Confirms Q4 revenue guidance; Completes data management project for
Paramount; Schedules Q4 results
TORONTO, Feb. 9 /CNW/ - Northcore Technologies Inc. (TSX: NTI; OTCBB:NTLNF), a
global provider of core asset solutions, today gave an update on recent
customer and operational activities.
Northcore Technologies announced today that based on the successful rollout of
its technology and services with customers, it expects that its fourth quarter
revenue will grow by at least 25 percent over Q3 results pending auditor review
and confirmation. As announced previously, Northcore had forecasted that its Q4
revenue would grow by a double-digit percentage.
"Since we announced our strategic direction at our shareholders' meeting in
June, we have been working hard at delivering results on a number of fronts,"
said Jeff Lymburner, CEO of Northcore Technologies Inc. "We have achieved
double-digit revenue growth in each of our last two quarters, we have seen an
increased use of our joint venture offerings by customers, such as Toro, and we
are experiencing an increased demand for our application development and
technology customization services."
As further evidence of its recent customer activities, Northcore also announced
that it has successfully completed a data conversion project for Paramount
Resources Ltd., a leading oil and natural gas exploration, development and
production company with operations focused in Western Canada.
"Our technology-based services help to build our relationships with customers
while serving as a key differentiator against our competitors," Mr. Lymburner
said. "We believe that the revenue generated from our multiple technology
services will provide the basis for much of our growth in the quarters to come."
Q4 results scheduled
Northcore also announced that it is scheduled to release its fourth quarter
results on Wednesday, March 28 following the close of the markets. The company
will hold a conference call at 10:00 a.m. (Eastern) on Thursday, March 29 to
discuss its financial results and review operational activities. Followers of
Northcore are invited to listen to the call live over the Internet on the
Investor Relations section of the company's website, www.northcore.com.
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, Halliburton Energy Resources, Paramount Resources and Trilogy Energy
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: At Northcore Technologies Inc.: Joe Racanelli, Chief
Marketing Officer, Tel: (416) 640-0400 ext. 273, Fax: (416) 640-0412, E-mail:
CO: Northcore Technologies Inc.
NI: INTERNET NASDAQ CONF EST ERN
-0- Feb/09/2007 14:57 GMT
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