[ATVE/TALL]: Scam company ActiveCore Technologies, Inc. about to close down and cease operations
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http://biz.yahoo.com/prnews/071010/law076.html?.v=101
ActiveCore Provides Update to Shareholders
Wednesday October 10, 11:14 am ET
TORONTO, Oct. 10 /PRNewswire-FirstCall/ -- ActiveCore Technologies, Inc. (Pink Sheets: ATVE - News), a Company that operates as a payment technology solution provider with online, wireless and POS payment solutions, would like to bring its shareholders up to date on the following issues:
-- Company Financing
-- Board Resignations
-- Company Status/Future
-- Company Offices
Discussing the first point above, ActiveCore CEO Mr. Peter Hamilton stated that, "I have been working diligently with a number of different organizations to raise approximately 2.5 Million USD to be delivered over a five quarter period that would allow the Company to establish the necessary infrastructure to deliver the recent CyBux product orders and restructure the most critical items on the outstanding debt list." Hamilton went on to say that, "Unfortunately I was not able to complete the financing successfully and as of Friday October the 5th all discussions related to the refinancing of the Company have come to a halt. The reasons for the rejection are numerous including, but not limited to, the following:
-- The MacDonald/Ludmer Settlement -- without exception all potential
investors were not willing to have more than 400,000 USD paid out to
Brian MacDonald and Brian Ludmer for a settlement negotiated with them
to prevent them from forcing the Company into receivership over an
unpaid legal bill (approximately 150,000 USD of the 400,000 USD has
been paid to date)
-- Unpaid Payroll Taxes -- There is approximately 200,000 USD of disputed payroll taxes and penalties that are remaining to be paid from the 800,000 USD that were accumulated during Mr. MacDonald's tenure as CEO and remained outstanding when he left the Company (since MacDonald's departure, the Company has paid approximately 600,000 USD of this liability)
-- Approximately 200,000 USD in unpaid legal bills and settlement amounts associated with the failed take over bid for IFL and other cases initiated by Mr. MacDonald during his tenure as CEO."
The above issues, coupled with the fact that it was difficult to accurately quantify the value of the recent CyBux orders in absolute terms, is what led to investor hesitation.
With respect to the Board resignations, Mr. Hamilton stated that, "The two other Board members, Mr. Steven Smith and Mr. Stephen Lewis, reluctantly decided to resign after learning of the failed attempts to secure adequate financing." Mr. Hamilton continued by saying that, "It was with deep regret that I accepted both Mr. Smith and Mr. Lewis' resignations but I understood why they each felt that the time had come to step down from the Board."
Mr. Hamilton went on to discuss the third issue above by saying, "The Company cannot execute the new CyBux based Business Plan without the appropriate funding. In addition to this, several employees have lent the Company money over the past six months and have been neither re-paid these loans nor their salaries for quite some time now and they can no longer continue to work under these conditions. Effective today, all remaining employees have either resigned or have been terminated. Although I will remain on to deal with the winding up of the Company, we can simply no longer carry on day to day operations without any funding."
Lastly, Mr. Hamilton addressed the status of the Company's offices by explaining that the office at 156 Front Street in Toronto, Ontario has been closed and the office at 950 Peninsula Corporate Circle in Boca Raton, Florida will be closed shortly. During this transition, Mr. Hamilton will protect the Intellectual Property of the Company and work out of the US office until the Company is refinanced or placed into receivership by its creditors.
About ActiveCore Technologies, Inc. (http://www.ActiveCore.com)
Statements contained in this news release regarding ActiveCore Technologies, Inc. (formerly IVP Technology) and planned events are forward-looking statements, subject to uncertainties and risks, many of which are beyond ActiveCore's control, including, but not limited to, reliance on key markets, suppliers and products, currency fluctuations, dependence on key personnel and trade restrictions, each of which may be impacted, among other things, by economic, competitive, or regulatory conditions. These and other applicable risks are summarized under the caption "Risk Factors" in ActiveCore's Registration Statement on Form SB-2 filed with the Securities and Exchange Commission on January 4, 2005. Forward-looking statements by their nature involve substantial risks and uncertainties. As a result, actual results may differ materially depending on many factors, including those described above.
Investor Relations Contacts: Peter Hamilton
416-252-6200 ext. 312
info@activecore.com
--------------------------------------------------------------------------------
Source: ActiveCore Technologies, Inc.
