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TORONTO, ONTARIO -- (Marketwire) -- 04/01/13 -- Northcore Technologies Inc. (TSX: NTI)(OTCBB: NTLNF), a global provider of asset management and social commerce solutions, announced today its financial results for the fourth quarter and fiscal year ended December 31, 2012. All figures are in Canadian dollars.

Northcore reported consolidated revenues of $330,000 for the fourth quarter, representing an increase of $118,000 or 56 percent from the $212,000 generated in the same period of 2011. For the year ended December 31, 2012, Northcore reported consolidated revenues of $1,362,000, an increase of $577,000 or 74 percent from the $785,000 reported in 2011. The significant growth in revenues was attributed primarily to the increase in social commerce services revenues as a result of the acquisition of Envision Online Media Inc. during 2012.

Northcore derives its revenues from application hosting activities provided to customers, the sale of software licenses, and the delivery of technology services, such as application and web development, software customization and social commerce solutions.

Northcore reported an Operational EBITDA loss for the fourth quarter of $380,000, a slight increase of $11,000 or three percent from the Operational EBITDA loss of $369,000 reported for the same quarter of 2011. Northcore reported year-to-date Operational EBITDA loss of $1,527,000, a slight improvement of $40,000 or three percent compared to the Operational EBITDA loss of $1,567,000 reported in 2011.

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.

For the quarter and year ended December 31, 2012, Northcore reported a net loss per share of $0.001 and $0.009 respectively, basic and diluted. This compares to a loss per share of $0.003 and $0.020 respectively, basic and diluted, in the same period of 2011.

As at December 31, 2012, Northcore held cash and short-term investment of $62,000 and accounts receivable of $171,000.

Northcore achieved a number of milestones during the 2012, notably:

Operational Activities

--  Acquired Envision Online Media Inc., an Ottawa based Content Management
    specialist;
--  Filed additional patents to support the proprietary implementation of
    viral accelerators and to expand the scope of the Company's existing
    patents in the delivery of online Dutch Auctions;
--  Integrated the financial management and reporting functions of Envision
    into the Northcore management framework;
--  Completed a new implementation of the Company's Dutch Auction
    transaction engine; and
--  Completed development on a new version of Northcore's legacy Material
    Management application.

Customer Activities

--  Designed and deployed a back end server platform to support the
    "Intelligent Agent" initiative for a major strategic partner;
--  Implemented a series of major enhancements into a customer deployment of
    Asset Seller liquidation platform;
--  Delivered the first implementation of Northcore's core architecture on
    the iPad IOS platform for a major partner;
--  Hosted a series of commercial auction events for a major strategic
    partner;
--  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; and
--  Launched a Dutch Auction platform for the Wine and Spirits industry.

Outlook

"In 2012, we completed the acquisition of Envision Online Media, evidencing that Northcore could complete an M&A transaction and add operational value to a new partner," said James Moskos, interim CEO of Northcore Technologies. "The past year has also seen broad ranging enhancements to our technology platform and a renewed focus on the expansion of our IP portfolio. These efforts have culminated in the release of new products and a series of accretive Patent applications. Our objective is now to put the remaining elements in place that will allow us to execute our vision and bring the Company to a period of sustainable growth."

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. (www.envisiononline.ca), a specialist in the delivery of content management solutions.

Northcore owns 50 percent of GE Asset Manager, LLC, a joint business venture with GE. Northcore also holds a substantial intellectual property portfolio, based on patents issued in the domain of declining price online auctions.

