Cenit Corporation
TSX VENTURE : CNT
PINK SHEETS : CNTGF

Cenit Corporation

September 01, 2005 09:01 ET

Cenit Closes Blue Port Acquisition

TORONTO, ONTARIO--(CCNMatthews - Sept. 1, 2005) -

Blue Port Acquisition

Cenit Corporation ("the Company") (TSX VENTURE:CNT)(PINK SHEETS:CNTGF) announced today that it has completed the purchased of a 51% interest in Blue Port Technologies Inc. ("Blue Port") effective August 31, 2005.

Blue Port, based in Markham Ontario, is a privately held enterprise software and state of the art technology services company under the leadership of Paul Sleight, an IT and software applications professional with close to 40 years experience. Blue Port currently owns three wholly owned subsidiary companies.

Minds 4 Vision

The Acentrix Data Analysis Suite is a strategic decision support and marketing data analysis application. The product is currently licensed from Minds 4 Vision to Rogers Cable and is ready to take to market as Blue Port intellectual property product.

Designed to process extremely large amounts of data quickly, Acentrix retrieves information in seconds, as opposed to the hours, and in some cases days, that such data requests typically require. Acentrix provides a perfect solution for direct marketing organizations and companies with or servicing large customer bases and large customer lists.

Synergy Solutions

Focused on the expanding Health Care industry, Synergy Solutions is headed by a senior executive who has a proven track record with over 100 hospitals and health care facilities and strong client relationships spanning two decades. One of Synergy's key offerings is mobile computing point-of-care which provides health care professionals with patient information at the patient bedside. Synergy plans to dramatically expand operations through the introduction of cutting edge technology to the Health Care industry and expand its borders overseas.

Eagle Consulting Group

Eagle Consulting is a consulting and professional services company focused on Business Process Management to deliver business and technical solutions for clients. As the consulting division of Blue Port, Eagle has strong technical expertise ranging from Legacy to state of the art internet and wireless competencies.

The combined experience of the 20 person team, which has worked together for close to twenty years, provides industry expertise in the areas of business process management, project management, marketing and architecting superior technology solutions.

Summary

Blue Port's growth strategy, backed by Cenit's provision of centralized administration, accounting and finance will provide:

- operating efficiencies and enhanced profitability

- adaptation of individual IT and software applications to wider and multiple markets

- cross-selling opportunities to the combined client base

- utilization of technical skill sets between companies

- faster, multi faceted product development

- ability to attract strong technical and sales staff

- additional revenue opportunities for our synergistic companies

"Blue Port has and will continue to identify private companies in the IT and software applications field that offer unique, "value-based" enterprise software and services. Blue Port sees a large number of potential acquisitions and is in an excellent position to choose those companies that are determined to have the greatest synergistic fit with the Blue Port family. As a subsidiary of Cenit we will provide 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.

J. Birks Bovaird, President of Cenit added "Blue Port is growing through acquisitions and development of existing product lines. This approach will facilitate a wider distribution of subsidiary company software and IT applications as Blue Port builds a stable of operating subsidiaries. We're extremely pleased to have completed the Blue Port acquisition and look forward to an exciting future together. In the past year we have been busy with the re-structuring of Cenit's balance sheet and rationalizing operations. Now we can focus on building shareholder value through a series of acquisitions that promote operating synergies and internal growth."

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 is a vendor of point of sale systems hardware. HPSI is a registered gaming supplier providing fundraising services to 150 charitable organizations through the distribution of "Break Open Tickets" charity lottery tickets. HPSI sees the Tickets business as ripe for consolidation and is currently looking at acquisitions in this area.

Share Price: $0.25 (Aug 31, 2005)

Shares Outstanding: 13,909,261

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

Contact Information

  • Cenit Corporation
    J. Birks Bovaird
    President
    1-416-214-9152 ext 227
    or visit the Company's web site at: www.cenitcorp.com