New York, NY - July 24, 2012 (InvestorIdeas.com Newswire) Investor Ideas,
www.InvestorIdeas.com,
a global investor research portal for independent investors, issues a
tech stock Q&A interview with Mr. Bryan Kenyon, Executive Vice
President
Financial Services, SelectCore Ltd. (
TSX-V: SCG).
Mr. Kenyon discusses the Company's recent contract with the City of
Toronto and what's next for one of Canada's fastest-growing companies.
Q: Investorideas.com staff
Mr. Kenyon, your Company just announced the details of a multi-year
contract with the City of Toronto for the issuance of prepaid payment
cards, with the first phase of the roll out for Toronto Employment and
Social Services (TESS) for the delivery of Social Assistance
disbursements. Can you give investors the significance of this contract
in context of the services it provides?
A: Mr. Bryan Kenyon, Executive Vice President
This contract is a big step forward for social assistance
recipients and the City of Toronto. The City Services Benefit Card is
the first of its kind EMV (chip and PIN), instant-issue prepaid card
program to be launched in North America. The introduction of the card
replaces the need to produce paper cheques, resulting in significant
cost savings for the City as well as for recipients who will no longer
have to incur expensive cheque-cashing fees. This contract is very
significant for SelectCore in the fact that having completed this highly
complex implementation, we now have the technology, infrastructure,
capabilities and expertise to deliver turn-key or completely customized
check-replacement programs to any government agency in Canada.
Q: Investorideas.com staff
What is the potential revenue stream from this contract and over what period?
A: Mr. Bryan Kenyon, Executive Vice President
The potential high-margin revenue for the initial three-year period
of the contract is estimated to be in the $15 million to $18 million
dollar range.
Q: Investorideas.com staff
Do you see Federal Governments as potential clients and if so, what is the process for procuring contracts at that level?
A: Mr. Bryan Kenyon, Executive Vice President
We clearly see Federal Governments and the entire public sector as
an emerging market for our prepaid payment solutions. Similar to the
City of Toronto contract, we expect to competitively bid in various RFP
processes initiated by not only federal, but also provincial and local
government agencies. We intend to showcase our expertise and
differentiated capabilities for delivering robust, cost effective and
cardholder-friendly programs.
Q: Investorideas.com staff
Who is your competition in the marketplace and what are your competitive advantages?
A: Mr. Bryan Kenyon, Executive Vice President
Although the Canadian market for prepaid card programs is still in
early growth stages, we do have a small number of companies that compete
in our space. SelectCore however is well-positioned to compete in this
market as we have a host of competitive advantages including first to
market solutions and the experience necessary to help corporate clients
and government agencies alike adopt prepaid card programs. Our platform
is highly secure, reliable and has the flexibility to meet the demands
of virtually any prepaid scenario. As a nimble organization, we are
optimally suited to compete on price,
service and product features and functionality.
About SelectCore
SelectCore Ltd. (TSX-V:
SCG) is a pioneer and
leader in prepaid payment solutions for underserved markets. Founded in
1999, the Company offers a range of prepaid products and services from
stored-value cards to mobile top-up that provide financial empowerment
to a market of millions of under-banked consumers. SelectCore has been
ranked among Canada's fastest growing companies by Profit Magazine four
times in the past six years and was included in the 2011 Deloitte
Technology Fast 500 list of North America's fastest-growing technology
companies. For more information visit
www.selectcore.com .
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