Cencotech reports results of operations for fiscal 2007, October 31st, 2007.

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[{"type":"text","content":"\n\n\n\nTORONTO, Feb. 26 /CNW/ - Cencotech Inc. (CTZ - TSX-V) announced today,\nthe results of operations for its fiscal year ended October 31st, 2007. All\namounts referenced herein are in Canadian dollars. Revenue for the fourth\nquarter of 2007 was $218,492 as compared to $1,317,373 for the same period\nlast year. A net loss of $59,957 or ($0.00) per share was recorded for the\nthree months ended October 31st, 2007 as compared to a net gain of $644,522 or\n$0.03 per share for the same period last year.\n\n\nRevenue for the twelve months ended October 31st, 2007 was $1,041,203\nplus a gain of $1,351,319 as a result of the sale of all patents and\ntrademarks for the Company's Commercial Self Service products in the first\nquarter 2007. This compares to revenue of $1,976,348 for the year ended\nOctober 31, 2006. The Company recorded net income of $678,754; $0.03 per share\nin the twelve months ended October 31st, 2007, as compared to $209,517; $0.01\nper share for fiscal 2006.\n\n\nK. Barry Sparks, the President of Cencotech, stated: "While order\ngeneration for the CashNet product during the quarter was strong, the supply\nline disruption as a result of the manufacturer of the product moving\nproduction facilities from Canada to Texas resulted in minimal production and\norder completion. The transition of manufacturing facilities was exacerbated\nby a decision to bring forward a new version of the CashNet products\nconcurrent with the move. The Company has been working closely with the\nmanufacturer to bring the new products on line as quickly as possible.\nNevertheless, steady state manufacturing of the new CashNet products will not\nbe achieved until March/April, 2008."\n\n\nMr. Sparks continued: "Software license sales and consulting revenues\nwill have to pick up the slack created by the delay in hardware product\ndeliveries through mid second quarter 2008. While as noted earlier, the sales\ncycle for the Company's software tends to be quite lengthy, we remain\noptimistic with respect to the future of all the Company's products, as we\nlook at the possibilities for continuing growth."\n\n\nThe Company also announced the completion of extension agreements with\nits convertible debenture holder and its secured debt provider to extend the\nterm on these facilities to September 30, 2008. Cencotech is also pl...

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