TORONTO, Feb. 23rd, 2015 /CNW/ - Cencotech Inc. (CTZ – TSX-V) today reports the results of operations for the fiscal year ended October 31st, 2014. All amounts referenced herein are in Canadian dollars. Revenue for the fourth quarter of 2014 was $424,027 as compared to $300,697 for the same period last year. Comprehensive Income of $908.846 ($0.03 per share) was recorded for the three months ended October 31st, 2014 as compared to $29,728 ($0.00 per share) for the same period last year.
Revenue from operations for the twelve months ended October 31st, 2014 was $1,348,186 as compared to $1,090,848 in fiscal 2013. Comprehensive Income for fiscal 2014 was $1,091,495 ($0.04 per share) as compared to $81,835 ($0.00 per share) in fiscal 2013.
The consolidated financial statements and management's discussion and analysis for fiscal 2014 are available under the Company's profile on SEDAR at www.sedar.com.
K. Barry Sparks, the President of Cencotech, stated "2014 was a very good year for the Company. Last year at this time we noted the Company had refreshed and updated its hallmark CC-32 Currency Controller product by segmenting, separating and updating the functionality into discrete units. These units, branded as the "Cirreon™" group of applications are hosted by the Company's subsidiary, Namsys Inc. and are sold on a SaaS/"cloud" usage basis. Excellent progress is being achieved in selling the Cirreon products into the marketplace.
The 2014 operating results, before other items, improved markedly over what was recorded in 2013, and were supplemented by the mid-year restructuring of our Balance Sheet. In July, the Company was offered an opportunity to receive a significant repayment discount by the holder of our long outstanding Debenture, if we could organize the repayment of the Debenture on or before October 31st, 2014. As reported October 29, 2014, we were able to arrange for the issuance of $1,000,000 Non-Voting Preference shares of Namsys, the proceeds of which, along with funds generated from regular operations, were used to repay the Debenture and to substantially reduce payables and operating debt in the Company. The continuing positive results from operations and the substantial reduction in outstanding debt, also permitted us to recognize a $530,000 Deferred Income Tax Asset in the Financial Statements at year end. It is our belief that all of the above bodes well for the Company going forward."
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-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, mailto:[email protected]