TORONTO, Nov. 1, 2016 /CNW/ - Cencotech Inc. (CTZ – TSX-V) reports that, effective November 1, 2016, it has amalgamated with its wholly-owned subsidiary, Namsys Inc., and has changed its name to NamSys Inc. Effective at the opening of trading November 1st, 2016, the common shares of the company will trade under the name NamSys Inc. The trading symbol will remain as CTZ. No consolidation of capital was involved in the amalgamation and name change. The company continues to have 27,286,332 common shares issued and outstanding.
In mid-October, NamSys Inc. advised the holders of its non-voting, first preference, Series V Preference Shares that it would redeem the balance of the Series V Preference Shares on or slightly before its year-end of October 31st, 2016. There were 400,000 Series V Preference Shares outstanding at the date of notice. The redemption took place effective October 28th, 2016.
K. Barry Sparks the CEO of NamSys Inc. stated "There are clearly efficiencies in running one corporation as opposed to two and with the final redemption of the Series V Preference Shares and our year-end being October 31st, the November 1st amalgamation was timely. In terms of the product market, NamSys is the recognized name. We are continuing to make strong progress in the product marketplace and we look forward to reporting the annual results in the next few months."
NamSys Inc. products are designed to bring efficiency to the processing of currency and other value instruments in financial institutions, retailers, public transportation operations and the gaming industry. NamSys Inc.'s proprietary software products for this market are "open-architected" 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, President, (416) 369-6081, [email protected]