Northcore provides financial update



    (TSX: NTI; OTCBB: NTLNF)

    TORONTO, June 3 /CNW/ - Northcore Technologies Inc. (TSX: NTI; OTCBB:
NTLNF), a global provider of asset management technology solutions, announced
today that it has entered into an agreement to extend the maturity date of its
Series K Notes held by Aegon Capital Management and that Northcore's Board of
Directors have converted their secured subordinated notes into equity.
    The Company has signed an agreement with Aegon Capital Management, which
extends under existing conditions, the term of Northcore Series K Convertible
Notes held by them, from June 15, 2009 to December 30, 2009.
    The members of Northcore's Board of Directors, who co-invested in three
prior convertible note offerings of the Company, have converted their
investments into equity. "To support the delivery of our operating plans, we
are working towards strengthening our product base, sales opportunities and
balance sheet, with management voting with our collective pocket books," said
Duncan Copeland, CEO of Northcore Technologies.

    
    About Northcore Technologies Inc.
    ---------------------------------
    

    Northcore Technologies provides software solutions and services that help
organizations source, manage and sell their capital equipment and assets.
Northcore works with a growing number of customers and partners 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 gain more value from and more control over their
assets.

    
    Additional information about Northcore can be obtained at
    www.northcore.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 ("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          %CIK: 0001079171




For further information:

For further information: Northcore Technologies Inc., Investor
Relations, Tel: (416) 640-0400 ext. 273, E-mail:
InvestorRelations@northcore.com

Organization Profile

NORTHCORE TECHNOLOGIES INC.

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