TORONTO, ONTARIO -- (Marketwired) -- 12/10/14 -- SEL Exchange Inc. (the "Company") (TSX VENTURE: SEL) is pleased to announce that, further to its press release dated December 4, 2014, the Company has obtained the necessary shareholder and regulatory approval and has completed the sale of its wholly owned subsidiary, SLM Logistics Inc., to Reverse Logistics Distribution Inc., an Ontario private company that is an arm's length party to the Corporation.
The purchase price of $150,000, which will be received over the next 12 months, from the sale of SLM Logistics will be used by the Company to fund the operations of the Company's two remaining subsidiaries, SEL Exchange USA and Service Results Technology.
About SEL Exchange Inc.
The Company through its remaining two wholly owned subsidiaries, Service Results Technology Inc. and SEL Exchange USA, Inc., is dedicated to managing consumer and retail store returns and problematic electronics through a product management system. The Company manages product warranties, service repairs, consumer returns from receiving to end-of-life with quality assurance testing, factory servicing, resale through non-traditional channels and recycling of non saleable product to support a closed-loop distribution process. The Company is able to recycle the non-saleable returns it receives, thereby allowing customer returns to have a very low environmental impact. The Company currently operates in Ontario, Canada and Tennessee, USA.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Corporation cautions investors that any forward-looking information provided by the Corporation is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the state of the financial markets for the Corporation 's securities; the state of the industry; recent market volatility; the Corporation 's ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that the Corporation is unaware of at this time. The Corporation expressly disclaims any obligation to update any forward-looking statements except as may be required by law.
Contacts:
SEL Exchange Inc.
Pat Westfall
Chief Financial Officer
pat.westfall@selexchange.com
