TORONTO, March 28 /CNW/ - Cencotech Inc. (CTZ - TSX-V) today reports the results of operations for the first three months of fiscal 2008 ended January 31st. The amounts referenced herein are in Canadian dollars.
Revenue for the first three months of fiscal 2008 was $377,563 as compared to $153,120 for the same period last year. Net income for the 2008 first quarter was $54,082 or $0.00 per share as compared to a loss from operations of $209,994 plus a gain of $1,351,319 as a result of the sale of all patents and trademarks for the Company's Commercial Self Service products for a net profit of $926,325 or $0.04 per share in the first quarter of 2007.
K. Barry Sparks, the President of Cencotech stated "Software income in the quarter ended January 31st, 2008 was much stronger than the previous year. The Company is continuing to work closely with the manufacturer of the CashNet products to bring the new version of the products on line as quickly as possible. We remain optimistic that this will be achieved no later than late April 2008. In the meantime, software license sales while being subject to a lengthy sales cycle, are presently quite strong and we remain positive with respect to all the Company's products, as we look to the future."
Cencotech Inc. products are designed to bring efficiency to the processing of currency and other value instruments in financial institutions, large retailers, public transportation operations and the gaming industry. Cencotech's proprietary software products for this market are "open-architectured" and have been developed to interface with clients' legacy systems.
The TSX Venture Exchange has neither approved nor disapproved of the information contained in this release. This Media Release may contain forward-looking statements, which reflect the Corporation's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could differ from those projected herein and depend on a number of factors including the success of the Corporation's sales strategies.