SelectCore, a prepaid telecom and financial services provider and transaction processor for the under-banked consumer market, announced today that it has executed a binding Letter of Intent to acquire the assets of an arms-length Canadian payment processor.
The assets to be acquired will consist of all merchant contracts, all processing agreements, all hardware and software, all accounts receivables, goodwill and all other assets used in the business of the vendor (the “Assets”).
Final terms and details pertaining to the Acquisition will be disseminated at a future date upon the execution of a definitive asset purchase agreement, which is scheduled to be executed on or about November 14, 2011.
“This acquisition will be a key step in the advancement of the Company’s business plan to develop new revenue streams while enhancing the services being offered to our retail partners” commented Keith McKenzie, Chief Executive Officer of the SelectCore. “We are pleased that the vendor has agreed to an all-stock deal which reflects their confidence in our business model, growth strategy and ability to execute.”
The transaction is subject to approval by the TSX Venture Exchange.