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ActiveCore Announces Acquisition of Twincentric Limited
TORONTO, June 22 /PRNewswire-FirstCall/ -- IVP Technology Corp. (OTC Bulletin
Board: TALL), d.b.a. ActiveCore Technologies, Inc., announced today that it has
completed the purchase of all the issued shares of Twincentric Limited, a
privately held UK company based near Oxford, UK effective June 21, 2004. The
purchase price, approximately USD 350,000, will be satisfied by issuance of
ActiveCore shares.
Twincentric is a systems integration company that specializes in products and
services for large organizations operating mainframe computer systems which
need to support internet and mobile applications. Twincentric has a large
number of clients including Honeywell, Ernst and Young, GE Life, JCB and Fiat
in Europe. In North America the company's client base includes the State of
Arizona Superior Court, the State of Oklahoma Employment Security Commission,
the Texas Higher Education Coordination Board and Universal Studios Canada.
Solutions provided by Twincentric will provide ActiveCore with a key technology
infrastructure platform which will combine with the capabilities of its
DynaPortal and ActiveLink products to service the full IT marketplace.
The company intends to maintain Twincentric Limited as a separate subsidiary
which will share resources with the company's current UK subsidiary, ActiveCore
Technologies UK Limited. Three new products: Net.Visual(TM), Twincentric's own
flagship product; Smart Wells(TM), a product developed by a UK based software
development firm specifically for the oil industry market; and Caravel(TM), a
product owned by TransTOOLs S.A., will join ActiveCore's technology lineup.
Each of these highly successful products represent unique and highly effective
solutions to problems encountered by IT professionals in linking mainframe
installations to the internet.
Brian MacDonald, Chairman and CEO of ActiveCore said, "We believe that the
addition of Twincentric's existing and growing customer base coupled with their
highly experienced and capable staff will allow us to greatly expand our
current ActiveCore product and services offerings to large European based
companies and provide a lauchpad for MDI Solutions' entry into the European
market."
Mr. MacDonald also went on to say, "from a shareholder's perspective, the
acquisition of Twincentric will add revenues in excess of $1,000,000 and
profitability of $500,000 to our current and future year's results and enable
us to achieve the $.01 cent e.p.s figure that we have projected for the current
fiscal year. Twincentric has a solid recurring revenue stream from ongoing
maintenance fees from sale of product in previous years which combine with
ongoing services revenues to provide a basis for expansion by ActiveCore into
the whole European market. Twincentric has ongoing business partnerships with
Bull Computers of France and TransTOOLs S.A. through which ActiveCore will
introduce its ActiveLink product."
Tony McGurk, Managing Director of Twincentric, said, "We are very excited by
the purchase of our company by ActiveCore. The ability to link our technology
and customers with ActiveCore's portal and data base integration capabilities
will allow us to greatly increase our ability to access the North American
Marketplace. ActiveCore's growing customer base in health care, financial
services and government provide the perfect market sectors for rapid
expansion."
About Twincentric Limited
Founded by Tony McGurk in 1998, Twincentric is a leader in providing solutions
to mainframe IT installations which enable legacy mainframe systems to
interface with the internet. The company's Net.Visual product is a market
leader in allowing existing main frame systems to emulate themselves as web and
internet applications without compromising mainframe security. For information
about Twincentric contact Tony McGurk at +44-(0)1993-700610. Detailed
information about Twincentric can be found on the website
http://www.twincentric.com/ .
About ActiveCore Technologies, Inc.
IVP Technology Corporation, d.b.a. ActiveCore Technologies, Inc. develops,
sells and implements its own "Smart Enterprise" suite of products. These
products consist of web portal, enterprise and mobile components and
applications which give organizations of all sizes the capability to
"integrate, enable and extend" back office systems to connect to customers and
stakeholders. ActiveCore also operates under the trade name MDI Solutions, C
Comm Communications Inc. and Twincentric Limited. In combination ActiveCore is
able to service clients around the world with any type of IT infrastructure.
For information about ActiveCore contact Brian MacDonald at (416) 252-6200.
Detailed information about ActiveCore can be found on the website
http://www.activecore.com/.
Statements contained in this news release regarding IVP Technology and planned
events are forward-looking statements, subject to uncertainties and risks, many
of which are beyond IVP Technology's control, including, but not limited to,
reliance on key markets, suppliers, and products, currency fluctuations,
dependence on key personnel and trade restrictions, each of which may be
impacted, among other things, by economic, competitive or regulatory
conditions. These and other applicable risks are summarized under the caption
"Risk Factors" in IVP Technology's Registration Statement on Form SB-2 filed
with the Securities and Exchange Commission on December 24, 2003.
Forward-looking statements by their nature involve substantial risks and
uncertainties. As a result, actual results may differ materially depending on
many factors, including those described above.
DATASOURCE: ActiveCore Technologies, Inc.
CONTACT: Tony McGurk of Twincentric Limited for ActiveCore Technologies,
Inc., +44-1993-700610; Brian MacDonald of ActiveCore Technologies, Inc., +1-
416-252-6200
Web site: http://www.activecore.com/
http://www.twincentric.com/