SelectCore (TSXV:SCG) has announced that the secure Demand Loan recorded on the balance sheet dated December 31, 2016 for $2,467,947 has been reduced to $200,000 at a reduced rate of six percent.
As quoted in the press release:
here was a forgiveness component of $770,047 granted on the loan by insiders and other investors.
We wish to thank the loan investors and insiders for their show of corporate support.
Mohammad Abuleil, President of SelectCore, comments, “We continue to make progress on fixing our balance sheet and eliminating onerous interest charges. This reduction of $2,267,947 on our balance sheet will reflect favorably as we move forward and will have a positive impact on our bottom line. A strong balance sheet attracts more business and our mandate is to leave no stone unturned in the pursuit of new business especially now that we are offering a full suite fintech solution.”