Cenit Corporation

Cenit Corporation

June 22, 2005 09:00 ET

Cenit Provides Backgrounder on Proposed Blue Port Technologies Acquisition

TORONTO, ONTARIO--(CCNMatthews - June 22, 2005) - In response to investor and brokerage industry enquiries regarding Cenit Corporations' (TSX VENTURE:CNT) recently announced ("the Company") acquisition of a 51% interest in Blue Port Technologies Inc. ("Blue Port") Cenit is pleased to provide a more in depth overview of Blue Port and its immediate business plan.

Blue Port, based in Markham Ontario, is a privately held Enterprise Software and state of the art Technology Services Company established in 2001 by Paul Sleight an entrepreneur with forty years technical and marketing experience who has previously been responsible for the successful start-up of several businesses.

Most recently Paul was Director of Marketing and Corporate Development of Stepping Solutions / Treklogic from 1999-2003 during which time the Company went public and grew with annual revenues of approximately $90 million through a series of acquisitions under its new name Brainhunter Inc.

Under Paul's leadership, Blue Port will identify private companies in the IT field that offer unique, "value-based" enterprise software and services. The assistance of Cenit, allows Blue Port to acquire those companies and synergistically aggregate them to maximize product sales by accessing a broader customer base for cross-selling products and services and enhance operating efficiencies through the provision of a centralized operating infrastructure, sales and marketing support, and access to the financial markets.

Blue Port's model focuses on building leading edge business solutions for clients that can be extended to intellectual property which will then be licensed to other clients. The current technology focus is on "best of breed" Internet, Enterprise and Wireless and Mobile Computing solutions, especially those that cross technology platforms. On satisfactory due diligence and closing of the acquisition, Blue Port will consist of the following:


The Acentrix Data Analysis Suite is a strategic decision support and marketing data analysis application. 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 servicing a large customer base. The product is currently used by Rogers Cable and is ready to take to market as Blue Port intellectual property.

Synergy Solutions

Blue Port has established a business unit to focus on the expanding Health Care industry. One of the key offerings is for mobile computing point-of-care which empowers health care providers with patient information at the patient bedside.

Synergy Solutions will be headed by a senior executive who has a proven track record with over 100 hospitals and health care facilities and has strong client relationships spanning two decades. Synergy plans to build on its impressive record and dramatically expand operations through the introduction of cutting edge technology to the Health Care industry and expand its borders overseas.

Open Door Software

Open Door Reporting Systems ("ODRS") is a software solution for individuals that become physically challenged. Open Door standardizes the report preparation required by the individuals, insurance company adjudicators, and lawyers involved in the decision making process regarding the amount of money to be awarded due to car accident injuries. A portion of the awarded funds is used to build new homes or retrofit existing ones, to allow these accident victims to live in their own homes.

Through the leveraging of mobile and internet technologies, ODRS will enable a user to walk through a house or commercial building and gather data via a hand-held computer tablet with sophisticated handwriting recognition software. Voice recognition software will be installed to enable disabled report writers - whose grasp of the accident victims' needs is the greatest - to utilize the product.

Eagle Consulting Group

Eagle Consulting is a consulting and professional services company that focuses on Business Process Management to deliver business and technical solutions for clients. Solutions are architected in order to potentially take them to market for other clients or as components for re-use for future development.

As the consulting "arm" 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 team, which has worked together for many years, provides industry expertise in the areas of business process management, project management, marketing and architecting superior technology solutions.

Blue Port plans to grow through acquisitions and selected in-house product development. The benefits this approach will bring to both investors and merged/acquired companies include:

- Centralized Administration and Management, reducing duplication and costs of each participant and thereby increasing profitability and operating efficiencies

- Amalgamated revenues (current and future) to provide a stronger investment base for future acquisitions and project greater stability to customers and prospects

- Cross-selling to the combined client base will provide additional revenue opportunities for our synergistic companies

- Combined talent and intellectual synergy, from the consolidated companies, creates unparalleled new opportunities for product development and client marketing and servicing ideas

- Commercialization of certain technologies that can be adapted for multiple markets

- Utilization of technical skill sets between companies

- Enhanced ability to attract strong technical and sales staff

"We anticipate a satisfactory conclusion to our current due diligence review of Blue Port and its initial acquisitions. We agree with Paul that there is a need and tremendous potential in the consolidation of smaller high tech and software players and believe that Blue Port has the right people and the right plan to make it happen. As the due diligence process progresses, we will be able to provide an indication of Blue Port's anticipated pro forma financial results." said J. Birks Bovaird, President of Cenit Corporation.

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 "Break Open Tickets" charity lottery tickets.

Share Price: $0.22 (June 21, 2005)

Shares Outstanding: 13,909,261

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

Contact Information