TORONTO, Feb. 1 /CNW/ - Cencotech Inc. (CTZ - TSX-V) today reported the results of its operations for fiscal 2006.
For the fiscal year ended October 31st, 2006 revenue totaled $1,976,348 as compared to $1,861,041 for fiscal 2005. The Company reported net income of $209,517 or $0.01 per share for 2006 as compared to $106,106 or $0.01 per share for fiscal 2005.
K. Barry Sparks, the President of Cencotech stated: "The last quarter of 2006 was quite strong. 55 units of the Company's CashNet Commercial Self Service product were delivered to customers in the quarter. As reported December 15th, 2006, the Company also completed installation of a NamSys CC-32 Cash Vault Management software system under license to Frost Bank of Dallas, Texas during the quarter."
On December 15th, Cencotech also announced the completion of the sale of all patents and trademarks for its Commercial Self Service products and related inventory assets to ArmorSafe Technologies, LLC of Texas, for consideration that included a reseller agreement in favour of NamSys for all of Armor's products. In this regard, Mr. Sparks continued: "The financial impact of the Armor transaction will be reflected in the first quarter 2007 financial results. As the Company has followed the practice of expensing development costs as incurred, a significant gain will accrue as a result of the sale. Additionally, the Armor 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 are quite optimistic as we look at the possibilities for the 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.