IVP Technology Corporation Announces Continued Financial Improvements in Its Q3 Financial Results
Friday October 29, 5:15 pm ET

TORONTO, Oct. 29 /PRNewswire-FirstCall/ -- IVP Technology Corporation, d.b.a. ActiveCore Technologies, Inc., (OTC Bulletin Board: TALL - News) announced preliminary unaudited financial results today for the third quarter ended September 30, 2004.

Gross revenue for the 3 months ended September 30, 2004 was approximately $1,564,987, an increase of $459,455 or 41% over sales revenue of $1,105,532 recorded in the second quarter ended June 30, 2004. On a year to date basis the company earned revenue of $2,865,014 for the 9 months ended September 30, 2004 an increase of 800% over the $355,776 recorded for the 9 months ended September 30, 2003. Net income from operations for the three months ended September 30, 2004 was $476,224 an increase $421,826 or 775% over the $54,398 recorded in the three months ended June 30, 2004. Net income for the 9 months ended September 30, 2004 was $495,731.

During the quarter ended September 30, 2004 the company continued to improve its balance sheet with several preferred share transactions. A term loan in the principal amount of $500,000 was converted to convertible and redeemable preferred shares and the company received signed subscription agreements for a further $500,000 of preferred shares of which $250,000 was received prior to the quarter end. Improvements in the company's working capital position also continued and will be augmented over the next few months with cash from several additional preferred share sales.

Peter Hamilton, President and CEO stated "I am very excited by our rapid improvement quarter over quarter in 2004 and can reiterate that we will have an excellent year of growth in 2004 and even better results in 2005. Based on what we know today we feel confident in providing guidance that earnings per share will be between $0.005 and $0.01 for the full fiscal year of 2004. Third quarter results would have been higher had one large transaction which is currently in negotiation closed during the third quarter, however we now believe it will close in the next several weeks."

Peter Hamilton went on to caution investors that "the quarterly financials are still subject to final review by our auditors and that the income and balance sheet statements may be adjusted once their review has been completed and this may affect asset, liability and stockholder's equity balances."

About ActiveCore Technologies, Inc.

IVP Technology Corporation, d.b.a. ActiveCore Technologies, Inc. develops, sells and implements the ActiveCore "Smart Enterprise" suite of products. These products consist of data integration, web portal, enterprise and mobile components and applications which give organizations of all sizes the capability to "integrate, enable and extend" back office systems to connect to customers and stakeholders. ActiveCore also operates under the trade name MDI Solutions, C Comm Communications Inc. and Twincentric Limited. In combination ActiveCore is able to service clients around the world with any type of IT infrastructure. For information about ActiveCore contact Brian MacDonald at (416) 252-6200. Detailed information about ActiveCore can be found at http://www.activecore.com and its sister sites http://www.twincentric.com and http://www.mdisolutions.com.

Statements contained in this news release regarding IVP Technology and planned events are forward-looking statements, subject to uncertainties and risks, many of which are beyond IVP Technology'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 IVP Technology's Registration Statement on Form SB-2 filed with the Securities and Exchange Commission on December 24, 2003. 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.