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 ("the Company") 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.
                Consolidated Statements of Financial Position
                      As at December 31, 2012 and 2011
                (expressed in thousands of Canadian dollars)
                              (IFRS, Unaudited)
----------------------------------------------------------------------------


                                                 ---------------------------
                                                  December 31,  December 31,
                                                          2012          2011
                                                 ---------------------------

ASSETS
Cash                                                  $     21      $  1,760
Short-term investments                                      41             -
Accounts receivable                                        171           187
Deposits and prepaid expenses                               51            40
Investment in joint ventures                               196            24
Capital assets                                              86            91
Intangible assets                                        1,058           807
Goodwill                                                 1,091             -
                                                 ---------------------------

TOTAL ASSETS                                          $  2,715      $  2,909
                                                 ---------------------------
                                                 ---------------------------

LIABILITIES AND SHAREHOLDERS' EQUITY
Operating line of credit                              $     33      $      -
Accounts payable                                           448           239
Accrued liabilities                                        197           173
Deferred revenue                                            56             3
Current portion of contingent consideration                 71             -
Non-current portion of contingent consideration             63             -
Total shareholders' equity                               1,847         2,494
                                                 ---------------------------

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY            $  2,715      $  2,909
                                                 ---------------------------
                                                 ---------------------------

                         Northcore Technologies Inc.
       Consolidated Statements of Operations and Comprehensive Income
       For the Three Months and Year Ended December 31, 2012 and 2011
   (expressed in thousands of Canadian dollars, except per share amounts)
                              (IFRS, Unaudited)


                             ----------------------- -----------------------
                               Three Months Ended          Year Ended
                             ----------------------- -----------------------
                                  December 31,            December 31,
                                   2012        2011        2012        2011
                             -----------------------------------------------


Revenues                     $      330  $      212  $    1,362  $      785
                             ----------------------- -----------------------

Other income:
  Income from GE Asset
   Manager, LLC                      27          15          82          69
                             ----------------------- -----------------------

Operating expenses:
  General and administrative        392         362       1,685       1,670
  Customer service and
   technology                       295         183       1,113         726
  Sales and marketing                50          51         225         260
  Employee stock options           (165)        248         425       1,873
  Depreciation                       24          12          61          32
                             ----------------------- -----------------------
    Total operating expenses        596         856       3,509       4,561
                             ----------------------- -----------------------
Loss from operations               (239)       (629)     (2,065)     (3,707)
                             ----------------------- -----------------------

Finance costs:
  Cash interest expense               -          10           -         103
  Accretion of secured
   subordinated notes                 -          21           -         124
                             ----------------------- -----------------------
Total finance costs                   -          31           -         227
                             ----------------------- -----------------------
Loss before the recovery of
 income taxes                      (239)       (660)     (2,065)     (3,934)
Recovery of income taxes            (36)          -         (36)          -
                             ----------------------- -----------------------
Loss and comprehensive loss
 for the period              $     (203) $     (660) $   (2,029) $   (3,934)
                             ----------------------- -----------------------
                             ----------------------- -----------------------
Loss per share, basic and
 diluted                     $   (0.001) $   (0.003) $   (0.009) $   (0.020)
                             ----------------------- -----------------------
                             ----------------------- -----------------------
Weighted average number of
 shares outstanding, basic
 and diluted (000's)            234,625     213,732     232,715     196,180
                             ----------------------- -----------------------
                             ----------------------- -----------------------

                         Northcore Technologies Inc.
                Reconciliation of Loss to Operational EBITDA
       For the Three Months and Year Ended December 31, 2012 and 2011
                (Expressed in thousands of Canadian dollars)
                              (IFRS, Unaudited)
----------------------------------------------------------------------------

                                                     -----------------------
                                  Three Months Ended        Year Ended
                                     December 31,          December 31,
                                      2012       2011       2012       2011
                                 -------------------------------------------

Loss for the period, as per
 above                            $   (203)  $   (660)  $ (2,029)  $ (3,934)
                                 -------------------------------------------

Reconciling items:
  Stock-based compensation            (165)       248        425      1,873
  Depreciation                          24         12         61         32
  Recovery of taxes                    (36)         -        (36)         -
  Cash interest expense                  -         10          -        103
  Accretion of secured
   subordinated notes                    -         21          -        124
  Non-recurring professional
   fees (i)                              -          -         52        235
                                 -------------------------------------------

Operational EBITDA                $   (380)  $   (369)  $ (1,527)  $ (1,567)
                                 -------------------------------------------
                                 -------------------------------------------

(i) 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, as well as engaging
an Intellectual Property firm to help examine the applicability of the
Company's core technology.