Cenit Corporation

Cenit Corporation

October 17, 2005 08:30 ET

Cenit Closes Private Placement

TORONTO, ONTARIO--(CCNMatthews - Oct. 17, 2005) -

Private Placement

Cenit Corporation ("the Company")(TSX VENTURE:CNT)(PINK SHEETS:CNTGF) announced today the closing on October 11, 2005 of a non-brokered Unit private placement. Under the offering the Company raised $240,000. Units were priced at $0.20 and consist of one common share and one common share purchase warrant exercisable at $0.25 for a term of 24 months from closing. Proceeds will be used to fund working capital requirements for the Company and its recently acquired subsidiary: Blue Port Technologies Inc. ("Blue Port").

Blue Port is an Enterprise Software and IT 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. Please see www.blueportinc.ca for more information.

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. Acentrix is designed to process extremely large amounts of data quickly and is 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, currently installed in 20 hospitals in Ontario, one of Synergy Solutions' key offerings is mobile computing point-of-care which provides health care professionals with patient information at the patient bedside.

Eagle Consulting Group

Eagle Consulting is a consulting and professional services company focused on Business Process Management. 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 technology solutions.


"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 "We're pleased to have completed both the private placement and the Blue Port acquisition. As our re-structuring of the Company is largely complete, we can now focus on building shareholder value through both internal growth and acquisitions".

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 company. 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.

Shares Outstanding: 15,109,261

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

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