TORONTO, July 5, 2005 (PRIMEZONE) -- ActiveCore Technologies, Inc. (OTCBB:ATVEE), a Company that operates a group of subsidiaries and divisions in the U.S., U.K. and Canada that offer a Smart Enterprise Suite of products, is pleased to announce that SilverBirch Studios, a former ActiveCore division, intends to go public by the end of July 2005.
SilverBirch Studios is a developer, publisher, and distributor of premium entertainment products and complementary deployment capabilities for mobile and wireless devices.
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 chosen by Warner Brothers to develop a cell phone game based upon the recently released smash hit movie "Constantine", starring Keanu Reaves.
SilverBirch Studios owes ActiveCore $1,000,000CAD as a result of purchasing certain assets and liabilities of the Company's cellular phone game and ring tone development group in fiscal 2004. This amount is not currently recorded on ActiveCore's Balance Sheet due to previous concerns related to its recoverability given the previous financial condition of SilverBirch Studios.
SilverBirch Studios recently announced its plans to go public http://www.agoracom.com/TorStar.pdf.
Under the terms of a revised agreement recently negotiated with ActiveCore, it was agreed that ActiveCore will receive the following:
-- 125,000 CAD in cash on or before July 31, 2005
-- ActiveCore will be granted 1,750,000 common shares in
SilverBirch Studios, which will trade on the TSX.V exchange.
Based on an expected IPO price of 30 cents, these shares will
initially be valued at 525,000 CAD.
-- ActiveCore will also receive 1,000,000 warrants to purchase
Common Shares of SilverBirch Studios at 36 cents CAD that will
expire January 31, 2006.
Furthermore, Peter Hamilton has agreed to serve on the board of the new public company.
ActiveCore President & CEO Peter Hamilton stated, "It is clear that SilverBirch Studios has been doing very well. The fact that SilverBirch is going public later this month is a further testament to their success. As a public company, SilverBirch will be able to more easily raise capital in order to expand their already successful business." Mr. Hamilton went on to say, "ActiveCore is pleased with this restructured arrangement with SilverBirch as we remain committed to maximizing shareholder value. We look forward to recording the consideration received on this transaction in our 2005 financial statements."
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, MDI Solutions and TwinCentric. The Corporate Disclosure and Messaging Division of ActiveCore operate under the trade names C Comm Network Corporation, DisclosurePlus and ActiveCast. ActiveCore services clients in health care, financial services, government and manufacturing worldwide.
About SilverBirch Studios. (www.silverbirchstudios.com)
SilverBirch Studios is a developer, publisher, and distributor of premium entertainment products and complementary deployment capabilities for mobile and wireless devices. We are quickly realizing our vision of becoming a premier content provider in this explosive worldwide market, and we are concentrating our efforts on new and exciting forms of mobile entertainment for the next generations of cell phones and carrier network technologies.
Our corporate offices and principal development studio is based in Toronto, Canada, and we have satellite studios in Finland and Colombia. We employ some of the industry's most talented artists animators developers, musicians, and management, all dedicated to making mobile entertainment the best and most fun it can be.
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.