TORONTO, Sept. 27, 2011 /CNW/ - Cencotech Inc. (TSXV: CTZ) today reports the results of operations for the first nine months of
fiscal 2011, ended July 31st. All amounts referenced herein are in
Canadian dollars. Revenue for the third quarter was $175,945 as
compared to $200,554 for the same period last year. A loss for the
quarter of $112,299 ($0.00 per share) was recorded as compared to a
loss from operations of $73,984 ($0.00 per share) for the three months
ended July 31, 2010.
Revenue for the first nine months of fiscal 2011 was $728,595 as
compared to revenue in the same period last year of $1,241,815. The
Company recorded a loss of $181,624 ($0.01 per share) in the nine
months ended July 31, 2011 as compared to a profit of $23,749 ($0.00
per share) in the same period last year.
K. Barry Sparks, the President of the Cencotech, stated:"While we are
disappointed that sales in the third quarter did not include any new
software licence transactions, purchase orders for new licenses
received in the quarter were approximately $400,000 and delivery to
customers of this product will be completed in the final quarter of
fiscal 2011. The down payments received with the purchase orders are
reflected in "Deferred Revenue" on the Company's Balance Sheet. We
continue to work closely with our senior resellers to bring other
opportunities forward and as well are active in attempting to broaden
our reseller base. Although the weakness in the international banking
marketplace continues, we remain optimistic that significant sales
gains in new license agreements for our software will be forthcoming in
the foreseeable 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.
SOURCE CencoTech Inc.
For further information:
Mr. K. Barry Sparks