demand for the Company's proprietary point of sale activation (POSA) solution.

Adjusted EBITDA for the first quarter was $73k, an improvement of 10% over the same period 2008.

In the first quarter, the company successfully implemented over $1 million in annual cost savings measures by identifying key efficiencies and reductions in fixed operating costs. Peter Burdon, Chief Financial Officer of SelectCore commented "These savings will have a direct positive impact to our bottom line for 2009. We have streamlined our operations to significantly increase profitability and shareholder value while maintaining a world-class level of service to our customers."

The Company's Financial Statements and Management Discussion and Analysis for the three months ending March 31, 2009 are available on SEDAR at [ www.sedar.com ].

The Company also announces that it has appointed Mike Rohrer to its Board of Directors.

About SelectCore:

SelectCore (TSX VENTURE:SCG) is in the business of providing prepaid telecom and transaction-based POSA (point of sale activation) solutions for the convenience and grocery store channel in Canada. The company supports a nation-wide distribution network of over 10,000 retail locations utilizing its own network infrastructure and proprietary technology. Profit 100 ranked SelectCore one of Canada's fastest-growing companies in 2006 and again in 2007.

This news release contains projections and other forward-looking statements regarding future events. Such statements are predictions, which may involve known and unknown risks, uncertainties and other factors, which could cause the actual events or results and objections to differ materially from those expressed.

The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.