Northcore provides corporate update



    Joint venture signs memorandum of understanding with Fortune 500 company

    (TSX: NTI; OTCBB: NTLNF)

    TORONTO, June 5 /CNW/ - Northcore Technologies Inc. (TSX: NTI;
OTCBB:NTLNF), a global provider of core asset solutions, announced today that
its joint venture, GE Asset Manager LLC, has signed a memorandum of
understanding with a Fortune 500 organization to provide asset disposition
services that will facilitate the sale and marketing of third-party owned
equipment.
    GE Asset Manager will utilize its online platform, geasset.com, to
deliver web-based capabilities that support the sales of industrial and
commercial assets to qualified buyers across North America.
    "Since the start of 2007, we have seen an increased demand for our suite
of asset disposition services and technology that help our customers drive
greater value from their asset management activities," said Jeff Lymburner,
CEO of Northcore Technologies Inc. "Today's announcement confirms the
continued broadening of key business relationships that will fuel improved
financial results in the periods to come."

    About Northcore Technologies Inc.
    ---------------------------------
    Northcore Technologies provides core asset solutions that help
organizations source, manage and sell their capital equipment. Northcore works
with a growing number of customers and partners in a variety of sectors
including oil and gas, government, and financial services. Current customers
include GE Commercial Finance, Paramount Resources and Trilogy Energy Trust.
    Northcore owns a 50 percent interest in GE Asset Manager, a joint
business venture with GE.

    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 ("the Company") 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.

    %SEDAR: 00019461E




For further information:

For further information: At Northcore Technologies Inc.: Joe Racanelli,
Tel: (416) 640-0400 ext. 273, Fax: (416) 640-0412, E-mail:
jracanelli@northcore.com

Organization Profile

NORTHCORE TECHNOLOGIES INC.

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