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TALL - TORONTO, Jul 10, 2003 /PRNewswire-FirstCall via COMTEX/ --
IVP Technology Corp. (OTC Bulletin Board: TALL), d.b.a. ActiveCore Technologies Inc., announced today that it has acquired a perpetual, exclusive source code license for XMLConnector(TM) from Karora Technologies Inc. The agreement provides ActiveCore with sole use of XMLConnector(TM) on a worldwide basis for the healthcare vertical.
Details of the purchase price were not released. However the terms include cash and non-registered common shares, which will eliminate the need for royalty payments in perpetuity.
Kevin Birch, COO/CTO of ActiveCore said, 'Acquiring the source code for XMLConnector(TM) is a very exciting and positive step in our ongoing product development efforts within ActiveCore. The flexible and extensible architecture of XMLConnector(TM) allows us to now bridge the gap between our healthcare products marketed by our MDI Solutions group and our existing Vaayu(TM) toolset which was initially designed and prototyped for the insurance industry.'
Brian MacDonald, chairman and CEO of ActiveCore said, 'Acquiring the source code to XMLConnector(TM) further strengthens and broadens our existing MDI product set, positioning us well for our planned growth in the U.S. healthcare market. In addition, using and modifying the source code for XMLConnector(TM) allows us to extend the functionality of Vaayu(TM) to wireless handheld applications for the healthcare industry. We expect our version of the XMLConnector(TM) product to be a major catalyst for new client contracts in our U.S. operations.'
ActiveCore also announced that its MDI Solutions group has completed installation of the MD Link product at Guelph General Hospital. The installation had been delayed by the SARS outbreak in several local Toronto area hospitals. Employee exchange and travel between Toronto area hospitals and other hospitals in North America has been restricted since late March in an effort to cut down on accidental transmission of the disease.
Timothy Tang, vice president of MDI Solutions said, 'We are very pleased that the installation of MD Link at Guelph General Hospital has been completed. This installation is evidence that MD Link is a viable, cost effective integration solution for healthcare facilities of all sizes. Using MD Link, Guelph General Hospital is able to integrate data seamlessly between several critical systems in their infrastructure without needing costly enhancements from multiple system vendors.'
In related news, MDI Solutions today announced that it has entered into a short-term support agreement with the Sault Area Hospital located in Sault St. Marie. Under this agreement MDI Solutions will provide remote 24/7 interface support services to the Sault Area Hospital. MDI is actively seeking to solidify and extend this strategic business partnership beyond the initial term of the agreement.
About ActiveCore
IVP Technology Corporation, d.b.a. ActiveCore Technologies is an emerging, fast growing software company that develops and distributes mobile and web applications, including mobile and online games and provides IT and specialized integration services to the healthcare industry.
SilverBirch Studios, www.silverbirchstudios.com, ActiveCore's mobile games group, develops games for the rapidly growing cell phone and mobile device market. SilverBirch is creating a library of game titles. ActiveCore distributes these titles and other licensed products through a variety of channels. These channels include mobile carriers, original equipment manufacturers, web portals and retail distributors. OEM and carrier channels are currently serviced through wireless publishers such as Tira Wireless and Handango.
The company's MDI Solutions group is a product developer and systems integrator of data management products for the healthcare industry. The company has been engaged under medium term contracts by a number of leading North American hospitals and healthcare providers. MDI develops and deploys products including MD Eye and MD Link, which are specifically designed for healthcare facilities. MDI also distributes other vendors'products that are licensed by ActiveCore Technologies.
A profile for investors can be found at www.hawkassociates.com/ivp/profile.htm.
For investor relations information contact Frank Hawkins or Julie Marshall, Hawk Associates, at [phone]. Email: [e-mail].
For ActiveCore information contact Brian MacDonald at [phone]. Detailed information about ActiveCore can be found on the website www.activecore.com. Copies of ActiveCore press releases, current price quotes, stock charts and other valuable information for investors may be found on the website www.hawkassociates.com/ivp.
About Karora Technologies Inc.
Karora Technologies creates elegant platform-independent software components and solutions to help enterprises efficiently manage information, documents, applications and data. A privately held corporation, Karora Technologies has operations in the United States and Canada. Karora Connector(TM) products (XMLConnector(TM), DocConnector(TM) and AppConnector(TM)) are component-based integration solutions that link business processes, enterprise legacy applications and databases within or across enterprises. More information on Karora's products can be found at www.karora.com.