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IVP Technology Sells Mobile Games Division
TORONTO, Feb. 26 /PRNewswire-FirstCall/ -- IVP Technology Corp. (BULLETIN
BOARD: TALL) , d.b.a. ActiveCore Technologies Inc., announced today that it has
sold majority control of its mobile games division to 1607590 Ontario Limited
for approximately $1,750,000 effective March 1, 2004. 1607590 Ontario Limited
will be renamed SilverBirch Studios Inc. following completion of legal
documentation.
SilverBirch Studios Inc. is currently majority controlled by Kevin Birch, who
has resigned from ActiveCore Technologies effective immediately. The games
division transaction will proceed as a sale of assets, the terms of which have
been approved by the independent members of ActiveCore's board of directors.
Thepurchase price will be satisfied by a 12% convertible debenture for
approximately $750,000 payable over two years plus a 2% royalty on all gross
revenues to a cap of $1,000,000 expiring in 5 years. ActiveCore will retain the
right to convert the outstanding balance of the $750,000 debenture into equity
in 1607590 Ontario Limited prior to the expiry of two years, subject to certain
limitations, at the then prevailing share price of 1607590 Ontario Limited.
ActiveCore Technologies will retain an initial 5% equity holding in the new
company with a right to participate in further equity raising to maintain its
ownership level.
Brian MacDonald, chairman and CEO of ActiveCore said, "The sale of the Games
Division is a major business focus watershed for ActiveCore. We have built two
successful divisions within a short period of time, both of which are poised to
deliver immediate and excellent returns. While some of our shareholders will be
disappointed by the sale of the games division, the sale will maximize immediate
shareholder returns in 2004 and 2005. The overall market for middleware enabled
mobile and web based enterprise applications is far larger than for mobile
games."
Continuing on Mr. MacDonald also said, "From a financial perspective, ActiveCore
will begin to receive royalty, interest and principal payments combined with an
immediate reduction of approximately $1,400,000 in annual overheads related to
the games division. Some of the overhead savings will be redeployed to boost
our successful "smart enterprise" products and services under both the
ActiveCore and MDI Solutions names and brands. Solely as a result of the sale
of the games division, and based on an estimated 325,000,000 shares outstanding,
we believe we will be able to generate a minimum of $0.01 additional positive
earnings per share during the current 2004 fiscal year. Our decision to sell
the games division substantially reduces the level of operational risk in the
company while providing us with an on goingstake in the mobile games market as
revenues and profits in that market area grow over the next two years."
Brian MacDonald also said, "Our recent strategic partnership with BiznizWeb Inc.
of Houston has lead us to concentrate our operations through amajor investment
in mobile and middleware enabled portals and in MDI Solutions, which in turn,
with future acquisitions, will allow us to become a bigger factor and
participant in the what the Gartner Group terms 'Smart Enterprise Suites.' We
see the ability to focus on the 'smart enterprise' market segment as providing
substantially greater shareholder value over the short to medium term than
spreading our attention over two increasingly divergent business divisions. Our
ability to create and sustain a viable mobile games division over the last year
will however continue to contribute to ActiveCore's overall market value through
our passive investment in SilverBirch Studios."
Kevin Birch, chairman and CEO of the new SilverBirch Studios Inc., said "Since
its inception, IVP's mobile games division has rapidly grown to become a
leading, progressive developer of games and ring tones, and we feel that its
Recess Games portal is the finest mobile content distribution platform in the
industry. Thisacquisition is validation of our belief in the division, and we
are very excited about this transaction and the anticipated benefits for both
IVP and SilverBirch. We look forward to an ongoing, mutually beneficial
business relationship with ActiveCore."
In other news the company also announced that Hawk Associates will no longer be
providing Investor Relations services for ActiveCore, also effective March 1,
2004, although the company will continue to be represented on The American
Microcap Institute website at http://www.hawkmicrocaps.com/ where Sarbanes Oxley
mandated materials of interest to investors in ActiveCore Technologies Inc. may
be accessed.
About BiznizWeb Inc.
BiznizWeb Inc. d.b.a. DynaPortal Software Company is a privately held Texas
corporation created by a group of seasoned professionals that combine years of
traditional IT and business expertise with the new energy of the Web to produce
quality portal software. Since 1995, DynaPortal has been creating Web
applications that exploit new communications and information channels. As both
business computing and media converge on the Web platform, the company strives
to produce innovative new ways to exploit this exciting e-Business environment.
More information may be obtainedat http://www.dynaportal.com/.
About SilverBirch Studios Inc.
SilverBirch Studios Inc. (http://www.silverbirchstudios.com/) is a newly
incorporated Canadian company which has acquired certain assets and operations
of ActiveCore Technologies. The company is a developer, publisher and
distributor of mobile games and ring tones. More information may be obtained by
contacting Kevin Birch at .
About ActiveCore Technologies, Inc.
IVP Technology Corporation, d.b.a. ActiveCore Technologies, Inc. is an emerging,
fast-growing software company that develops, distributes and implements
middleware enabled mobile and web applications. ActiveCore is rapidly becoming
a major participant in Gartner Group's "Smart Enterprise" sector. ActiveCore
also owns MDISolutions, a North American wide IT and specialized integration
service primarily to the healthcare industry. Mobile and web solutions sold by
ActiveCore Technologies allow business customers to "integrate, enable and
extend" back office and legacy systems to meet the needs of customers and staff
wherever they may be located.
For investor relations information contact Brian MacDonald at (416) 252-6200
extension 313. Detailed information about ActiveCore can be found on the
website http://www.activecore.com/. Copies of ActiveCore press releases,
current price quotes, stock charts and other valuable information for investors
may be found on the website http://www.hawkmicrocaps.com/
Forward-Looking Statements
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 Corp.
CONTACT: Brian MacDonald of ActiveCore Technologies, Inc.,
+1-416-252-6200, ext. 313; or Kevin Birch of SilverBirch Studios Inc.,
Website: http://www.activecore.com/
http://www.silverbirchstudios.com/
http://www.dynaportal.com/