Cenit Corporation

Cenit Corporation

October 31, 2007 08:30 ET

Cenit Releases Financial Statements, Reports Improved Results

TORONTO, ONTARIO--(Marketwire - Oct. 31, 2007) - Cenit Corporation ("Cenit" or the Company") (TSX VENTURE:CNT)(PINK SHEETS:CNTGF) announced today that it has released unaudited interim financial statements for the three months ended August 31, 2007.

Key Highlights:

- Net operating loss: $4,197 compared to $104,904 year earlier

- Gross Revenue up 9%

- 43% reduction in operating costs

- Working Capital: increased by a factor of 4.7 from $59,887 to $281,590

The improved results are the result of Cenit's commitment to reduce operating costs and focus resources on growth opportunities in its software development and recruiting services divisions.

The 43% reduction in operating costs in the quarter, new license sales of its proprietary acentrix™ data mining software to Rogers Cable Inc. and higher recruiting revenue are evidence of progress.

The Company's interim financial statements for the period are available on Sedar and the Company's web site.

About Cenit Corp.

Cenit Corporation is a Canadian holding company with three subsidiary operating companies: Blue Port Technologies Inc. (BP), Continental Asset Management Inc. (CAM) and Health Promotions Strategies Inc. (HPSI). BP is a software development and recruiting services company. CAM is a vendor of point of sale systems. HPSI is a registered gaming supplier.

Shares Outstanding: 23,876,327

"The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release"

Contact Information

  • Cenit Corporation
    J. Birks Bovaird
    (416) 214-9152
    Cenit Corporation
    Tim Campbell
    (416) 214-9152
    Website: www.cenitcorp.com