TORONTO, March 8 /CNW/ - Cencotech Inc. (CTZ - TSX-V) is pleased to announce that its wholly owned subsidiary, Namsys Inc. ("Namsys") has entered into an agreement with IBM Canada Ltd. ("IBM") whereby IBM, initially in North America, will be a reseller of the Company's "Currency Controller(TM)" software and related products. The products are used by banks and other institutions having significant currency holdings to assist them in managing and controlling their currency inventories. The reseller agreement with IBM does not preclude Namsys from continuing to sell licenses for its systems directly to those clients that are comfortable dealing with a smaller entity.
K. Barry Sparks, the President of Cencotech, stated "The Namsys 'Currency Controller(TM)' family of software products has demonstrated its value in use in both tests and actual operating environments over the past number of years. In the past, banks and institutions in North America have purchased licenses for the use of these products directly from Namsys. However, some larger banks and institutions that have favorably tested the products, in many cases, are not prepared to contract with smaller entities such as our Company, creating a significant impediment to our marketing success. This agreement should help us better penetrate that part of the market."
Mr. Sparks continued, "We are delighted with the outcome of negotiations with IBM. The Agreement with IBM will see their organization not only sell but assist in servicing clients wishing to access the efficiency of the 'Currency Controller(TM)' products through a large well regarded organization."
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: For further information: Mr. K. Barry Sparks, President, (416) 369-6081, mailto: firstname.lastname@example.org