(TSX: NTI; OTCBB: NTLNF)
TORONTO, Oct. 4 /CNW/ - Northcore Technologies Inc. (TSX: NTI; OTCBB:
NTLNF), a global provider of asset management solutions, today gave an update
on recent customer and technology development activities.
Northcore announced that a number of its customers, including the School
Board of Broward County (Florida) and the State of Tennessee, have recently
extended the terms of existing agreements. The customers will use Northcore's
technology and services to manage their asset maintenance activities.
The company also announced that its custom application development
projects are on schedule for completion. As announced previously, Northcore is
developing a series of web-based asset management applications for customers
that will support unique asset management requirements.
"I have met with several of our key customers and partners," said Duncan
Copeland, Chief Executive Officer of Northcore Technologies Inc. "These
meetings, coupled with our recent company developments, have assured me that
our strategic direction is the right one."
Northcore also announced that it has introduced new enhancements to Asset
Tracker, the web-based equipment tracking application of its joint venture
with GE. The enhancements will enable customers, such as Kraft Foods, to
search for assets by unique identifiers, making it easier to report on the
status, location and condition of key equipment.
"It is important that we continue to introduce new capabilities to our
suite of technology. By better helping our customers to optimize their assets,
we will be able to expand our relationships and ensure that our applications
stay state-of-the-art," Mr. Copeland said.
"What is striking to me is that asset optimization breeds innovation in
that once organizations gain ready access to asset data, they will find new
ways to exploit this intelligence for competitive advantage. That's why we're
exploring ways to integrate lease administration capabilities that would
leverage leasing data captured by our Asset Tracker application. I liken this
approach to the smart use of passenger data by commercial airlines when they
first created frequent-flyer programs more than 25 years ago," Mr. Copeland
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.
For further information:
For further information: At Northcore Technologies Inc.: Joe Racanelli,
Chief Marketing Officer, Tel: (416) 640-0400 ext. 273, Fax: (416) 640-0412,