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Cencotech reports results of operations for fiscal 2013

February 24, 2014

TORONTO, Feb. 24, 2014  /CNW/ - Cencotech Inc. (CTZ – TSX-V) today reports the results of operations for the fiscal year ended October 31st, 2013. All amounts referenced herein are in Canadian dollars. Revenue for the fourth quarter of 2013 was $300,697 as compared to $275,609 for the same period last year. Comprehensive Income of $29,728 ($0.00 per share) was recorded for the three months ended October 31st, 2013 as compared to $10,500 ($0.00 per share) for the same period last year.

Revenue from operations for the twelve months ended October 31st, 2013 was $1,090,848 as compared to $1,011,273 in fiscal 2012. Comprehensive Income for fiscal 2013 was $81,835 ($0.00 per share) as compared to a loss of $143,150 ($0.01 per share) in fiscal 2012.

K. Barry Sparks, the President of Cencotech, stated "Last year at this time we noted the Company had refreshed and updated its hallmark CC-32 Currency Controller product by segmenting, separating and updating the functionality into discrete units. These units, branded as the "Cirreon™" group of applications are hosted by the Company's subsidiary, Namsys Inc. and are sold on a SaaS/"cloud" usage basis.

We have been pleased with the market acceptance of the Cirreon applications, the sales of which are recorded monthly as system usage fees. While we do not receive as many onetime license fee amounts as in the past, the Cirreon applications have broadened the market for our products with payments based on usage made monthly. A consequence of this is greater predictability of cash flow, as more clients are added to the Cirreon offerings. While total Company revenues for 2013 were slightly lower than fiscal 2012, customer volumes for the Cirreon applications were higher in 2013 and trending upward, which in our view augers well for the future."

Cencotech Inc. products are designed to bring efficiency to the processing of currency and other value instruments in financial institutions, large retailers, public transportation operations and the gaming industry. Cencotech's proprietary software products for this market are "open-architectured" and have been developed to interface with clients' legacy systems.

The TSX Venture Exchange has neither approved nor disapproved of the information contained in this release. This Media Release may contain forward-looking statements, which reflect the Corporation's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could differ from those projected herein and depend on a number of factors including the success of the Corporation's sales strategies.

SOURCE CencoTech Inc.

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Source: Canada Newswire

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