TORONTO, Feb. 3, 2016 /CNW/ - Cencotech Inc. (CTZ –
TSX-V) today reports the results of operations for the fiscal
year ended October 31st,
2015. All amounts referenced herein are in Canadian dollars.
Revenue from operations for the twelve months ended October 31st, 2015 was $1,708,144 as compared to $1,348,186 in fiscal 2014. Income Before Tax, a
key metric in gauging business performance, was $715,264 for fiscal 2015, as compared to fiscal
2014 Income Before Tax of $311,495,
net of the $250,000 non-operating
settlement negotiated by management on the repayment of the
Company's Debenture. Comprehensive Income was; $934,264 ($0.03 per
share) for fiscal 2015, as compared to $1,091,495 ($0.04
per share) for fiscal 2014. Comprehensive Income includes
non-operating credits of $219,000 in
2015 as compared to $780,000 in
2014.
The consolidated financial statements and management's
discussion and analysis for fiscal 2015 are available under the
Company's profile on SEDAR at www.sedar.com.
K. Barry Sparks, the President of
Cencotech, stated "2015 was another very good year for the Company.
The "Cirreon™" group of applications hosted by the Company's
subsidiary, Namsys Inc. and sold on a SaaS/"cloud" usage basis,
continues to make excellent progress in the marketplace. Additional
distribution agreements for the Cirreon products have recently gone
into place with credible organizations and we anticipate that
during the 2016 year, we will start to see revenues from
Europe and select locations in
South America. In addition, we
have recently negotiated further sales channels for the Cirreon
products in North America.
The continuing positive results from operations has also
provided an opportunity for Namsys Inc. to redeem further
Preference Shares. As at February
1st, 2016 the original $1,000,000 in Preference Shares issued have been
reduced to $600,000. We continue to
monitor our cash balances opposite our commitments and may well
redeem further amounts of the outstanding Preference Shares later
in fiscal 2016.
Based upon the success in the marketplace of the Cirreon
products, in addition to a satisfied base of CC32 licence holders,
it remains our belief that the Company should continue to make
strides in achieving greater revenue and higher profits in 2016 and
beyond."
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-architected" 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.