TORONTO, ONTARIO--(Marketwired - July 8, 2014) - SEL Exchange Inc. (formerly Penfold Capital Acquisition IV Corporation) (the "Corporation") (TSX VENTURE:SEL) is pleased to announce that it has added a second shift at its Brampton facility.
The addition of the second shift is a result of increased customer demand both from new and existing customers for the Corporation's end of life product management services at its wholly owned subsidiary SLM Logistics Corporation ("SLM"). It is anticipated that the second shift, which is a permeant addition to SLM's operations, will generate an additional $1 million in revenue when it is fully implemented within 8 to 18 months. The annual revenue capacity of this shift is anticipated to be $4 million once the second shift is at full capacity.
"We are excited to see continued increased demand for the Corporation's end of life product management", said Vito Buffone, President and CEO of the Corporation. "Retailers and manufacturers are realizing the value in SLM managing their returns and diverting returns from landfill."
In addition, the Corporation would like to announce that at its annual shareholders' meeting held on June 24, 2014, the Corporation received shareholder approval for the amendment of its name from Penfold Capital Acquisition IV Corporation to SEL Exchange Inc. The Corporation will commence trading under the name SEL Exchange Inc. on Wednesday July 9, 2014 at the commencement of trading.
About SEL Exchange Inc.
The Corporation, through its wholly owned subsidiaries SLM Logistics Corporation, and Service Results Technology Inc. is dedicated to managing consumer and retail store returns and problematic electronics through a product management system. The Corporations manage 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 Corporation is able to recycle the non-saleable returns it receives, thereby allowing customer returns to have a very low environmental impact. Independent Waste Audit Reports, since 2011, show the Corporation is able to achieve a consistent waste diversion rate of over 98.6%. This means brands using the Corporation's processes are able to divert over 98.6% of their product from landfill. The Corporation is currently working on rolling out this product offering to retailers to allow them to capture the environmentally conscious consumer. The Corporation currently operates only in Ontario and Tennessee.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Chief Executive Officer
Interim Chief Financial Officer
Source: SEL Exchange Inc.