TORONTO, June 14 /PRNewswire-FirstCall/ -- IVP Technology Corp. (OTC Bulletin Board: TALL - News), d.b.a. ActiveCore Technologies, Inc., announced today significantly improved financial results for its first quarter ended March 31, 2004.
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ActiveCore disclosed that recognized revenues in its enterprise software products and services were up 426% over same period, same source revenues in the first quarter of fiscal 2003. Gross revenues for the quarter were $194,495 up 130% over the $148,709 recorded in the first quarter of fiscal 2003. Prior year first fiscal quarter revenues included $103,051 of non- recurring consumer product distribution revenues at the parent company level and only $45,569 of enterprise software and services revenues. Primary reasons for the increase in revenues in the first quarter of fiscal 2004 were additional product, services and implementation contracts with healthcare institutions and recent inroads into financial services companies.

Gross profit margin improved to $158,484 or 81.5% in the quarter ended March 31, 2004 from a gross margin loss of $85,566 in the three months ended March 31, 2003. Results for each of March 31, 2003 and March 31, 2004 reflect adjustments for discontinued operations and include the divestiture of the mobile games division (SilverBirch Studios) effective February 29, 2004 and the divestiture of Ignition Entertainment Limited effective April 1, 2003.

The company also disclosed that it was almost break-even with a net loss of $71,344 or $0.00 earnings per share for the three month period ended March 31, 2004 versus a loss of $1,329,336 or $(0.01) earnings per share in the three month period ended March 31, 2003. The weighted number of shares outstanding at March 31, 2004 was 317,132,781 versus 99,777,239 in the three months ended March 31, 2003.

The company continued to improve its balance sheet during the first quarter ended March 31, 2004 with total assets climbing to $1,816,896 from $1,240,543 at December 31, 2003 and liabilities falling from $2,376,346 at December 31, 2003 to $2,155,685 at March 31, 2004. Total stockholder deficiency also decreased to $338,789 at March 31, 2004 versus $1,135,803 at December 31, 2003.

Brian MacDonald, Chairman and CEO of ActiveCore said "we expect further significant improvements in our financial results as we progress through the 2004 fiscal year. Revenues in 2004 will grow substantially as a result of continued growth in both the MDI Solutions division and in our basic ActiveCore enterprise software business coupled with our recent acquisition of C Comm Network Corporation and the internal development of our outbound corporate messaging division, ActiveCast(TM). Upcoming changes to the company's website http://www.activecore.com will feature several new technologies using DynaPortal(TM) and ActiveLink(TM) in tandem."

Mr. MacDonald also went on to say that "several additional acquisitions are planned for the current fiscal year, which, in conjunction with our current operations, should allow the company to bring in a positive earnings per share of approximately $0.01 for the full fiscal year. This positive earnings outlook is based on the current number of common shares outstanding and the number of shares expected to be issued to accommodate the additional acquisitions."

In other news Mr. MacDonald also announced that "ActiveCore has hired a new Chief Financial Officer who will start with the company in mid July. Details of the new CFO's background will be filed in an 8K to be released in July." Mr. MacDonald also went on to thank Graham Lowman "who has moved on to the new company established to own and operate the former SilverBirch Studios division."

About ActiveCore Technologies, Inc.

IVP Technology Corporation, d.b.a. ActiveCore Technologies, Inc. develops, sells and implements its "Smart Enterprise" suite of products. These products consist of web portal, enterprise and mobile components and applications which provide 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 name MDI Solutions, an IT and specialized integration service primarily to the healthcare industry, and ActiveCast a service bureau for corporate broadcast messaging. For information about ActiveCore contact Brian MacDonald at (416) 252-6200. Detailed information about ActiveCore can be found on the website http://www.activecore.com.