TORONTO, Jan. 26 /CNW/ - Northcore Technologies Inc. (TSX: NTI; OTCBB:
NTLNF), a global provider of asset management technology solutions, is
pleased to provide a corporate update on a number of initiatives.
Northcore, through its joint venture with GE Capital, has completed the
initial commercial deployment of its new flagship Asset Remarketing
application. The first reference account is a major manufacturer of
material handling equipment. This industry-leading innovation
represents the culmination of significant application development and
testing cycles and will have broad appeal to middle and large tier
In addition, a renewal of the agreement to provide Asset Management
tools to Kraft Foods Global has been executed. This continues the eight
year relationship between the parties.
Also of note, Northcore has started significant systems development
within its patent portfolio on the Dutch Auction Group Purchase
Platform that was announced previously. The product will be unique by
integrating gaming elements into the highly successful Group Purchase
arena. It is being constructed on the Northcore application framework
under an aggressive timetable.
"We are encouraged with the reception that our new Asset Remarketing
product has received and look forward to sharing the platform and its
benefits with new partners. We believe it will be a compelling
component of our sales strategy. The contract renewal with Kraft
underscores the strength of our existing partnerships and the appeal of
our toolset. Additionally, we are excited to be in the execution phase
for the Dutch Auction Group Purchase Platform and feel that the
combination of our technology and a strong delivery partner will
position Northcore for sustainable transaction-based revenues to
complement our current business model. We are optimistic about the 2011
prospects for the Company and management is committed to delivering the
results expected by shareholders and partners," said Duncan Copeland,
CEO of Northcore Technologies.
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.
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