TORONTO, Oct. 7, 2005 (PRIMEZONE) -- ActiveCore Technologies, Inc. (OTCBB:ATVE) announced today that York Capital Corp. has completed its arm's-length amalgamation with SilverBirch Studios Inc. and the concurrent private placement financing of 2.5 million shares at $.30 CAD, for $750,000 CAD. Effective today, the common shares of SilverBirch will commence trading on TSX Venture Exchange and the common shares of York Capital will be delisted.
This announcement represents the final step in a settlement process between ActiveCore and SilverBirch in which ActiveCore has been seeking to realize consideration received in its sale of the company during fiscal 2004. Terms of an amended settlement agreement between the two companies reached earlier this year result in ActiveCore receiving cash consideration of $125,000 CAD; 1,750,000 common shares of SilverBirch; and 1,000,000 warrants to purchase common shares of SilverBirch. The warrants have an exercise price of $.36 CAD per share and expire January 31, 2006.
During fiscal 2004, ActiveCore wrote off the value of consideration to be received from SilverBirch on the basis of concern regarding its realizability. Consequently, the entire amount of consideration received under the amended agreement will be recorded as a gain in the company's Statement of Operations during the company's quarter ending December 31, 2005.
About ActiveCore Technologies, Inc. (www.ActiveCore.com)
ActiveCore Technologies, Inc., 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. Our products encompass Web portals, enterprise middleware, mobile data access, data management, and system migration applications. The Systems Integration & Modernization Division of ActiveCore operates under the trade names of CRATOS, MDI Solutions. The Corporate Disclosure and Messaging Division of ActiveCore operates under the trade names C Comm Network Corporation, DisclosurePlus, and ActiveCast. 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.