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Topics News & Markets

SelectCore pays $4.8 million shares to buy Canadian payment processor

By The Canadian Press | February 10, 2012

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The corporate logo of SelectCore Ltd. (TSXV:SCG), is shown. THE CANADIAN PRESS/HO

TORONTO - SelectCore Ltd. (TSXV:SCG), a prepaid telecom and financial services provider and transaction processor , is paying nearly $4.8 million in shares to acquire the assets of Conquest Financial Services, a Canadian payment processor.

Under a deal announced Friday, SelectCore will issue more than 16.4 million shares to the seller. Another one million shares will be paid over the next 40 months but will be cancelled if the acquired company meets certain financial targets.

SelectCore said the assets it is acquiring in the share swap deal include 2,200 point of sale terminals, merchant contracts, processing agreements, hardware and software as well as accounts receivables.

"This acquisition is a key step in the advancement of the company's business plan to develop new, high-margin payment technologies and financial services while providing a unified solution to our retail partners," CEO Keith McKenzie said in a release before stock markets opened Friday.

"The added mechanism of payment processing gives SelectCore leadership status amongst comparable peers who cannot offer a one stop point of sale solution."

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