Cencotech announces the completion of extension agreements on its outstanding funded debt

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[{"type":"text","content":"\n\n\n\nTORONTO, Oct. 22 /CNW/ - Cencotech Inc. (CTZ - TSX-V) today announces the\ncompletion of its extension agreements with its convertible debenture\n($1,000,000) holder and its secured debt ($300,000) provider to extend the\nterm on these facilities from September 30th, 2008 to September 30th, 2009.\nThe outstanding debenture is convertible into common shares of the Company and\nthe quid pro quo for the extension to September 30th, 2009 on these facilities\nwas the reduction of the conversion price from $0.125 to $0.10 principal\namount per common share, all other terms of the convertible debenture\nremaining unchanged.\n\n\nK. Barry Sparks, the President of Cencotech, stated "Given the present\nturmoil in debt markets, we are pleased to have arranged extension to our\nfunded debt. The Company is making progress in its strategy to enhance its\nsales for both software and hardware with 17 units of the newest iteration of\nthe CashNet product being shipped in the quarter ending October 31st, 2008. In\nterms of software, substantial progress is being made in discussions with\nlarge retailers and financial institutions to adopt the CC-32 Currency\nController and related products into the operations of these customers in\nearly 2009. While the present difficulties in financial markets are disruptive\nfor all businesses, given the efficiency the Cencotech products bring to\nusers, the outlook for the future of the Company continues to be positive".\n\n\nCencotech Inc. products are designed to bring efficiency to the\nprocessing of currency and other value instruments in financial institutions,\nlarge retailers, public transportation operations and the gaming industry.\nCencotech's proprietary software products for this market are\n"open-architectured" and have been developed to interface with clients' legacy\nsystems.\n\n\nThe TSX Venture Exchange has neither approved nor disapproved of the\ninformation contained in this release. This Media Release contains\nforward-looking statements, which reflect the Corporation's current\nexpectations regarding future events. The forward-looking statements involve\nrisks and uncertainties. Actual events could differ from those projected\nherein and depend on a number of factors including the success of the\nCorporation's sales strategies.\n\n\n","length":2367,"tagName":"di...

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