Cenit Corporation

Cenit Corporation

June 16, 2005 09:01 ET

Cenit Corporation Announces Agreement to Purchase Majority Interest in Blue Port Technologies Inc.

TORONTO, ONTARIO--(CCNMatthews - June 16, 2005) -

Blue Port Technologies Inc. Acquisition

Cenit Corporation ("the Company") (TSX VENTURE:CNT) and Blue Port Technologies Inc. ("Blue Port") are pleased to announce that they have entered into an agreement whereby the Company will acquire a 51% interest in Blue Port. The acquisition is scheduled to close on or about July 30, 2005 subject to satisfactory due diligence.

Blue Port was established in 2001 by Paul Sleight; a 30 year veteran of the software and IT industries with a successful track record of software commercialization and IT operations management. The Blue Port business model consists of the acquisition of emerging software companies with proven product and demonstrated commercial acceptance.

Blue Port takes a proactive role in realizing and leveraging its acquisitions' potential by providing centralized administration, management, finance, marketing, and cross-selling solutions. On closing, Blue Port will consist of four operating divisions that provide proprietary and cutting edge data-mining solutions as well as targeted efficiency enhancements to industries such as health care.

"We're excited at this opportunity to become a vital part of Cenit's portfolio and view their financial expertise as critical in accelerating our growth and ability to offer "mission critical" business solutions across a wide range of industries", states Paul Sleight, CEO of Blue Port Technologies Inc.

J. Birks Bovaird, President of Cenit Corporation said: "Paul's demonstrated record of software and IT commercialization together with his ability to leverage business relationships through various cross-selling initiatives is key to the future success of the Blue Port business model and will doubtless prove to be a great benefit to Cenit"

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 the "Break Open Tickets" line of charity lottery tickets.

Share Price: $0.31 (June 14, 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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