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Northcore reports second quarter 2010 financial results

^{Published on 2010-08-11 14:30:51 - Market Wire}
 

 - Awarded two supply arrangements with the Canadian Federal Government, qualifying Northcore for the provision of business technology services, one directly and one in partnership with Ottawa based Donna Cona Inc.; - Executed an initial engagement with a Canadian based bio-energy corporation, solidifying Northcore's entry into this growing market; - Initiated a project to perform key enhancements to Asset Seller, the Company's core sales platform that powers high profile remarketing sites such as GEasset.com; - Completed the development of additional security modules required for Northcore's core products to achieve US bank certification; - Delivered a series of E-marketing campaigns for two major strategic partners; and - Entered into an agreement with GEM Global Yield Fund Limited (GEM) for a $6,000,000 equity line of credit. 

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

 (financial results follow) Northcore Technologies Inc. Consolidated Balance Sheets (expressed in thousands of Canadian dollars) (Canadian GAAP, Unaudited) ------------------------------------------------------------------------- June 30, June 30, December 31, 2010 2010 2009 ------------------------------------- (in US$) translated into US$ at Cdn$ 1.0606 for convenience Cash $ 33 $ 31 $ 226 Other current assets 134 127 288 Other assets 695 655 591 ------------------------------------- Total assets $ 862 $ 813 $ 1,105 ------------------------------------- ------------------------------------- Accounts payable and accrued liabilities $ 780 $ 735 $ 492 Deferred revenue 112 106 27 Current portion of long term debts 321 303 156 Non-current portion of long term debts 470 443 446 Total shareholders' deficiency (821) (774) (16) ------------------------------------- Total liabilities and shareholders' deficiency $ 862 $ 813 $ 1,105 ------------------------------------- ------------------------------------- Northcore Technologies Inc. Consolidated Statements of Operations and Comprehensive Loss (expressed in thousands of dollars, except per share amounts) (Canadian GAAP, Unaudited) ----------------------------- ----------------------------- Three Months Ended Six Months Ended ----------------------------- ----------------------------- June 30, June 30, ----------------------------- ----------------------------- 2010 2010 2009 2010 2010 2009 ($C) ($US) ($C) ($C) ($US) ($C) ----------------------------- ----------------------------- translated translated into US$ at into US$ at Cdn$ 1.0606 Cdn$ 1.0606 for for convenience convenience Revenues $ 132 $ 124 $ 208 $ 304 $ 287 $ 367 ----------------------------- ----------------------------- Operating expenses: General and admini- strative 352 332 159 740 698 599 Customer service and technology 184 173 180 376 355 354 Sales and marketing 41 39 53 92 87 70 Employee stock options 74 70 39 159 150 87 Depreciation 5 5 8 11 10 16 ----------------------------- ----------------------------- Total operating expenses 656 619 439 1,378 1,300 1,126 ----------------------------- ----------------------------- Loss before the undernoted (524) (495) (231) (1,074) (1,013) (759) ----------------------------- ----------------------------- Interest expense: Cash interest expense on notes payable and secured subordinated notes 32 30 63 61 58 158 Accretion of secured subordinated notes 137 35 139 70 66 275 ----------------------------- ----------------------------- Total interest expense 69 65 202 131 124 433 ----------------------------- ----------------------------- Loss and comprehensive loss for the period $ (593) $ (560) $ (433) $(1,205) $(1,137) $(1,192) ----------------------------- ----------------------------- ----------------------------- ----------------------------- Loss per share, basic and diluted $(0.004) $(0.004) $(0.003) $(0.008) $(0.008) $(0.009) ----------------------------- ----------------------------- ----------------------------- ----------------------------- Weighted average number of shares outstanding, basic and diluted (000's) 162,005 162,005 139,299 161,523 161,523 129,629 ----------------------------- ----------------------------- ----------------------------- -----------------------------