TORONTO, March 28 /CNW/ - Cencotech Inc. (CTZ - TSX-V) today reports the results of operations for the first three months of fiscal 2007 ended January 31st. The amounts referenced herein are in Canadian dollars.
Revenue for the first three months of fiscal 2007 was $153,120 plus a gain of $1,351,319 as the result of the sale of all patents and trademarks for the Company's Commercial Self Service products. This compares to revenue of $145,769 in the same period last year. The Company recorded a profit of $926,325 or $0.04 per share in the first quarter of 2007 as compared to a loss of $244,758 or $0.01 per share for the same period last year.
K. Barry Sparks, the President of Cencotech stated "The ArmorSafe Technologies,LLC acquisition of the Commercial Self Service products business closed on December 15th, 2006. The transaction results in the Company's subsidiary, NamSys Inc. sharing the risk of developing the market for the Commercial Self Service products, while at the same time providing NamSys with the ability to serve the clients it has previously developed. The Armor transaction should also result in growth in the software revenue of the Company, as NamSys' software is used in the control and monitoring of the hardware products Armor has acquired. We remain optimistic as we look at the possibilities for growth in the coming year."
Cencotech Inc. was created to acquire and manage emerging high technology enterprises with sound business solutions for their customers. The Corporation's present 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 systems are "open-architectured" and have been developed to interface with client's 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.