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IVP Technology Corporation Announces Significant Financial
Improvements in Its Q2 Financial Results
TORONTO, Aug. 31 /PRNewswire-FirstCall/ -- IVP Technology Corporation, d.b.a.
ActiveCore Technologies, Inc., (OTC Bulletin Board: TALL; TALLE) announced
financial results today for the second quarter ended June 30, 2004 in advance
of its 10QSB filing.
Gross revenue for the 3 months ended June 30, 2004 was $1,104,710, an increase
of 567% over 2004's first quarter revenue of $194,495 and a 1,342% increase
over the second quarter in fiscal year 2003. Gross profit in the second
quarter 2004 was $1,043,805 versus first quarter 2004 gross profit of $158,484.
Total operating expenses were $959,446 in the second quarter 2004, as against
$789,591 in first quarter 2004, reflecting slightly higher costs related to two
acquisitions made in the second quarter. The company recorded its first
quarterly profit with a gain on operations of $84,359 in the second quarter
2004 versus a loss on operations of $631,107 in the first quarter.
Net profit after interest and foreign exchange adjustments was $63,469 in the
second quarter or 0.00 cents per share versus a loss in the first quarter 2004
of $56,344 after accounting for a non-recurring net gain of $600,764 related to
the sale of a division in that quarter. The weighted average number of common
shares outstanding for the second quarter 2004 was 384,426,147 shares.
The balance sheet for the second quarter ended June 30, 2004 showed similar
improvement quarter over quarter with current assets increasing from $349,221
at December 30, 2003 to $1,074,620. Total assets rose from $1,240,543 at
December 30, 2003 to $4,214,363 at June 30, 2004. Current liabilities increased
marginally to $2,057,576 from $1,925,965 at December 30, 2003. Total
stockholders equity climbed from a deficiency of $1,135,803 at the end of
December 2003 to a surplus of $1,503,979 at the end of June 2004.
While the company remains saddled with a working capital deficit the company
disclosed that it is in negotiation with an unrelated party to obtain
additional financing through a preferred share issue to allow the increased
growth rate of the company to continue. In addition to the preferred stock
transaction the company also recently obtained a term loan from a Canadian bank
to fund additional equipment purchases for expansion.
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. We foresee
very high growth rates in our UK and US operations with solid increases in our
Canadian operations as well. Based on what we know today we feel confident in
reiterating our guidance for the full fiscal year of 2004 of positive earnings
per share of approximately $0.01 for the full year."
Mr. Hamilton also said "the 10QSB is expected to be delayed for several weeks
pending completion of audits of two recent acquisitions and as a result of
regulatory changes related to implementation of recent PCAOB rules which affect
our US and non US based auditing firms. The delay caused by the PCAOB rules was
not anticipated and should be a one time occurrence that will allow us to meet
future filings on time. Both of our acquisitions in the second quarter were
privately held operating businesses that were not previously subject to audits.
As a result of the delay in filing the 10QSB the company will have an ("E")
attached to its stock symbol until the filing is made. Investors are cautioned
that the filing is 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 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: IVP Technology Corporation
CONTACT: Brian MacDonald at +1-416-252-6200, for ActiveCore
Technologies, Inc.
Web site: http://www.ivptechnology.com/
http://www.activecore.com/
http://www.twincentric.com/
http://www.mdisolutions.com/