TORONTO, Feb. 20 /CNW/ - Cencotech Inc. (CTZ - TSX-V) announced today the
results of operations for its fiscal year ended October 31st, 2008. All
amounts referenced herein are in Canadian dollars. Revenue for the fourth
quarter of 2008 was $479,110 as compared to $218,492 for the same period last
year. A net loss of $39,990 ($0.00 per share) was recorded for the three
months ended October 31st, 2008 as compared to a net loss of $59,957 ($0.00
per share) for the same period last year.
Revenue from operations for the twelve months ended October 31st, 2008
was $1,503,435 as compared to $1,041,203, in fiscal 2007. The fiscal 2007
results also included a gain of $1,351,319 as a result of the sale of
intellectual assets and inventory with respect to the Company's Commercial
Self Service products division. Loss from operations for fiscal 2008 was
$89,112 ($0.00 per share) as opposed to $457,565 ($0.02 per share) in fiscal
2007. In 2007, the gain on the sale of intellectual assets and inventory
resulted in net income for the year totaling $678,754 or $0.03 per share.
As reported in earlier periods, the Company's sales of self service
products were disrupted in early fiscal 2008 as a result of the new
manufacturer of the products moving production facilities from Canada to Texas
and concurrently bringing forward a new version of the "CashNet" self service
product. Steady state manufacturing of the "CashNet" product was restored in
late summer of 2008 and the manufacturer, the Company and its principal sales
agents have been working closely since that time on the roll out to the
marketplace of the latest iteration of these products.
K. Barry Sparks, the President of Cencotech, stated "The roll out of the
newest version of the Commercial Self Service products is gaining traction.
The "CashNet" product has gained strong interest from large retailers all over
North America and the Australian market also appears to be opening to the
product. With the present difficulties in the economy, we are seeing increased
interest in the Company's software offerings, which provide real operating
efficiencies to users in the control and management of currency in their
businesses. While we were unable to totally eliminate our operating loss from
operations in 2008, improvement year over year has been material and
notwithstanding the recessionary pressures in the world economies we maintain
our optimism with respect to the 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
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.
For further information:
For further information: Mr. K. Barry Sparks, President, (416) 369-6081,