Business
Cencotech reports results of operations for the year ended October 31st, 2006
Cencotech reports results of operations for the year ended October 31st, 2006.
About this update from Namsys Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, Feb. 1 /CNW/ - Cencotech Inc. (CTZ - TSX-V) today reported the\nresults of its operations for fiscal 2006.\n\n\nFor the fiscal year ended October 31st, 2006 revenue totaled $1,976,348\nas compared to $1,861,041 for fiscal 2005. The Company reported net income of\n$209,517 or $0.01 per share for 2006 as compared to $106,106 or $0.01 per\nshare for fiscal 2005.\n\n\nK. Barry Sparks, the President of Cencotech stated: \"The last quarter of\n2006 was quite strong. 55 units of the Company's CashNet Commercial Self\nService product were delivered to customers in the quarter. As reported\nDecember 15th, 2006, the Company also completed installation of a NamSys CC-32\nCash Vault Management software system under license to Frost Bank of Dallas,\nTexas during the quarter.\"\n\n\nOn December 15th, Cencotech also announced the completion of the sale of\nall patents and trademarks for its Commercial Self Service products and\nrelated inventory assets to ArmorSafe Technologies, LLC of Texas, for\nconsideration that included a reseller agreement in favour of NamSys for all\nof Armor's products. In this regard, Mr. Sparks continued: \"The financial\nimpact of the Armor transaction will be reflected in the first quarter 2007\nfinancial results. As the Company has followed the practice of expensing\ndevelopment costs as incurred, a significant gain will accrue as a result of\nthe sale. Additionally, the Armor transaction results in the Company's\nsubsidiary, NamSys Inc. sharing the risk of developing the market for the\nCommercial Self Service products while at the same time providing NamSys with\nthe ability to serve the clients it has previously developed. The Armor\ntransaction should also result in growth in the software revenue of the\nCompany, as NamSys' software is used in the control and monitoring of the\nhardware products Armor has acquired. We are quite optimistic as we look at\nthe possibilities for the growth in the coming year.\"\n\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 ...