Cenit Announces Due Diligence on Blue Port Acquisition Largely Complete & Option Grant.TORONTO -- Blue Port Acquisition Due Diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. Cenit Corporation ("the Company") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:CNT (Carbon NanoTube) See nanotube. )(OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). PINK SHEETS:CNTGF) announced today that the due diligence process associated with its previously announced proposed acquisition of a 51% interest in Blue Port Technologies Inc. ("Blue Port") is largely complete. J. Birks Bovaird, President of Cenit Corporation commented "we're at the point in the due diligence process where we have satisfied ourselves that the Blue Port acquisition offers a great opportunity for Cenit to build a presence in the IT and software areas. We think the Blue Port management team has the requisite skill set and product line-up to succeed. We look forward to helping Blue Port realize their objectives and anticipate closing our acquisition prior to the end of August." 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 and 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. "Blue Port will identify private companies in the IT field that offer unique, "value-based" enterprise software and services. The assistance of Cenit will allow Blue Port to acquire those companies and synergistically syn·er·gis·tic adj. 1. Of or relating to synergy: a synergistic effect. 2. Producing or capable of producing synergy: synergistic drugs. 3. 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 cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. operating infrastructure, sales and marketing support, and access to the financial markets. We look forward to a long and profitable relationship as part of the Cenit team" said Paul Sleight. Options to Purchase Common Shares Cenit has granted to its Chief Financial Officer who also serves as a Director of the Company, subject to regulatory approval, 150,000 Options to Purchase Common Shares of the Company. The Options have an exercise price of $0.18 per Common Share and expire August 4, 2010. 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 HPSI High Pressure Safety Injection HPSI Human-Ported System Interface ). CAM operates white label Automated Teller and Point of Sale Machines and is a preferred supplier of Ingenico Canada Ltd.; a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. 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: $0.24 (Aug 3, 2005) Shares Outstanding: 13,909,261 The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. does not accept responsibility for the adequacy or accuracy of this release Cenit Corporation (TSX VENTURE:CNT) (PINK SHEETS:CNTGF) |
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