TORONTO, ONTARIO — (Marketwired) — 10/01/14 — Further to its press release of September 22, 2014, SEL Exchange Inc. (the “Company” or “SEL”) (TSX VENTURE: SEL) provides the following update respecting the personal circumstances which resulted in the removal of a former executive of the Company, who has also resigned from the Company–s board of directors.
As confirmed in a press release issued by the Niagara Regional Police, the Company–s former executive, along with various other individuals, has been charged with various criminal offences involving conduct unrelated to the business of the Company. The authorities, in connection with their investigation of the former executive, have alleged that the former executive used the premises of the Company–s wholly owned subsidiary, SLM Logistics Corporation, to facilitate the alleged criminal activities. The Company is cooperating with the authorities in respect of this matter.
The Company has established a special committee of its board to conduct an internal investigation to independently verify and determine the extent, if any, that the Company–s facilities or the Company were used in the commission of the alleged criminal conduct, and to implement such measures as may be required to prevent any reoccurrence. The special committee has retained special counsel to assist it in its investigation and the implementation of measures.
The former executive is the only Company official that has been implicated in the investigation and it is the understanding of the Company that no charges are anticipated to be levied against the Company with respect to the alleged criminal activity.
The Board of Directors, under the leadership of Gary Clifford, the interim Chairman and CEO, is also in the process of implementing further measures to ensure that the Company–s continuing operations are beyond reproach and unaffected by the former executive–s personal circumstances.
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