Replies to post #835 on Activecore Technologies Inc. (fka ATVE)

[gregg99]

Here's the one you missed.


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By: joolbust
10 Oct 2007, 12:32 PM EDT
Msg. 14994 of 15624
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ActiveCore shutsdown..Here is the news:

ActiveCore Provides Update to Shareholders
PR Newswire - October 10, 2007 11:14 AM ET


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ActiveCore Technologies, Inc. (Pink Sheets: ATVE), a Company that operates as a payment technology solution provider with online, wireless and POS payment solutions, would like to bring its shareholders up to date on the following issues:

-- Company Financing
-- Board Resignations
-- Company Status/Future
-- Company Offices

Discussing the first point above, ActiveCore CEO Mr. Peter Hamilton stated that, "I have been working diligently with a number of different organizations to raise approximately 2.5 Million USD to be delivered over a five quarter period that would allow the Company to establish the necessary infrastructure to deliver the recent CyBux product orders and restructure the most critical items on the outstanding debt list." Hamilton went on to say that, "Unfortunately I was not able to complete the financing successfully and as of Friday October the 5th all discussions related to the refinancing of the Company have come to a halt. The reasons for the rejection are numerous including, but not limited to, the following:

-- The MacDonald/Ludmer Settlement -- without exception all potential
investors were not willing to have more than 400,000 USD paid out to
Brian MacDonald and Brian Ludmer for a settlement negotiated with them
to prevent them from forcing the Company into receivership over an
unpaid legal bill (approximately 150,000 USD of the 400,000 USD has
been paid to date)
-- Unpaid Payroll Taxes -- There is approximately 200,000 USD of disputed
payroll taxes and penalties that are remaining to be paid from the
800,000 USD that were accumulated during Mr. MacDonald's tenure as CEO
and remained outstanding when he left the Company (since MacDonald's
departure, the Company has paid approximately 600,000 USD of this
liability)
-- Approximately 200,000 USD in unpaid legal bills and settlement amounts
associated with the failed take over bid for IFL and other cases
initiated by Mr. MacDonald during his tenure as CEO."


The above issues, coupled with the fact that it was difficult to accurately quantify the value of the recent CyBux orders in absolute terms, is what led to investor hesitation.