IVP Technology Corporation Announces Significant Financial Improvements in Its Q2 Financial Results
August 31 2004 - 11:03AM
PR Newswire (US)
IVP Technology Corporation Announces Significant Financial
Improvements in Its Q2 Financial Results TORONTO, Aug. 31
/PRNewswire-FirstCall/ -- IVP Technology Corporation, d.b.a.
ActiveCore Technologies, Inc., (OTC Bulletin Board: TALL; TALLE)
announced financial results today for the second quarter ended June
30, 2004 in advance of its 10QSB filing. Gross revenue for the 3
months ended June 30, 2004 was $1,104,710, an increase of 567% over
2004's first quarter revenue of $194,495 and a 1,342% increase over
the second quarter in fiscal year 2003. Gross profit in the second
quarter 2004 was $1,043,805 versus first quarter 2004 gross profit
of $158,484. Total operating expenses were $959,446 in the second
quarter 2004, as against $789,591 in first quarter 2004, reflecting
slightly higher costs related to two acquisitions made in the
second quarter. The company recorded its first quarterly profit
with a gain on operations of $84,359 in the second quarter 2004
versus a loss on operations of $631,107 in the first quarter. Net
profit after interest and foreign exchange adjustments was $63,469
in the second quarter or 0.00 cents per share versus a loss in the
first quarter 2004 of $56,344 after accounting for a non-recurring
net gain of $600,764 related to the sale of a division in that
quarter. The weighted average number of common shares outstanding
for the second quarter 2004 was 384,426,147 shares. The balance
sheet for the second quarter ended June 30, 2004 showed similar
improvement quarter over quarter with current assets increasing
from $349,221 at December 30, 2003 to $1,074,620. Total assets rose
from $1,240,543 at December 30, 2003 to $4,214,363 at June 30,
2004. Current liabilities increased marginally to $2,057,576 from
$1,925,965 at December 30, 2003. Total stockholders equity climbed
from a deficiency of $1,135,803 at the end of December 2003 to a
surplus of $1,503,979 at the end of June 2004. While the company
remains saddled with a working capital deficit the company
disclosed that it is in negotiation with an unrelated party to
obtain additional financing through a preferred share issue to
allow the increased growth rate of the company to continue. In
addition to the preferred stock transaction the company also
recently obtained a term loan from a Canadian bank to fund
additional equipment purchases for expansion. 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. We foresee very high growth rates in our UK and US
operations with solid increases in our Canadian operations as well.
Based on what we know today we feel confident in reiterating our
guidance for the full fiscal year of 2004 of positive earnings per
share of approximately $0.01 for the full year." Mr. Hamilton also
said "the 10QSB is expected to be delayed for several weeks pending
completion of audits of two recent acquisitions and as a result of
regulatory changes related to implementation of recent PCAOB rules
which affect our US and non US based auditing firms. The delay
caused by the PCAOB rules was not anticipated and should be a one
time occurrence that will allow us to meet future filings on time.
Both of our acquisitions in the second quarter were privately held
operating businesses that were not previously subject to audits. As
a result of the delay in filing the 10QSB the company will have an
("E") attached to its stock symbol until the filing is made.
Investors are cautioned that the filing is 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 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. DATASOURCE: IVP
Technology Corporation CONTACT: Brian MacDonald at +1-416-252-6200,
for ActiveCore Technologies, Inc. Web site:
http://www.ivptechnology.com/ http://www.activecore.com/
http://www.twincentric.com/ http://www.mdisolutions.com/
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