TORONTO, Jan. 26 /CNW/ - Cencotech Inc. (CTZ - TSX-V) today reported that it has concluded negotiations with the holder of its
convertible debenture to eliminate the convertibility of the debt
obligation into common shares of the Company and to extend the
instrument to April 30, 2012. In addition, it has renegotiated the
credit facilities of its wholly owned subsidiary, Namsys Inc.,
increasing the facility to $400,000 and extending the credit
arrangement to April 30, 2012. Consideration to complete the extension
of the debenture and eliminate the conversion right was a fee of
$50,000 payable as to $35,000 in cash and the balance by the issuance
of 250,000 common shares of the Company.
K. Barry Sparks, the President of Cencotech stated: "We are pleased to
reach agreement with our debenture holder to eliminate the conversion
of the instrument into common shares and to gain the concurrence of the
holder to extend the maturity of the instrument to April 30, 2012.
Financial results for the Company's fiscal year end, October 31st, 2010, including the audited financial statements and MD&A will be
reported to the marketplace during the first two weeks of February,
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 contains
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