NORTHCORE ANNOUNCES THE FORMATION OF NORTHCORE LABS
Key focus on creation and acquisition of Intellectual Property
Toronto, Ontario – October 31, 2011 – Northcore Technologies Inc. (TSX: NTI; OTCBB: NTLNF), a global provider of asset management and social commerce solutions, announced that it has launched a new corporate division to focus on the creation and acquisition of Intellectual Property.
The division, named Northcore Labs, will expand on Northcore's portfolio of Patents and attendant intellectual property through internal organic creation and by acquisition of desirable, pre-existing external properties. In addition, Northcore will augment existing relationships with universities and research institutes and forge new ones, with the end goal of harvesting new ideas and Intellectual Property.
“One of our previously announced strategic priorities was to aggressively monetize Northcore's IP portfolio," said Amit Monga, CEO of Northcore Technologies. “The formation of Northcore Labs is a significant milestone in our execution against this goal. This new division will be central to the creation and capture of accretive Intellectual property."
As part of this new initiative, Northcore Labs will also partner with select entrepreneurs and cutting edge companies in the development of unique software product offerings in the enterprise and social commerce space. Partners of Northcore Labs will benefit from preferential access to an integrated team with unparalleled experience in software development and deployment.
"We are excited to gain access to the groundswell of enthusiasm, energy and innovation that comes through the further engagement of universities and research institutes," commented Anthony DeCristofaro, Chairman of Northcore Technologies. "Northcore Labs is the perfect vehicle to allow us to achieve this objective."
Companies, universities, research institutes or individuals interested examining opportunities for Intellectual Property collaboration or monetization should contact Northcore at 416-640-0400 or 1-888-287-7467, or via email at NTILabs@northcore.com.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.