Every major bank in the country has a prepaid card program and the money and technology to back it up.
The biggest prepaid card issuer in Canada is Directcash they also have the technology and all the cash necessary to back it up.
There are at least a dozen others that issue more cards than Selectcore.
Peoles trust,incomm,Blackhawke,Trucash and Vancity just to name a few with more cash,profitable companies better technology and better management than Selectcore.
These companies are not the least bit interested in press releases that are not followed through on. They all make money in the prepaid card business and lots of it. Everyone one of them has the capability and expertise to do the city of Toronto program. They were obviously only interested in doing it at a profit.
Anyne who thinks that a provincial or federal card program is going to allow someone to run their card business. With out tens of millions of dollars in the bank for a security/liability deposit is kidding themselves and everyone on this board. Where is Selectcore going to get that from?
Surley everyone does realize that Selectcore received the city of Toronto contract for having the lowest bid.
In return for that they received their first true press release and a money losing opportunity with zero upside. They will never ever qualify for phase two of the contract and will have to live with a measly 40,000 money losing prepaid cards a year. Why do you think the CFO left. Even if they were to make $5 a card that's a whopping $200,000.(double it if you wish) 4th quarter finacials will show everyone the truth including the city of Toronto.
There are lots of Canadian prepaid card companies with the financial power,technology and management to qualify and crush Selectcire. Those who don't think so have not one their DD.