Northcore Reports Second Quarter 2010 Results

Northcore Technologies Inc. (TSX: NTI; OTCBB: NTLNF), a global provider of technology solutions for capital asset management, announced today its interim financial results for the second quarter ended June 30, 2010. All figures are reported in Canadian dollars.

Northcore reported consolidated revenues of $132,000 for the second quarter, a decrease of 23 percent from the $172,000 generated in the first quarter of 2010. In the second quarter of 2009, we reported consolidated revenues of $208,000. The decrease in revenues was attributed to foreign exchange differences and the delays in services revenues. The decrease in services revenue was due to customer delays in the start of consulting and development projects. The revenues from these projects are expected to be realized in the second half of the year.

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Northcore Partners with Canadian Government to Manage Supplier Relations

Northcore Technologies (OTCBB: NTLNF; TSX: NTI), in yet another validation of its technology capabilities, has entered into a partnership with the Government of Canada to manage supplier sourcing relations.  Technically, the Company was awarded a Solutions Based Professional Services (SBPS) Supply Arrangement for the supply of Business Consulting and Change Management services to the Government of Canada.  In layman’s terms, Northcore will provide a means by which potential suppliers can find and respond to government bid requests.  It is truly a win-win for Northcore and the Government of Canada.

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Northcore Contracts with Xstrata Copper to Manage Asset Disposition

Northcore Technologies Inc. (OTCBB: NTLNF; TSX: NTI) has entered into an agreement with Xstrata Copper Canada, an operating division of Xstrata Copper.  Xstrata Copper is the fourth largest global copper producer with attributable mined production in 2009 of 907,000 tonnes of copper in cathodes and concentrates.  Xstrata Copper Canada’s operations include Kidd Mine & Met Sites, a copper, zinc, silver deposit located in Timmins, Canada; Horne Smelter, the world’s largest processor of electronic scrap containing copper and precious metals; Canadian Copper Refinery, a processor of anodes which has been in operation since 1931; and Xstrata Recycling. 

If it was not clear before, it should be now, Xstrata is the real deal.  And Xstrata’s selection of Northcore to manage asset disposition speaks volumes regarding Northcore’s capabilities to realize greater value from Xstrata’s existing assets.  Xstrata is one of several leading organizations, including GE Capital and The Toro Company, to implement and benefit from Northcore’s asset management technology solutions.  There is no doubt too that as success stories abound from GE, Toro, and now Xstrata, other leading companies will follow suit.

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Northcore Corporate Update

Northcore Technologies Inc. (OTCBB: NTNLF; TSX: NTI) will use funds from its recently announced financing to creat opportunities in online marketplace creation for the resale of used fixed assets; enhancements to the Company’s patented online Dutch auction; platform support for asset management within the emerging Energy Internet; and for general working capital purposes needed to scale its core technology product sales of Asset Buyer, Asset Tracker, Asset Appraiser and Asset Seller.

In terms of client development, Northcore is in the “final user acceptance stage” with its lead client.  These things take time, but we are optimistic that the Company’s products and services will perform as above and beyond expectations, resulting in a new client in the not too distant future.

Also, the Company will release financial results for the quarter ended June 30, 2010 on August 11, 2010 after market close, followed by a conference call the next day at 10am EST.  Investors and followers of Northcore are invited to listen to the call live over the Internet on the Company’s website at www.northcore.com/events.html.

NORTHCORE SECURES CDN $6.0 MILLION EQUITY COMMITMENT

Toronto, Ontario – June 16, 2010 – Northcore Technologies Inc. (TSX: NTI; OTCBB: NTLNF), a global provider of asset management technology solutions, is pleased to announce that it has entered into an agreement with GEM Global Yield Fund Limited (“GEM”) for a Cdn $6.0 million equity line of credit.  Funds raised will be used for the enhancement of existing and development of new product lines within the Company’s Working Capital Engine™.

According to the terms of the agreement, GEM has agreed to provide the Company with up to Cdn $6.0 million in the form of an equity line of credit.  The Company will control the timing and maximum amount of any draw downs under this facility, and has the right not the obligation, to draw down on available funds. The Company has the option within the terms of the agreement, to draw down funds in tranches by requiring GEM to subscribe for the Company’s common shares at a 10 percent discount to the average closing price of the Company’s common shares over a 15 day trading period following the draw down notice date.  GEM will hold freely trading shares of the Company through a share lending facility provided by current shareholders.  As part of the equity credit line transaction, the Company has agreed to issue six million warrants to GEM. The warrants will be exercisable for a period of three years from the closing notice date at an exercise price of Cdn $0.27 per share.

