ActiveCore Announces Improved Financial Results for Fiscal 2003
07 Maggio 2004 - 5:45PM
PR Newswire (US)
ActiveCore Announces Improved Financial Results for Fiscal 2003
TORONTO, May 7 /PRNewswire-FirstCall/ -- IVP Technology Corp.
(BULLETIN BOARD: TALL) , d.b.a. ActiveCore Technologies, Inc., has
announced significantly improved financial results for the 2003
fiscal year in its 10KSB filing to be made today with the SEC. In
the 10KSB filing for December 31, 2003, ActiveCore revealed that
revenues almost doubled to $612,953 over the $314,063 recorded in
the fiscal year ended December 31, 2002. Primary reasons for the
increase were the ongoing success of the company's MDI Solutions
group, which specializes in healthcare data integration services
and software, and recent inroads into the financial services
market. The net loss for the most recent fiscal year was $1,845,984
or $(0.01) per share versus fiscal 2002's loss of $21,831,664 or
$(0.32) per share. The weighted number of shares outstanding at
December 31, 2003 was 190,536,415 versus 66,013,725 in the fiscal
2002 period. The company also marked a major turnaround on its
balance sheet with assets rising to $1,256,370 in the 2003 fiscal
year from $637,117 at the fiscal year ended 2002. Liabilities fell
from $15,121,769 at the end of December, 2002 to $2,392,173 on
December 31, 2003. Total stockholder deficiency also decreased to
$1,135,803 from $14,484,653. Brian MacDonald, Chairman and CEO of
ActiveCore said, "we expect further improvements in our financial
statements as we progress through the 2004 fiscal year. In the
first quarter of 2004 we sold certain assets associated with of our
cell phone game/ring tone development staff and our attendant
game/ring tone distribution portals to concentrate on our mission
of selling Smart Enterprise Suite software and services. Our Smart
Enterprise products and services are sold tactically and
"integrate, enable and extend" internal applications and processes
in healthcare, financial services, education and government
sectors. Proceeds from the sale of the game assets, details of
which were previously announced, will be recorded in this year's
first quarter financials and result in ongoing interest and royalty
revenues which will extend out for several years. Our debt/equity
position will be favorably impacted by the sale, which, in turn,
should allow us to expand our operations and grow our sales and
marketing activities into other areas within our overall technology
and business roadmap." About ActiveCore Technologies, Inc. IVP
Technology Corporation, d.b.a. ActiveCore Technologies, Inc.
develops, sells and implements its "Smart Enterprise" suite of
products. These products consist of web portal, enterprise and
mobile components and applications which provide organizations of
all sizes the capability to "integrate, enable and extend" back
office systems to connect to customers and stakeholders. ActiveCore
also operates under the name MDI Solutions, an IT and specialized
integration service primarily to the healthcare industry. For
information about ActiveCore contact Brian MacDonald at (416)
252-6200. Detailed information about ActiveCore can be found on the
website http://www.activecore.com/. 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: ActiveCore Technologies, Inc. CONTACT: Brian
MacDonald, +1-416-252-6200, for ActiveCore Technologies, Inc. Web
site: http://www.ivptechnology.com/ http://www.activecore.com/
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