TORONTO, ONTARIO — (Marketwired) — 09/22/14 — SEL Exchange Inc. (the “Company” or “SEL”) (TSX VENTURE: SEL) announces today that the board of directors has removed Vito Buffone as Chief Executive Officer and Chairman effective immediately in order for Mr. Buffone to address certain personal issues.
Gary Clifford, a director of the Company, has been appointed Chairman and Interim Chief Executive Officer while the board undertakes the process of identifying and retaining a permanent Chief Executive Officer.
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.
Contacts:
SEL Exchange Inc.
Gary Clifford
Interim Chief Executive Officer