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TORONTO, ONTARIO -- (Marketwire) -- 11/13/12 -- Northcore Technologies Inc. (TSX: NTI)(OTCBB: NTLNF), a global provider of asset management and social commerce solutions, announced today its interim financial results for the third quarter ended September 30, 2012. All figures are reported in Canadian dollars.

We reported consolidated revenues of $387,000 for the third quarter, representing an increase of 91 percent over the $203,000 reported in the same quarter of 2011. We also reported year-to-date consolidated revenues of $1,032,000, an increase of 80 percent over the $573,000 reported for the same period of 2011. The growth in revenues was attributed primarily to higher social commerce services revenues as a result of the acquisition of Envision Online Media Inc.

Revenues are comprised of application hosting activities provided to customers, the sale of software licenses, and the delivery of technology services, such as application and website development, software customization, content management and social commerce solutions.

We reported an Operational EBITDA loss for the third quarter of $416,000, an increase of eight percent over the Operational EBITDA loss of $386,000 reported for the third quarter of 2011. We reported year-to-date Operational EBITDA loss of $1,147,000, a slight improvement of four percent from the operational EBITDA loss of $1,198,000 reported for the same period of 2011. The increase in revenues contributed to the improvement in Operational EBITDA loss during the period.

Operational EBITDA is defined as the loss before interest, taxes, depreciation, stock-based compensation, non-cash and non-recurring items. The Company considers Operational EBITDA to be a meaningful performance measure as it provides an approximation of operating cash flows.

We reported a loss for the third quarter of $535,000 or $0.002 per share, basic and diluted, an improvement of 35 percent from the loss of $820,000 or $0.004, basic and diluted, for the same period of 2011. We also reported year-to-date loss of $1,826,000 or $0.008 per share, basic and diluted, an improvement of 44 percent from the loss of $3,274,000 or $0.017 per share, basic and diluted, reported in the same period of 2011.

As at September 30, 2012, Northcore held cash and short-term investments of $308,000 and accounts receivable of $211,000.

Operating Highlights

We accomplished the following activities in the period:

--  Implemented a new platform instance for a key enterprise client and one
    of the five largest food and beverage companies in North America;
--  Delivered a number of customer web platforms and content management
    solutions through Envision Online Media;
--  Hosted a series of commercial auction events for a major strategic
    partner; and
--  Signed new vendor partnerships to expand sales of Kuklamoo.com, a family
    Web destination and curated sale site.

Outlook

"Our focus continues to be on building shareholder value through our enterprise and social commerce offerings," said Amit Monga, CEO of Northcore Technologies. "We are working closely with the Envision team to bid on larger projects and increase our presence in Ottawa. In the coming months, we plan to launch platforms exploiting our proprietary intellectual property for variety of industry verticals."

About Northcore Technologies Inc.

Northcore Technologies provides enterprise level software products and services that enable its customers to purchase, manage and dispose of capital equipment. Utilizing award-winning, multi-patented technology, as well as powerful, holistic Social Commerce tools, Northcore's solutions support customers throughout the entire asset lifecycle.

Northcore's portfolio companies include Envision Online Media Inc., a specialist in the delivery of content management solutions and Kuklamoo, a family information web destination and national daily deal site targeting families with kids.

Northcore owns 50 percent of GE Asset Manager, LLC, a joint business venture with GE and holds a substantial intellectual property portfolio.

For more information, visit www.northcore.com.

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 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. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the Toronto Stock Exchange, on SEDAR (the System for Electronic Document Analysis and Retrieval at www.sedar.com) and the US Securities and Exchange Commission. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Company in any jurisdiction.

