Cenit Corporation

Cenit Corporation

August 04, 2005 09:15 ET

Cenit Announces Due Diligence on Blue Port Acquisition Largely Complete & Option Grant

TORONTO, ONTARIO--(CCNMatthews - Aug. 4, 2005) -

Blue Port Acquisition Due Diligence

Cenit Corporation ("the Company") (TSX VENTURE:CNT)(OTC PINK SHEETS:CNTGF) announced today that the due diligence process associated with its previously announced proposed acquisition of a 51% interest in Blue Port Technologies Inc. ("Blue Port") is largely complete.

J. Birks Bovaird, President of Cenit Corporation commented "we're at the point in the due diligence process where we have satisfied ourselves that the Blue Port acquisition offers a great opportunity for Cenit to build a presence in the IT and software areas. We think the Blue Port management team has the requisite skill set and product line-up to succeed. We look forward to helping Blue Port realize their objectives and anticipate closing our acquisition prior to the end of August."

Blue Port, based in Markham Ontario, is a privately held Enterprise Software and state of the art Technology Services Company established in 2001 by Paul Sleight an entrepreneur with forty years technical and marketing experience and responsible for the successful start-up of several businesses.

Most recently Paul was Director of Marketing and Corporate Development of Stepping Solutions / Treklogic from 1999-2003 during which time the Company went public and grew with annual revenues of approximately $90 million through a series of acquisitions under its new name Brainhunter Inc.

"Blue Port will identify private companies in the IT field that offer unique, "value-based" enterprise software and services. The assistance of Cenit will allow Blue Port to acquire those companies and synergistically aggregate them to maximize product sales by accessing a broader customer base for cross-selling products and services and enhance operating efficiencies through the provision of a centralized operating infrastructure, sales and marketing support, and access to the financial markets. We look forward to a long and profitable relationship as part of the Cenit team" said Paul Sleight.

Options to Purchase Common Shares

Cenit has granted to its Chief Financial Officer who also serves as a Director of the Company, subject to regulatory approval, 150,000 Options to Purchase Common Shares of the Company. The Options have an exercise price of $0.18 per Common Share and expire August 4, 2010.

About Cenit Corp.

Cenit Corporation is a Canadian holding company with two subsidiary operating companies: Continental Asset Management Inc. (CAM) and Health Promotions Strategies Inc. (HPSI). CAM operates white label Automated Teller and Point of Sale Machines and is a preferred supplier of Ingenico Canada Ltd.; a wholly owned subsidiary of one of the world's largest manufacturers of debit and credit point of sale systems hardware. HPSI is a registered gaming equipment supplier providing fundraising services to 150 charitable organizations through the distribution of "Break Open Tickets" charity lottery tickets.

Share Price: $0.24 (Aug 3, 2005)

Shares Outstanding: 13,909,261

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

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