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Northcore Highlights from Q1 2010

Northcore Technologies Inc. (OTCBB: NTLNF; TSX: NTI) may be better described as a “gentle giant” or a “sleeping dragon.”  And I say this in the absolutely best possible way, here’s why.  The Company reported Q1 2010 revenue of $172,000 compared to $159,000 during the same period a year earlier.  This represents a $13,000 increase or 8.0%.  So far so good, but we think that with some of the recent accomplishments, including its relationship with NACCO Materials Handling Group and Home Hardware, among other completed and potential developments, we believe there is a significant opportunity for revenue to really explode as it catches up with the business development side of things. 

Northcore has also accomplished something which to many may have gone unnoticed, but in fact, is very important for the Company’s continued growth.  What is it you ask, well, the Company has intelligently improved its balance sheet through the conversion of $145,000 secured subordinated notes into equity in combination with $143,000 of new equity resulting from the exercise of warrants.  In total, the Company’s secured debt has decreased from more than $2 million as of March 31, 2009 to less than $600,000 as of March 31, 2010, a decrease of approximately 70%. 

With a balance sheet that continues to get better quarter after quarter and the opportunity for significant revenue growth, we believe that Northcore’s efforts behind the scenes are soon to be rewarded, at which point in time, the Company’s shareholders will be the ultimate beneficiary. 

Northcore is preparing to hit the road across the United States as part of a due diligence investor roadshow.  The time has come for the Company to tell its story to both Wall Street and Main St. 

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Northcore Releases Remarketing Application on Next Generation Motorola Handheld Devices

Northcore Technologies Inc. (OTCBB: NTLNF; TSX: NTI) has released a new mobile asset remarketing application for the next generation Motorola handheld devices.  This application extends the suite of products available through GE Asset Manager, LLC, the Company’s JV with GE.

The Company’s first customer will be NAACO’s material handling group, for whom end of lease customer assets can also be accessed through an intranet of authorized dealers for subsequent resale.  Through the use of this application, customers can reduce process times in the asset remarketing lifecycle and provide both asset custodians and potential purchasers with the most current and comprehensive information possible.

Northcore’s remarketing application for Motorola handheld devices is a second major announcement following the Company’s partnership with Home Hardware at the end of March.  Today’s release is further evidence that the Company is very busy “doing deals” in between press releases.  We don’t see announcements like this every week because relationships like these don’t happen overnight, they can take weeks and even months.  But, the important thing is that the Company is getting them done, which is obviously supportive of and a testament to the Company’s technology and capbabilities.  Be on the lookout for continued good news.

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Northcore Partners with Home Hardware to Provide Working Capital Engine

Northcore Technologies (OTCBB: NTLNF; TSX: NTI) has completed the initial launch of an intranet for Home Hardware Stores Limited.  Northcore and Home Hardware have collaborated to create an online forum which connects more than 1,000 independently-owned Home Hardware member stores and their key suppliers.

The Home Hardware intranet utilizes Northcore’s Working Capital Engine.  Accordingly, it will enable Home Hardware to improve its working capital position by having a new channel to sell surplus or under-utilized assets and evaluate both new and used equipment in its ongoing purchasing decisions. 

Northcore’s partnership with Home Hardware is a major announcement in that it can be replicated for other smaller and larger entities which require and would benefit from such a working capital solution.  And while Northcore has been seemingly quiet as of late, today’s announcment is indicative of the hard work going on behind the scenes.  Relationships like these don’t happen overnight, it can take weeks and even months for both parties to get comfortable with each other and each other’s capabilities.  Equally important, this was not the Company’s only project.  There are several other projects in various stages of completion which we hope and expect to hear about in the not too distant future.  But, for now this is extremely positive news.

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Northcore Schedules Fourth Quarter and Year-End 2009 Financial Results

Northcore Technologies Inc. (OTCBB: NTLNF; TSX: NTI) will release its financial results for the fourth quarter and fiscal year ended December 31, 2009 on Wednesday, March 31 following the close of the markets. The Company will hold a conference call at 10:00 a.m. (Eastern) on Thursday, April 1 to discuss its financial results and review operational activities. Investors and followers of Northcore are invited to listen to the call live over the Internet on the Company’s website at http://www.northcore.com/events.html.

Asset Buyer by Northcore Technologies – A Closer Look

Northcore Technologies, Inc. (OTCBB: NTLNF; TSX: NTI) is an emerging technology company which has in place a 50/50 joint business venture with Commercial Equipment Financing, a unit of GE Commercial Finance. The joint business venture was established to develop a comprehensive, online suite of asset management solutions known as Asset Manager from GE. Asset Manager’s Web-based solutions include Asset Buyer, Asset Tracker, Asset Appraiser, and Asset Seller, which over the next four weeks, we will study in more detail, beginning today with Asset Buyer.

Northcore’s sourcing and procurement solution, Asset Buyer, allows organizations to streamline purchasing processes and generate increased savings from buying activities. Asset Buyer is Web-based, quick to implement, and supports multiple e-tender formats including: (i) request for information; (ii) request for proposals; and (iii) reverse auctions.