Cenit Corporation

Cenit Corporation

March 16, 2007 09:24 ET

Cenit Announces Initial Closing Under Private Placement

TORONTO, ONTARIO--(CCNMatthews - March 16, 2007) - Cenit Corporation ("the Company") (TSX VENTURE:CNT)(PINK SHEETS:CNTGF) announced today an initial closing of $190,000 which includes $40,000 invested by senior management, under a $400,000 non-brokered Unit private placement.

Units are priced at $0.10 and consist of one common share and one common share purchase warrant exercisable at $0.15 for a term of two years from closing. A finders fee consisting of $4,000 and 50,000 warrants exercisable at $0.10 for a period of two years from Closing was payable pursuant to the initial closing.

Proceeds will be used primarily to fund growth at the Company's Blue Port Technologies Inc. subsidiary and general working capital purposes. Final closing of the Unit private placement will occur on or before April 2, 2007.

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 an Enterprise Software and IT Services and Consulting company. CAM is a vendor of point of sale systems. HPSI is a registered gaming supplier providing fundraising services to 150 charitable organizations through the distribution of charity lottery tickets.

Shares Outstanding: 20,877,327

"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