TORONTO, Oct. 29, 2014 /CNW/ - Cencotech Inc. (CTZ – TSX-V) today reports that in keeping with an agreement entered into with its debenture holder in late July and as stated in the Press Release dated September 24, 2014, the Company has repaid the balance of the debenture due. The funding for this repayment and to reduce its subsidiary's Operating Loan Facilities and sundry payables was generated through the issuance of $1,000,000 in Non-Voting Preference shares of Namsys Inc., the subsidiary. The Preference Shares are to be redeemed from the holders from the profitability of the subsidiary over the next five years. Dividends of 8% are payable quarterly.
Following a substantive test of the marketplace, insiders of the Corporation offered to purchase all of the Non-Voting Preference shares issued to generate the funding. As a consequence, the necessary Material Change report will be duly filed.
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 directly and on a software as a service (SaaS) basis.
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]