Business
Cencotech Inc. unit, NamSys Inc. reports expansion of its relationship with Armor Safe Technologies, LLC.
Cencotech Inc. unit, NamSys Inc. reports expansion of its relationship with Armor Safe Technologies, LLC..
About this update from Namsys Inc.
[{"type":"text","content":"\n\n\n\n\nTORONTO, Oct. 31 /CNW/ - Cencotech Inc. (CTZ - TSX-V) today reports that\nits NamSys unit has entered into a Letter of Intent with Armor Safe\nTechnologies, LLC of Texas (\"Armor\"), which over the next three years will see\nthe elimination of its secured debt and the broadening of the market for the\nCommercial Self Service products offered to the marketplace by NamSys Inc.\nUpon completion of the transaction anticipated in the Letter of Intent,\nNamSys will sell all patents and trademarks for the Commercial Self Service\nproducts and related inventory assets to Armor for consideration that\nincludes: a Reseller Agreement in favour of NamSys for all of Armor's products\nincluding the Commercial Self Service products originally developed by NamSys;\na royalty to NamSys on the Commercial Self Service products sold into the\nmarketplace by parties other than NamSys; license fees to be paid by Armor for\nuse of NamSys software employed in the Self Service products and $1.5 million\nof which $600,000 is cash and the balance is payable monthly over three years\nfrom closing. At closing, NamSys will transfer all patents and trademarks for\nthe Commercial Self Service products to an escrow agent which will hold them\nin favour of Armor until such time as all financial terms of the agreement\nhave been fulfilled. The closing of the transaction is anticipated by mid\nNovember subject to documentation satisfactory to the parties and to NamSys'\nsecured lender, Ashley Park Enterprises Inc.\nMr. John Siemens, the President of NamSys, stated, \"The agreement with\nArmor allows NamSys to clean up its balance sheet and share the risk of\ndeveloping the market while at the same time allowing NamSys to continue to\nserve the clients it has developed. We look forward to broadening the\nrelationship we have enjoyed with Armor over the past year and the opportunity\nto extend our software into new markets.\"\n\nCencotech Inc. was created to acquire and manage emerging high technology\nenterprises with sound business solutions for their customers. The\nCorporation's present 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 systems are \"open-architectured\" and have been develo...