                         Northcore Technologies Inc.
       Condensed Interim Consolidated Statements of Financial Position
               As at September 30, 2012 and December 31, 2011
                (Expressed in thousands of Canadian dollars)
                              (IFRS, Unaudited)
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                                              ------------------------------
                                                September 30,   December 31,
                                                         2012           2011
                                              ------------------------------
ASSETS
CURRENT
Cash                                           $          267 $        1,760
Restricted cash                                           500              -
Short-term investments                                     41              -
Accounts receivable                                       211            187
Deposits and prepaid expenses                              76             40
                                              ------------------------------
                                                        1,095          1,987
INVESTMENT IN ASSOCIATES                                  199             24
CAPITAL ASSETS                                             93             91
INTANGIBLE ASSETS                                         912            807
UNALLOCATED PURCHASE PRICE                              1,191              -
                                              ------------------------------

TOTAL ASSETS                                   $        3,490 $        2,909
                                              ------------------------------
                                              ------------------------------

LIABILITIES
CURRENT
Accounts payable                               $          327 $          239
Accrued liabilities                                       192            173
Deferred revenue                                          122              3
Current portion of contingent consideration                71              -
Promissory note                                           500              -
                                              ------------------------------
                                                        1,212            415
CONTINGENT CONSIDERATION                                   63              -
                                              ------------------------------
TOTAL LIABILITIES                                       1,275            415
TOTAL SHAREHOLDERS' EQUITY                              2,215          2,494
                                              ------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY     $        3,490 $        2,909
                                              ------------------------------
                                              ------------------------------


                        Northcore Technologies Inc.
 Condensed Interim Consolidated Statements of Operations and Comprehensive
                                    Loss
  For the Three and Nine Months Periods Ended September 30, 2012 and 2011
   (Expressed in thousands of Canadian dollars, except per share amounts)
                             (IFRS, Unaudited)
----------------------------------------------------------------------------

                        ----------------------------------------------------
                               Three Months Ended         Nine Months Ended
                                    September 30,             September 30,
                                2012         2011         2012         2011
                        ----------------------------------------------------

Revenues                 $       387  $       203  $     1,032  $       573
                        ----------------------------------------------------

Income from GE Asset
 Manager, LLC                     18           18           55           54
                        ----------------------------------------------------

Operating expenses:
  General and
   administrative                429          351        1,293        1,308
  Customer service and
   technology                    321          181          818          543
  Sales and marketing             71           75          175          209
  Stock-based
   compensation                  107          372          590        1,625
  Depreciation                    12            8           37           20
                        ----------------------------------------------------
Total operating expenses         940          987        2,913        3,705
                        ----------------------------------------------------

Loss before the
 undernoted                     (535)        (766)      (1,826)      (3,078)
                        ----------------------------------------------------

Finance costs:
  Interest on notes
   payable and secured
   subordinated notes              -           20            -           93
  Accretion of secured
   subordinated notes              -           34            -          103
                        ----------------------------------------------------
Total finance costs                -           54            -          196
                        ----------------------------------------------------

Loss and comprehensive
 loss for the period     $      (535) $      (820) $    (1,826) $    (3,274)
                        ----------------------------------------------------
                        ----------------------------------------------------

Loss per share, basic
 and diluted             $    (0.002) $    (0.004) $    (0.008) $    (0.017)
                        ----------------------------------------------------
                        ----------------------------------------------------

Weighted average number
 of shares outstanding,
 basic and diluted
 (000's)                     234,625      203,888      232,073      190,265
                        ----------------------------------------------------
                        ----------------------------------------------------


                        Northcore Technologies Inc.
                Reconciliation of Loss to Operational EBITDA
   For the Three and Nine Month Periods Ended September 30, 2012 and 2011
                (Expressed in thousands of Canadian dollars)
                             (IFRS, Unaudited)
----------------------------------------------------------------------------

                        ----------------------------------------------------
                               Three Months Ended         Nine Months Ended
                                    September 30,             September 30,
                                2012         2011         2012         2011
                        ----------------------------------------------------

Loss for the period, as
 per above               $      (535) $      (820) $    (1,826) $    (3,274)
                        ----------------------------------------------------

Reconciling items:
  Stock-based
   compensation                  107          372          590        1,625
  Depreciation                    12            8           37           20
  Interest expense                 -           54            -          196
  Non-recurring
   professional fees
   (iii)                           -            -           52          235
                        ----------------------------------------------------
Operational EBITDA       $      (416) $      (386) $    (1,147) $    (1,198)
                        ----------------------------------------------------
                        ----------------------------------------------------

(iii) Included in non-recurring professional fees for 2012 were acquisition related costs in connection with the acquisition of Envision and Kuklamoo. Non-recurring professional fees in 2011 were in connection with the recruitment of new senior management and Board members.