Gediminas Jasionis
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Selectcore Ltd. (CVE:SCG) (PINK:SLXXF) Presents New Technology for Unbanked Consumers

by Gediminas Jasionis May 30, 2011
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2scg_chart.pngSelectcore Ltd. (CVE:SCG) (PINK:SLXXF) stock price firmly approached the bulk of resistances after the company presented a new technology which they expect will help them take a dominating position in the unbanked consumer market.

SCG added 15% to the share price on Friday as it extended the questionable quality short-term rally. Trading volume was 4.5 million and merely topped the average of 3 million.

The stock is approaching a front of resistances with the most stubborn level at 73 cents. However, the price is still in consolidation zone since the last run-up from the beginning of May, so a swing down is one of the possible outcomes to be seen this week.

The recent price run was, however, positively influenced by a news announcement - the company presented a patent pending technology for its ReCash Network.

1selectcore_logo.jpgDirected to be used by the unbanked consumers, the technology enables users to load cash onto their electronics accounts such as prepaid Visa or MasterCard. The company says this solution allows them to extend the ReCash network to any merchant with a point-of-sale payment terminal.

Selectcore states they are the first ones in Canada to offer such a technology. Even though Green Dot Corp. (NYSE:GDOT) offers a similar solution in the United States, SCG still hopes to achieve global expansion for the new product once the patent is granted.

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