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ActiveCore Announces Improved Financial Results for First Quarter
2004
TORONTO, June 14 /PRNewswire-FirstCall/ -- IVP Technology Corp. (OTC:TALL)
(BULLETIN BOARD: TALL) , d.b.a. ActiveCore Technologies, Inc., announced today
significantly improved financial results for its first quarter ended March 31,
2004.
ActiveCore disclosed that recognized revenues in its enterprise software
products and services were up 426% over same period, same source revenues in
the first quarter of fiscal 2003. Gross revenues for the quarter were $194,495
up 130% over the $148,709 recorded in the first quarter of fiscal 2003. Prior
year first fiscal quarter revenues included $103,051 of non- recurring consumer
product distribution revenues at the parent company level and only $45,569 of
enterprise software and services revenues. Primary reasons for the increase in
revenues in the first quarter of fiscal 2004 were additional product, services
and implementation contracts with healthcare institutions and recent inroads
into financial services companies.
Gross profit margin improved to $158,484 or 81.5% in the quarter ended March
31, 2004 from a gross margin loss of $85,566 in the three months ended March
31, 2003. Results for each of March 31, 2003 and March 31, 2004 reflect
adjustments for discontinued operations and include the divestiture of the
mobile games division (SilverBirch Studios) effective February 29, 2004 and the
divestiture of Ignition Entertainment Limited effective April 1, 2003.
The company also disclosed that it was almost break-even with a net loss of
$71,344 or $0.00 earnings per share for the three month period ended March 31,
2004 versus a loss of $1,329,336 or $(0.01) earnings per share in the three
month period ended March 31, 2003. The weighted number of shares outstanding at
March 31, 2004 was 317,132,781 versus 99,777,239 in the three months ended
March 31, 2003.
The company continued to improve its balance sheet during the first quarter
ended March 31, 2004 with total assets climbing to $1,816,896 from $1,240,543
at December 31, 2003 and liabilities falling from $2,376,346 at December 31,
2003 to $2,155,685 at March 31, 2004. Total stockholder deficiency also
decreased to $338,789 at March 31, 2004 versus $1,135,803 at December 31, 2003.
Brian MacDonald, Chairman and CEO of ActiveCore said "we expect further
significant improvements in our financial results as we progress through the
2004 fiscal year. Revenues in 2004 will grow substantially as a result of
continued growth in both the MDI Solutions division and in our basic ActiveCore
enterprise software business coupled with our recent acquisition of C Comm
Network Corporation and the internal development of our outbound corporate
messaging division, ActiveCast(TM). Upcoming changes to the company's website
http://www.activecore.com/ will feature several new technologies using
DynaPortal(TM) and ActiveLink(TM) in tandem."
Mr. MacDonald also went on to say that "several additional acquisitions are
planned for the current fiscal year, which, in conjunction with our current
operations, should allow the company to bring in a positive earnings per share
of approximately $0.01 for the full fiscal year. This positive earnings
outlook is based on the current number of common shares outstanding and the
number of shares expected to be issued to accommodate the additional
acquisitions."
In other news Mr. MacDonald also announced that "ActiveCore has hired a new
Chief Financial Officer who will start with the company in mid July. Details of
the new CFO's background will be filed in an 8K to be released in July." Mr.
MacDonald also went on to thank Graham Lowman "who has moved on to the new
company established to own and operate the former SilverBirch Studios
division."
About ActiveCore Technologies, Inc.
IVP Technology Corporation, d.b.a. ActiveCore Technologies, Inc. develops,
sells and implements its "Smart Enterprise" suite of products. These products
consist of web portal, enterprise and mobile components and applications which
provide 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 name MDI Solutions, an IT and specialized
integration service primarily to the healthcare industry, and ActiveCast a
service bureau for corporate broadcast messaging. 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, trade restrictions and the absence of medical
situations which may impact the health care market adversely, 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: IVP Technology Corp.
CONTACT: Brian MacDonald of IVP Technology Corp., +1-416-252-6200
Web site: http://www.activecore.com/