Business
Cencotech Inc. unit, NamSys Inc. reports completion of its expanded relationship with Armor Safe Technologies, LLC.
Cencotech Inc. unit, NamSys Inc. reports completion of its expanded relationship with Armor Safe Technologies, LLC..
About this update from Namsys Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, Dec. 15 /CNW/ - Cencotech Inc. (CTZ - TSX-V) today reports that\nits NamSys unit has completed the transaction anticipated in a Letter of\nIntent announced to the marketplace on October 31, 2006.\n\n\nNamSys has sold all patents and trademarks for its Commercial Self\nService products and related inventory assets to Armor Safe Technologies, LLC\nof Texas for consideration that includes:\n\n\n- A Reseller Agreement in favour of NamSys for all of Armor's products\n including the Commercial Self Service products originally developed\n by NamSys;\n\n- A royalty to NamSys on the Commercial Self Service products sold in\n the marketplace by parties other than NamSys;\n\n- License fees to be paid by Armor for use of NamSys' software employed\n in the Commercial Self Service products; and\n\n- $1.5 million of which $600,000 is cash with the balance by way of a\n note payable monthly over three years.\n\n\nNamSys has transferred all patents and trademarks for the Commercial Self\nService products to an escrow agent which will hold them in favour of Armor\nuntil such time as all financial terms of the Agreement have been fulfilled.\nImmediately following closing, NamSys conveyed the Armor note and part of the\ncash consideration to Ashley Park Enterprises Inc. to pay down its secured\noperating facility.\n\n\nK. Barry Sparks, President of the Company noted, \"The Armor transaction\nallows NamSys to materially improve its balance sheet while at the same time\nsharing the risk of developing the market and allowing NamSys to continue to\nserve clients it has developed. Armor plans to invest heavily into marketing\nand some engineering to accelerate the market momentum NamSys has created. We\nbelieve this all augurs well for the future prospects of Cencotech.\"\n\n\nConcurrently, the Company announced that Texas based Frost Bank has\nchosen to upgrade its cash vault and management system with the latest version\nof NamSys' CC-32 Cash Vault Management Software. Frost Bank, one of the\nlargest banking groups in Texas, operates 93 Customer Financial Centers across\nthe Southern US and has used NamSys' previous generation of vault management\nsoftware in their cash vaults since 1998.\n\n\nCencotech Inc. was created to acquire and manage emerging high technology\nenterprises with sound business solutions for their customers. The\n...