TORONTO, Dec. 23, 2004 (PRIMEZONE) -- ActiveCore Technologies, Inc. formerly IVP Technology Corporation (OTCBB:TALLE), announced its unaudited financial results today for the third quarter ended September 30, 2004 as filed in its 10QSB with the SEC.
Gross revenue for the 3 months ended September 30, 2004 was $1,694,452, an increase of 8% from the preliminary revenue previously announced on October 29 and a significant increase of $588,920 or 53.3% over the $1,105,532 recorded in the second quarter ended June 30, 2004. On a year to date basis the company earned revenue of $2,994,479 for the 9 months ended September 30, 2004, an increase of 741% over the $355,776 recorded for the 9 months ended September 30, 2003.
Profit from operations for the three months ended September 30, 2004 was $600,863 or 26% higher than the estimate of $476,224 indicated in the preliminary release on October 29, 2004. Net income for the 9 months ended September 30, 2004 was $570,882 or 0.0015 e.p.s on the nine month weighted average 387,810,403 shares outstanding.
During the quarter ended September 30, 2004, the company continued to improve its balance sheet with several preferred share transactions. Assets climbed to $5,669,321 while liabilities were $3,227,027 and shareholders equity was $2,442,294. Although still saddled with a working capital deficit, improvements in the company's working capital position continued quarter over quarter and will be augmented over the next few months with cash from several additional preferred share sales and other financial transactions.
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."
About ActiveCore Technologies, Inc. (www.activecore.com)
ActiveCore Technologies, Inc. operates a group of subsidiaries and divisions in the US, UK and Canada that offer a Smart Enterprise Suite of products and services. We integrate, enable, and extend functions performed by current and legacy IT systems and facilitate mass corporate messaging through our ActiveCast product set. Our products encompass web portals, enterprise middleware, mobile data access, data management and system migration applications. ActiveCore operates under the trade names of MDI Solutions, C Comm Communications Inc. and Twincentric Limited. ActiveCore services clients in healthcare, financial services, government and manufacturing worldwide.
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.