TORONTO, June 29 /CNW/ - Cencotech Inc. (CTZ - TSX-V) today reports the results of operations for the first six months of fiscal 2010, ended April 30th. All amounts referenced herein are in Canadian dollars. Revenue for the second quarter was $527,844 as compared to $155,078 for the same period last year. A loss for the quarter of $25,193 ($0.00 per share) was recorded as compared to a loss from operations of $128,552 ($0.01 per share) for the three months ended April 30th, 2009.
Revenue for the first six months of fiscal 2010 was $1,041,261 as compared to revenue in the same period last year of $565,599. The Company recorded a profit of $97,643 ($0.00 per share) in the six months ended April 30th, 2010 as compared to a loss of $130,747 ($0.01 per share) in the same period last year.
K. Barry Sparks, the President of the Cencotech, stated "While sales for the second quarter were significantly higher than those recorded in the same period last year, the results do not reflect any new transactions under the Reseller Agreement entered into with IBM in March 2010. The Company and IBM are making solid progress in moving opportunities forward with some larger banks that have favorably tested our products. This leads us to maintain our optimism that significant sales gains should be forthcoming through the completion of transactions for our "Currency Controller(TM)" products 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: For further information: Mr. K. Barry Sparks, President, (416) 369-6081, mailto:firstname.lastname@example.org