________________________________________________
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http://biz.yahoo.com/prnews/071010/law076.html?.v=101
ActiveCore Provides Update to Shareholders
Wednesday October 10, 11:14 am ET
TORONTO, Oct. 10 /PRNewswire-FirstCall/ -- ActiveCore Technologies, Inc. (Pink Sheets: ATVE - News), a Company that operates as a payment technology solution provider with online, wireless and POS payment solutions, would like to bring its shareholders up to date on the following issues:
-- Company Financing
-- Board Resignations
-- Company Status/Future
-- Company Offices
Discussing the first point above, ActiveCore CEO Mr. Peter Hamilton stated that, "I have been working diligently with a number of different organizations to raise approximately 2.5 Million USD to be delivered over a five quarter period that would allow the Company to establish the necessary infrastructure to deliver the recent CyBux product orders and restructure the most critical items on the outstanding debt list." Hamilton went on to say that, "Unfortunately I was not able to complete the financing successfully and as of Friday October the 5th all discussions related to the refinancing of the Company have come to a halt. The reasons for the rejection are numerous including, but not limited to, the following:
-- The MacDonald/Ludmer Settlement -- without exception all potential
investors were not willing to have more than 400,000 USD paid out to
Brian MacDonald and Brian Ludmer for a settlement negotiated with them
to prevent them from forcing the Company into receivership over an
unpaid legal bill (approximately 150,000 USD of the 400,000 USD has
been paid to date)
-- Unpaid Payroll Taxes -- There is approximately 200,000 USD of disputed payroll taxes and penalties that are remaining to be paid from the 800,000 USD that were accumulated during Mr. MacDonald's tenure as CEO and remained outstanding when he left the Company (since MacDonald's departure, the Company has paid approximately 600,000 USD of this liability)
-- Approximately 200,000 USD in unpaid legal bills and settlement amounts associated with the failed take over bid for IFL and other cases initiated by Mr. MacDonald during his tenure as CEO."
The above issues, coupled with the fact that it was difficult to accurately quantify the value of the recent CyBux orders in absolute terms, is what led to investor hesitation.
With respect to the Board resignations, Mr. Hamilton stated that, "The two other Board members, Mr. Steven Smith and Mr. Stephen Lewis, reluctantly decided to resign after learning of the failed attempts to secure adequate financing." Mr. Hamilton continued by saying that, "It was with deep regret that I accepted both Mr. Smith and Mr. Lewis' resignations but I understood why they each felt that the time had come to step down from the Board."
Mr. Hamilton went on to discuss the third issue above by saying, "The Company cannot execute the new CyBux based Business Plan without the appropriate funding. In addition to this, several employees have lent the Company money over the past six months and have been neither re-paid these loans nor their salaries for quite some time now and they can no longer continue to work under these conditions. Effective today, all remaining employees have either resigned or have been terminated. Although I will remain on to deal with the winding up of the Company, we can simply no longer carry on day to day operations without any funding."
Lastly, Mr. Hamilton addressed the status of the Company's offices by explaining that the office at 156 Front Street in Toronto, Ontario has been closed and the office at 950 Peninsula Corporate Circle in Boca Raton, Florida will be closed shortly. During this transition, Mr. Hamilton will protect the Intellectual Property of the Company and work out of the US office until the Company is refinanced or placed into receivership by its creditors.
About ActiveCore Technologies, Inc. (http://www.ActiveCore.com)
Statements contained in this news release regarding ActiveCore Technologies, Inc. (formerly IVP Technology) and planned events are forward-looking statements, subject to uncertainties and risks, many of which are beyond ActiveCore's control, including, but not limited to, reliance on key markets, suppliers and products, currency fluctuations, dependence on key personnel and trade restrictions, each of which may be impacted, among other things, by economic, competitive, or regulatory conditions. These and other applicable risks are summarized under the caption "Risk Factors" in ActiveCore's Registration Statement on Form SB-2 filed with the Securities and Exchange Commission on January 4, 2005. Forward-looking statements by their nature involve substantial risks and uncertainties. As a result, actual results may differ materially depending on many factors, including those described above.
Investor Relations Contacts: Peter Hamilton
416-252-6200 ext. 312
info@activecore.com
--------------------------------------------------------------------------------
Source: ActiveCore Technologies, Inc.
________________________________________________
posted by the_worm06 | 10/10/2007 12:17:00 PM
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