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Northcore Awarded Vendor of Record Status by Ontario Government

(November 17, 2011)

TORONTO, ONTARIO -- (Marketwire) -- 11/17/11 -- Northcore Technologies Inc. (TSX:NTI)(OTCBB:NTLNF), a global provider of asset management and social commerce solutions, announced today that it has been selected as a Vendor of Record for the Task Based Information and Information Technology arrangement within the Ontario Provincial Government purchasing framework.

This status streamlines the process through which the Ontario Government may choose to engage Northcore for Information Technology solutions and services. It will also allow Northcore broader access to such opportunities within the Ontario public service at large.

In the 2011 Provincial budget, the Ontario Government reaffirmed its commitment to achieve cost savings through the effective application of innovative technology and online delivery models. This is expected to result in an increased demand for next generation web based tools, technologies and skilled deployment resources.

"The award of the Vendor of Record status is an important step forward for Northcore in our quest to acquire additional government business," said Amit Monga, CEO of Northcore Technologies. "Today's public enterprises are facing a daunting array of challenges and Northcore has an array of tools and resources that present the opportunity for immediate impact".


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 has earned the trust and loyalty of customers from a wide range of organizations across many different industry sectors.

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.

Contacts:
Northcore Technologies Inc.
Investor Relations
(416) 640-0400 ext. 273
(416) 640-0412 (FAX)
InvestorRelations@northcore.com
www.northcore.com


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