(TSX: NTI; OTCBB: NTLNF)
TORONTO, Feb. 24 /CNW/ - Northcore Technologies Inc. (TSX: NTI; OTCBB:
NTLNF), a global provider of asset management technology solutions, is
pleased to announce it has completed a License Agreement for the use of
its Asset Seller sales platform and Dutch Auction Patent with Discount
This Holdings Inc. Under the terms of the agreement, Northcore will
provide application delivery and hosting services for DiscountThis.com and will also receive a revenue share of the transaction fees.
Discount This Holdings Inc. will directly announce the launch details of
North America's newest online group discounting platform, DiscountThis.com in the near future.
"Northcore's technology platform, including their Dutch Auction patent,
allows DiscountThis.com to create a novel group discount destination utilizing the best
elements of an eBay and Groupon styled business model," commented
Michael Smith, CEO of Discount This Holdings Inc. "Our ability to
deliver a unique offering in an increasingly crowded and profitable
vertical is a cornerstone in our launch strategy. Relevant deals are
another key success factor, and we have initiated a comprehensive
research program to confirm the types of deals our target demographic
"We are pleased that our commerce framework, including the patented
Dutch Auction process, will serve as the key differentiator driver for DiscountThis.com. This exciting and effective market clearance mechanism is a logical
progression in the group buying arena. We believe that initiatives
like this will help make 2011 a milestone year for Northcore, its
partners and its shareholders," said Duncan Copeland CEO of Northcore.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of such jurisdiction.
About Northcore Technologies Inc.
Northcore Technologies provides a Working Capital Engine™ that helps
organizations source, manage, appraise and sell their capital
equipment. Northcore offers its software solutions and support
services to a growing number of customers in a variety of sectors
including financial services, manufacturing, oil and gas and
government. Northcore owns 50 percent of GE Asset Manager, LLC, a joint
business venture with GE. Together, the companies work with leading
organizations around the world to help them liberate more capital value
from their assets. Additional information about Northcore can be
obtained at www.northcore.com.
About Discount This Holdings Inc.
Discount This has developed a patently unique Group Buying Platform that
comprises a gaming element with cascading price levels and value added
options, incentives and loyalty programs. DiscountThis.com lets you prove there really is power in numbers and leverages social
media for deeper discounting. The handpicked deals, from outdoor to
upscale, will be sourced from both local and national brands to expose
consumers to the people, places and flavors that define a specific
Our mission is to satisfy the needs and wants of discount demanding
consumers looking for quality, value and relevance. We research and
search for the right deals in specific areas for our targeted and
segmented demographic. Exclusive discounts will change daily and
compel people to keep coming back. We believe the deal is only half
the equation, the other half being consumer acceptance and
Additional information about DiscountThis.com can be obtained at www.DiscountThis.com and msmith@DiscountThis.com
This news release may include comments that do not refer strictly to
historical results or actions and may be deemed to be forward-looking
within the meaning of the Safe Harbor provisions of the U.S. federal
securities laws. These include, among others, statements about
expectations of future revenues, cash flows, and cash requirements.
Forward-looking statements are subject to risks and uncertainties that
may cause Northcore's results to differ materially from expectations.
These risks include the Company's ability to raise additional funding,
develop its business-to-business sales and operations, develop
appropriate strategic alliances and successful development and
implementation of technology, acceptance of the Company's products and
services, competitive factors, new products and technological changes,
and other such risks as the Company may identify and discuss from time
to time, including those risks disclosed in the Company's Form 20-F
filed with the Securities and Exchange Commission. Accordingly, there
is no certainty that the Company's plans will be achieved. Important
factors that could cause actual results to differ materially from the
Company's expectations are disclosed in the Company's documents filed
from time to time with the Toronto Stock Exchange, on SEDAR (the System
for Electronic Document Analysis and Retrieval at www.sedar.com) and the US Securities and Exchange Commission. This news release
shall not constitute an offer to sell or the solicitation of an offer
to buy securities of the Company in any jurisdiction.
SOURCE Northcore Technologies Inc.
For further information:
Northcore Technologies Inc.
Tel: (416) 640-0400 ext. 273