TSX Venture Exchange Symbol: CNT
Shares Outstanding (Non-Diluted): 23,876,327
TORONTO, Oct. 6 /CNW/ - Cenit Corporation ("Cenit" or the "Company"), which recently released its fiscal year end May 31, 2009 financial results reports that the management team continues to search out a strategic investment designed to materially enhance shareholder value.
Management is well aware that the organic growth presently being experienced in the Techwork division of Cenit's 64% owned subsidiary Blue Port Technologies Inc., will not generate sufficient meaningful net income in the short term to alleviate Cenit's current working capital constraints. Accordingly, an acquisition generating positive cash flow is very much in the forefront of management's business plan. The Company is optimistic that present negotiations will lead to a successful letter of intent with a target acquisition.
The Company also announces that 500,000 stock options have been granted to certain directors and officers. The options are exercisable at $0.10 per share, vest immediately, and expire on September 30, 2014.
Cenit is a Canadian holding company, continually looking for strategic investment alternatives to enhance shareholder value. Cenit presently operates subsidiaries in diverse market niches: Blue Port Technologies Inc. (BP) and Health Promotions Strategies Inc. (HPSI). BP has a division Techwork which provides recruiting placement services. The other business, HPSI, was a registered gaming supplier but did not renew its license in early 2008 due to the fact that Cenit sold the customer list. HPSI continues to receive a residual income stream.
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Note Regarding Forward-Looking Statements
This press release and other written or oral communication from the Company may include certain statements that may be considered "forward-looking statements" within the meaning of that phrase under Canadian securities laws. Statements other than historical facts that address possible future events, plans or developments are forward-looking statements. Such statements may be identified by the use of words such as "will", "may", "expects", "estimate", "intend" or the use of the future or conditional tense. Certain material factors or assumptions were applied in drawing our conclusions and making those forward-looking statements. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are based on management's beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. The Company undertakes no obligation to update this forward-looking information except as required by applicable law.
SOURCE Superior Copper Corporation
For further information: For further information: Birks Bovaird, CEO, at (416) 214-9152 or visit the Company's web site at www.cenitcorp.com