TORONTO, Nov. 9, 2005 (PRIMEZONE) -- ActiveCore Technologies, Inc. (OTCBB:ATVE) is pleased to announce that ePocket has entered into a Letter of Intent ("LOI") with FreeStar & RAHAXI Processing Oy ("RAHAXI"), a European payment processor, to integrate the ePocket Payment System into its payment processing systems.
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ePocket is a developer of breakthrough patented micro-payment technology and is an acknowledged leader in producing software technologies and payment networks that will allow payments of electronic cash over the Web in a cost-effective manner without the use of credit cards. The ePocket Suite of products supports both "electronic coins" and account-based payment solutions. The suite can be used as a stand-alone "ePayment" method or in partnership with other ePocket clients to form a wider network of acceptance via a shared customer and shared merchant association -- thus producing an expanded marketplace.
Upon execution of the LOI, CRATOS Technology Solutions Inc. -- a wholly owned subsidiary of ActiveCore, will be responsible for the integration of the ePocket technology and anticipates that it will be sending a technical team to Europe to survey the work that will be required to complete the integration. The joint team will be responsible for the integration of the ePocket Mint into the RAHAXI payment system, the implementation of the ePocket Merchant software into several merchant locations, and the setup of the ePocket Coin Issuing Mint.
ActiveCore currently holds an equity position of 4.7 percent in ePocket, which it expects to increase in value as the ePocket product rollout begins to gain traction.
ActiveCore President and CEO Peter Hamilton stated, "ePocket continues to make impressive inroads and continues to hit new milestones. Deployment of the ePocket platform appears to be on target and it is anticipated that this is just the first of many agreements of this nature. We continue to remain very confident that our investment in ePocket will provide ActiveCore shareholders with significant value."
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 ActiveCore IR Hub located at http://www.Agoracom.com/IR/ActiveCore . Alternatively, investors can e-mail AGORA Investor Relations directly at ATVE@Agoracom.com
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 and 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 health care, financial services, government and manufacturing worldwide.
About ePocket Inc. (http://www.ePocket.com)
ePocket brings true electronic cash to the world for the first time, making purchases over the Internet as secure and simple as handing cash to a clerk in a store. ePocket enables banks to provide their customers with the ability to withdraw electronic cash in any currency from their regular deposit accounts, and send this electronic cash to merchants or other consumers in order to make payments. Cash created electronically is just like cash, except there are no coins, bills, or plastic cards -- it is entirely electronic. Just like cash, electronic cash does not require the identification of a payer. This provides privacy for consumers, and eliminates fraud and identity theft, making ePocket the most cost-effective payment solution for Internet commerce. ePocket payments cost merchants less than any other payment technologies. Their extraordinary cost effectiveness enables merchants to profitably accept very small payments of just one or two dollars. In contrast to other payment schemes, consumers do not have to open additional accounts with a payment intermediary. Consumers do not have to give up any identity or credit information in order to accomplish a payment. This makes ePocket payments completely secure and provides complete privacy for consumers.
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.