TORONTO, Oct. 29, 2014 /CNW/ - Cencotech Inc. (CTZ –
TSX-V) today reports that in keeping with an agreement entered
into with its debenture holder in late July and as stated in the
Press Release dated September 24,
2014, the Company has repaid the balance of the debenture
due. The funding for this repayment and to reduce its subsidiary's
Operating Loan Facilities and sundry payables was generated through
the issuance of $1,000,000 in
Non-Voting Preference shares of Namsys Inc., the subsidiary. The
Preference Shares are to be redeemed from the holders from the
profitability of the subsidiary over the next five years. Dividends
of 8% are payable quarterly.
Following a substantive test of the marketplace, insiders of the
Corporation offered to purchase all of the Non-Voting Preference
shares issued to generate the funding. As a consequence, the
necessary Material Change report will be duly filed.
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 directly and on a software
as a service (SaaS) basis.
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.