TORONTO, Feb. 17 /CNW/ - Cencotech Inc. (TSXV: CTZ) announced today the results of operations for the fiscal year ended
October 31st, 2010. All amounts referenced herein are in Canadian dollars. Revenue
for the fourth quarter of 2010 was $498,237 as compared to $190,366,
for the same period last year. A profit of $16,202 ($0.00 per share)
was recorded for the three months ended October 31st, 2010 as compared to a net loss of $114,651 ($0.01 per share) for the
same period last year.
Revenue from operations for the twelve months ended October 31st, 2010 was $1,740,052 as compared to $933,847 in fiscal 2009. Net income
from operations for fiscal 2010 was $39,951 ($0.00 per share) as
opposed to a loss of $317,325 ($0.01 per share) in fiscal 2009.
K. Barry Sparks, the President of Cencotech, stated "Corporate
constraints on expenditures continued to impact our revenues in 2010,
although not to the same extent experienced in 2009. Strong
relationships have been engendered with potential clients and future
distribution partners for our software offerings. As well, there has
been some improvement in the sales environment for the CashNet hardware
systems. We continue to remain optimistic that our efforts will
translate into further sales gains in the coming year."
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