TORONTO, Sept. 7, 2005 (PRIMEZONE) -- ActiveCore Technologies, Inc. (OTCBB:ATVE), a company that operates a group of subsidiaries and divisions in the U.S., U.K., and Canada, and offer a Smart Enterprise Suite of products, is pleased to announce that it has been contracted by ePocket to facilitate the integration of the ePocket technology into all of ePocket's clients. ActiveCore has been selected as the exclusive supplier of these integration services.
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 and an expanding marketplace.
ActiveCore currently has an equity position of 4.7 percent in ePocket, which it expects to increase in value as the ePocket product roll out begins to achieve traction.
Under the terms of the agreement, CRATOS Technology Solutions Inc. will be responsible for the integration of the ePocket technology into various organizations, including several financial institutions, telecommunications companies, e-commerce merchants, payment processors, and other various related organizations throughout Europe, the Americas and Asia.
It is anticipated that the project will span over two years and will be worth an estimated US $3.6 million to ActiveCore. Because of the timing of the underlying ePocket engagements, the company does not expect material amounts of revenue to be recorded in respect of this contract until the first quarter of 2006.
ePocket CEO, Graham Norton-Standen commented, "We performed an in-depth analysis of the leading payment industry and system integration firms. We concluded that ActiveCore's subsidiary CRATOS has the experience, track record and global resources to meet all of our complex requirements." Mr. Norton-Standen added, "I believe that this will be a long-term relationship, which will undoubtedly benefit both parties greatly -- both organizations have already identified several additional opportunities to expand the relationship."
CRATOS is a wholly owned ActiveCore subsidiary with a multi-national presence, whose expertise lies in systems integration and specializes in international banking and financial transaction processing.
Andrew Wickett, CEO of CRATOS, stated that he was "delighted and excited to be entering into this partnership with ePocket." He went on to say, "This partnership is the perfect merger of payment solutions and application delivery. As part of our partnership with ePocket, the ePocket Canada team will move into the CRATOS head office so that the two companies can work as one team. This further highlights the strength of our mutually beneficial long-term relationship."
ActiveCore's recent strategic acquisition of CRATOS is already paying dividends, as this project would have been outside of ActiveCore's scope without it. ActiveCore will continue to expand the breadth of its products and services in the IT integration market and acquire strategic and complimentary service providers in order to become a leading provider of Smart Enterprise Suites in the lucrative multi-billion dollar IT sector.
ActiveCore President and CEO Peter Hamilton stated, "This is a very significant contract for CRATOS and ActiveCore. We believe that ePocket recognized the immense value in our well-rounded skill set and ultimately chose CRATOS for the job." Hamilton went on to say, "As we continue to execute our business plan, we believe that our strategy of acquisition and consolidation will result in many more similar contracts that will contribute to our ever accelerating growth and the creation of greater shareholder 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 and offers 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. (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.