Press Release Source: ActiveCore Technolgies, Inc.
ActiveCore Makes Aggressive Move Into the Electronic Payment Industry Thursday February 1, 7:30 am ET
TORONTO--(MARKET WIRE)--Feb 1, 2007 -- ActiveCore Technologies, Inc. (OTC BB:ATVE.OB - News), a Company that now operates exclusively as a payment technology solution provider, is pleased to confirm that it has successfully transitioned 100% of its business to the electronic payment industry following the completion of several key acquisitions in just the very first few weeks of 2007. The Company's immediate plan is to be revenue generating from these wholly owned divisions in the current quarter with continued improvement likely throughout the year based upon our aggressive expansion plans. ADVERTISEMENT
Mr. Hamilton, ActiveCore CEO, stated, "Early in the 3rd quarter of 2006 ActiveCore made a strategic decision to become a pure play in the electronic payment market place. The Company has acted swiftly to implement this new direction and I am very pleased to inform our shareholders that we are on schedule and have achieved the key steps to ensure a successful entry into this market."
The Company completed the divesture of all of its business units and technology that were not related to the payment industry in the 4th quarter of 2006. These divestitures also allowed the Company to dramatically reduce costs for both infrastructure and personnel resulting in a leaner organization that was ready to move quickly by utilizing proprietary, patented technology to secure a foothold in a thriving, multi-Billion dollar payment processing industry.
ActiveCore completed two major acquisitions, GSPS, the UK parent company of ePocket Inc. and CyBux, in December 2006 and January 2007 respectively. These two acquisitions provided ActiveCore with the revolutionary digital coin technology it required to execute its transition into the electronic payment industry. The acquisition of this technology has resulted in immediate revenue generation for the Company.
On January 12, 2007 ActiveCore signed its first contract for use of the ePocket electronic cash product with E-COIN, a UK-based company with operations in Spain. This contract will result in revenue of approximately $500,000.00 USD in the first two quarters of 2007 with ongoing royalty revenue from E-COIN as it implements the ePocket technology into the European online gaming industry. The royalty revenue from E-COIN will grow to a run rate of approximately $500,000.00 USD per month by the end of 2007 and will continue to ramp-up in conjunction with our intended phase of accelerated growth in successive years to follow.
Mr. Hamilton went on to say, "We are very pleased with the initial success we have achieved since breaking into the electronic payment industry. We are currently in late stage discussions with several organizations that have the potential to add significant additional revenue to the Company in 2007 and beyond. With the Company's redirection now complete, we are more confident than ever in the ability of our digital coin technology to generate significant revenue and in turn increase market value for our shareholders."
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 as a payment technology solution provider, primarily in the on-line payment market. Our products encompass a variety of payment technologies as well as our own integration tool kit and direct marketing software platform that allows us to better support our payment technology clients.
About ePocket Digital Coin Technology (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 real cash, except there are no coins, bills, or plastic cards -- it is entirely electronic. Just like real 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. 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.
CyBux has created an integrated online payment system across Canada involving most major banks and credit unions. This network encompasses thousands of financial institutions and provides a highly secure account based payment system for use on the internet. Consumers do not have to give up any credit information in order to accomplish a payment and can set-up an account and begin using the system by simply providing an email account. The system is low cost, making it ideal for micro-payments and a replacement for existing online payment methods and subscription systems.
About E-COIN Limited
E-COIN is a private UK Company with operations in Spain. The Company was founded by a group of European-based investors who have experience in the on-line Gaming/Gambling industry. The Company was formed to introduce innovative technology to the on-line Gaming/Gambling market.
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.
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