IVP Technology Corporation Sets November 29, 2004 for AGM
October 20 2004 - 12:38PM
PR Newswire (US)
IVP Technology Corporation Sets November 29, 2004 for AGM TORONTO,
Oct. 20 /PRNewswire-FirstCall/ -- IVP Technology Corporation,
d.b.a. ActiveCore Technologies, Inc., (OTC:TALL) (BULLETIN BOARD:
TALL) announced today that it has sent its preliminary proxy
circular to the SEC for an Annual General Meeting to be held in
Miami on November 29, 2004. The preliminary proxy circular issued
on October 18 2004 calls approval of the Company name change to
ActiveCore Technologies, Inc.; for reelection of the current board
of Directors, and approval of an amendment in the corporate charter
to allow the board of directors to determine the timing of splits
or reverse splits in common shares provided that the authorized
shares remain below 500,000,000. The Board has already determined
that it has the power to request changes to its stock symbols,
cusip number and exchange listings. Management and the Board of
Directors is requesting approval of the shareholders to allow the
Board to determine the timing and ratio of common stock splits and
reverse splits. This will give the Board the ability to enter into
larger merger and acquisition transactions in the future or to
facilitate a split in shares to move off of the OTCBB market to
other senior exchanges. In other news the company announced that
the International Brotherhood of Electrical Workers, Local 105,
which had previously provided a term loan to one of ActiveCore's
Canadian subsidiaries, has agreed to convert its debt to a
redeemable convertible preferred share issue and release its first
position security interest over the Canadian subsidiary. Under the
terms of the agreement the union will receive dividends at the same
rate that was formerly paid in interest and the company will have
the option to pay dividends and redeem shares in cash or through
issuance of restricted common shares. Mr. MacDonald indicated that
"the conversion of the IBEW debt to equity will improve
ActiveCore's overall balance sheet and reduce its working capital
deficit at a critical time. As the company grows its sales,
additional equity on the balance sheet helps the company's
debt/equity ratio and allows the company to obtain additional
operating facilities to assist in expanding the company's revenue
generating capacity." Mr. Macdonald also commented on the company's
3rd quarter financial results and indicated that they were
basically in line with projections however preliminary results will
not be released until all the numbers have been finalized. Mr.
MacDonald indicated that the Company should be in a position to
release preliminary numbers later in October once all its
subsidiaries have concluded their reviews. 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 of IVP Technology
Corporation, +1-416-252-6200 Web site:
http://www.ivptechnology.com/ http://www.activecore.com/
http://www.twincentric.com/ http://www.mdisolutions.com/
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