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IVP Technology Corporation Announces Continued Financial
Improvements in Its Q3 Financial Results
TORONTO, Oct. 29 /PRNewswire-FirstCall/ -- IVP Technology Corporation, d.b.a.
ActiveCore Technologies, Inc., (OTC:TALL) (BULLETIN BOARD: TALL) announced
preliminary unaudited financial results today for the third quarter ended
September 30, 2004.
Gross revenue for the 3 months ended September 30, 2004 was approximately
$1,564,987, an increase of $459,455 or 41% over sales revenue of $1,105,532
recorded in the second quarter ended June 30, 2004. On a year to date basis
the company earned revenue of $2,865,014 for the 9 months ended September 30,
2004 an increase of 800% over the $355,776 recorded for the 9 months ended
September 30, 2003. Net income from operations for the three months ended
September 30, 2004 was $476,224 an increase $421,826 or 775% over the $54,398
recorded in the three months ended June 30, 2004. Net income for the 9 months
ended September 30, 2004 was $495,731.
During the quarter ended September 30, 2004 the company continued to improve
its balance sheet with several preferred share transactions. A term loan in
the principal amount of $500,000 was converted to convertible and redeemable
preferred shares and the company received signed subscription agreements for a
further $500,000 of preferred shares of which $250,000 was received prior to
the quarter end. Improvements in the company's working capital position also
continued and will be augmented over the next few months with cash from several
additional preferred share sales.
Peter Hamilton, President and CEO stated "I am very excited by our rapid
improvement quarter over quarter in 2004 and can reiterate that we will have an
excellent year of growth in 2004 and even better results in 2005. Based on
what we know today we feel confident in providing guidance that earnings per
share will be between $0.005 and $0.01 for the full fiscal year of 2004. Third
quarter results would have been higher had one large transaction which is
currently in negotiation closed during the third quarter, however we now
believe it will close in the next several weeks."
Peter Hamilton went on to caution investors that "the quarterly financials are
still subject to final review by our auditors and that the income and balance
sheet statements may be adjusted once their review has been completed and this
may affect asset, liability and stockholder's equity balances."
About ActiveCore Technologies, Inc.
IVP Technology Corporation, d.b.a. ActiveCore Technologies, Inc. develops,
sells and implements the ActiveCore "Smart Enterprise" suite of products. These
products consist of data integration, 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 at
http://www.activecore.com/ and its sister sites http://www.twincentric.com/ and
http://www.mdisolutions.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: Brian MacDonald of ActiveCore Technologies, Inc.,
+1-416-252-6200
Web site: http://www.activecore.com/
http://www.twincentric.com/
http://www.mdisolutions.com/