TORONTO, March 4, 2005 (PRIMEZONE) -- ActiveCore Technologies, Inc. (OTCBB:ATVE) is pleased to provide an update regarding its current stake in SilverBirch Studios, a former ActiverCore Division which was sold in February 2004.
To date, SilverBirch Studios has garnered an impressive reputation and received industry recognition for its exceptional cell phone game development work. As a testament to the quality of their work, SilverBirch Studios was recently chosen by Warner Brothers to develop a cell phone game based upon the recently released smash hit movie "Constantine", starring Keanu Reaves.
As a result of SilverBirch' recent success, ActiveCore has opted to increase its investment in SilverBirch concurrent with SilverBirch's Private Placement financing of USD$3 million, which is being offered under Rule 45-501 of the Ontario Securities Commission regulations.
To facilitate this additional investment on a non-cash basis, ActiveCore has agreed to convert outstanding interest receivable to equity at a discounted rate of 50% of the offering price. This will increase ActiveCore' stake in SilverBirch to 5.5%. ActiveCore will still retain pre-emptive rights to participate further in the current financing to maintain an overall 5% investment as the additional share issue is allotted.
ActiveCore received $50,000 of the total interest obligation from SilverBirch on December 31, 2004. Principal repayments on the Promissory Note will become due starting July 1st, 2005.
ActiveCore President & CEO Peter Hamilton stated, "We see this as a very positive development for ActiveCore, given the current success that SilverBirch has experienced. This will enable SilverBirch to continue to achieve positive growth and results in the lucrative mobile gaming space, while providing ActiveCore with a substantial equity position. We look forward to SilverBirch's continued success."
This press release is available on the company's official online investor relations site for investor commentary, feedback and questions. Investors are asked to visit http://www.agoracom.com and view the "ActiveCore" IR Hub. Alternatively, investors can e-mail AGORA Investor Relations directly at ATVE@Agora.com.
About ActiveCore Technologies, Inc. (www.activecore.com)
ActiveCore Technologies, Inc. formerly IVP Technology Corporation, operates a group of subsidiaries and divisions in the U.S., U.K. 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 ActiveCore Technologies, Inc., formerly IVP Technology, and planned events are forward-looking statements, subject to uncertainties and risks, many of which are beyond ActiveCore'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 ActiveCore's Registration Statement on Form SB-2 filed with the Securities and Exchange Commission on January 4, 2005. 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.