TORONTO, Feb. 3, 2006 (PRIMEZONE) -- ActiveCore Technologies, Inc. (OTCBB:ATVE), a company that operates a group of subsidiaries and divisions in the U.S., Canada and the U.K. that offer a Smart Enterprise Suite of products, announced today that it has signed a $1.25 million deal with a Fortune 500 financial services company.
Cratos Technology Solutions Inc., a wholly owned division of ActiveCore which specializes in platform migrations, international banking and financial transaction processing, announced that it will work with the client to migrate several mainframe systems to a Microsoft(r) software platform. Over the next 10 months Cratos will move several applications onto the new platform, earning the client a significant return on investment. It is anticipated that this project is the first component of a multi-year engagement.
The client indicated that "......this is a key project for our company. There are many more opportunities within the company to utilize this technology and save the company millions...." The client went on to say that "Cratos was selected for the project because of their professionalism and proven track record."
At present, the client's mission-critical applications are residing on non-standard mainframe environments. With increasing maintenance costs and looming obsolescence, the company needed a more cost-effective alternative.
Following a comprehensive evaluation process, the client chose to move these core applications off the mainframe and onto a Windows Server(tm) 2003 operating system and a SQL data structure. The client determined that utilizing the Micro Focus "Lift and Shift" approach was their preferred solution. Recognized migration specialist CRATOS, also a Micro Focus partner, was chosen to provide the necessary technical expertise, and will work closely with the client to ensure the successful migration of the mainframe applications, data, and processes.
"The System/Application Migration component of our business is continuing to grow. This is an important project for Cratos. We have signed a Master Services Agreement with this client, and we expect that this will be the first of many projects with this client," said Andrew P. Wickett, President of ActiveCore.
ActiveCore CEO Peter Hamilton stated that, "This is a significant contract for Cratos and demonstrates a quick start to 2006. Our Activecast group has also just completed its highest revenue month ever in the month of January and as a result we are excited by this quick start to the new fiscal year. We will be providing our shareholders a very clear financial outlook for 2006 in conjunction with the release of our fourth quarter results which will be available in March."
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's 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; and the Corporate Disclosure and Messaging Division of ActiveCore operate under the trade names C Comm. Network Corporation, Disclosure Plus and Active Cast. ActiveCore services clients in health care, financial services, government and manufacturing worldwide.
About CRATOS Technology Solutions Inc. (www.cratos.ca)
CRATOS Technology Solutions Inc., established in 1999, is headquartered in Oakville, Ontario, a suburb of Toronto. Cratos is a software solutions company specializing in Platform Migrations, International Banking and Financial Transaction Processing systems. The majority of Cratos clients consist of banks, insurance companies and financial institutions who offer services such as Loans, Mortgages, Group Benefits, Visa(r), MasterCard(r), Eurocard(r), smart cards, debit cards, other credit cards, store cards, private label cards and loyalty based products. Revenues are primarily generated from large financial institutions throughout North America, South America, Europe and Asia Pacific. Projects undertaken by Cratos usually extend from a few months to over one year in duration. CRATOS is a wholly owned subsidiary of ActiveCore Technologies, Inc.
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.