Cenit Corporation

Cenit Corporation

October 31, 2006 10:11 ET

Cenit Releases Interim Financial Statements

TORONTO, ONTARIO--(CCNMatthews - Oct. 31, 2006) - Cenit Corporation ("Cenit" or the "Company")(TSX VENTURE:CNT)(PINK SHEETS:CNTGF) announced today that it has released interim financial statements for the three months ended August 31, 2006. Gross revenue for the quarter was $688,820 versus $174,954 in the year earlier period. Gross Profit for the period was $151,992 versus $51,366 in the year earlier period. This 394% increase in gross revenue and 296% increase in gross revenue and gross profit is largely attributable to contributions from the Company's subsidiary: Blue Port Technologies Inc. ("Blue Port").

Largely due to start up costs associated with Blue Port, the Company reported a loss of $107,538 for the period. The Company expects that recently implemented initiatives to reduce overhead and operating costs across all divisions should deliver positive cash in the near term.

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 and Consulting company. CAM is a vendor of point of sale systems and hardware. HPSI is a registered gaming supplier providing fundraising services to 150 charitable organizations through the distribution of "Break Open Tickets" charity lottery tickets.

Shares Outstanding: 18,977,327

"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