Cenit Corporation

Cenit Corporation

January 29, 2008 16:30 ET

Cenit Corporation: Filing of Interim Financial Statements to Be Delayed

TORONTO, ONTARIO--(Marketwire - Jan. 29, 2008) - Cenit Corporation ("Cenit") (TSX VENTURE:CNT)(PINK SHEETS:CNTGF) announced today that unaudited interim financial statements for the six months ended November 30, 2007 (the "statements") due to be filed as of the date hereof will instead be filed on or before February 15, 2008. The delay is a result of difficulties encountered in a recent change of accounting staff. In connection with the above, Cenit has made application to the Ontario Securities Commission for a Management Cease Trade Order for the period of time the statements are outstanding.

Cenit also announced that an agent formerly retained by Cenit subsidiary; Health Promotions Strategies Inc. ("HPSI") is currently under investigation for failing to remit funds generated by the sale of Break-Open Tickets. Cenit sold the HPSI customer list as of May 31, 2007 but is responsible for any funds generated from the sale of Tickets prior to that date and not remitted to the sponsoring Charity which amount may total approximately $30,000. A similar amount has been determined to have not been remitted by the former agent pursuant to his association with the purchaser of the HPSI customer list, as such the purchaser is witholding residual payments due pursuant to the sale of the customer list. Cenit will seek restitution from the former agent and hopes to reach an agreement with the purchaser of its customer list regarding residual payments.

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 a software development and recruiting services company. CAM is a vendor of point of sale systems. HPSI is a registered gaming supplier.

Shares Outstanding: 23,876,327

"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