TORONTO, ONTARIO -- (Marketwired) -- 01/23/15 -- SEL Exchange Inc. (the "Company") (TSX VENTURE: SEL) announced today that it's wholly owned subsidiary SEL USA Inc. has filed for bankruptcy protection in the state of Tennessee. After reviewing all options including a sale, the Board of Directors saw no path to positive cash flow for the Company in the foreseeable future.
The first meeting of creditors will be held on February 18th, 2015 in Nashville Tennessee. Case number 3:15-bk-00268.
About SEL Exchange Inc.
The Company through its 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.
Mark Di Cristofaro
Interim CEO
mark@luad.ca
