Cenit Corporation

Cenit Corporation

May 01, 2007 10:03 ET

Cenit Releases Quarterly Financial Statements

TORONTO, ONTARIO--(CCNMatthews - May 1, 2007) - Cenit Corporation ("the Company") (TSX VENTURE:CNT)(PINK SHEETS:CNTGF) announced today that it has released unaudited interim financial statements for the nine months ended February 28, 2007. Key highlights of the financial statements are:

- Gross Revenue year to date $2,023,463 versus $564,396 in the year earlier period, an increase of 359%

- Gross Profit year to date $518,800 versus $91,250 in the year earlier period, an increase of 569%

- Gross Profit for the quarter $120,169 versus a loss of $1,902 in the year earlier period

- Net Loss for the quarter $11,131 versus $234,382 in the year earlier period

The above results are due in large part to the improved performance at the Company's Blue Port subsidiary and demonstrate the success of the Company's cost reduction and focused growth strategies.

In addition to the above, recent beta test deliveries of custom software applications to key communications and health care industry clients of the company's software development subsidiary; Minds 4 Vision Inc. will leverage marketing initiatives of the Company's growing inventory of proprietary software offerings.

The Company's interim financial statements for the period are available on Sedar and the Company's web site.

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. HPSI is a registered gaming supplier providing fundraising services to 150 charitable organizations through the distribution of charity lottery tickets.

Shares Outstanding: 21,376,327

"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