Cenit Provides Update on Cycom Acquisition
October 29 2008 - 3:53PM
Marketwired
Further to its press release of September 4, 2008, Cenit
Corporation ("Cenit" or the "Company")(TSX VENTURE: CNT), announces
that the letter of intent dated August 28, 2008 entered into with
Cycom Canada Corporation ("Cycom") which granted the Company the
exclusive right to acquire all of the issued and outstanding common
shares of Cycom, has expired. Due to the continuing uncertainty of
the debt and equity markets, Cenit has opted not to make a firm
commitment to purchase the shares at this time. Following further
discussions with Cycom, Cenit is continuing its efforts to arrange
financing for the acquisition, however such financing will no
longer be on an exclusive basis.
About Cenit Corp.
Cenit Corporation is a Canadian holding company, continually
looking for strategic investment alternatives to enhance
shareholder value. Cenit presently operates subsidiaries in diverse
market niches: Blue Port Technologies Inc. (BP) and Health
Promotions Strategies Inc. (HPSI). BP has a wholly owned software
development subsidiary called Mind 4Vision as well as a division
called Techwork which provides recruiting placement services for
qualified engineers and designers. The other business, HPSI, was a
registered gaming supplier but did not renew its license in early
2008 due to the fact that Cenit sold the customer list. HPSI
continues to receive a residual income stream.
Shares Outstanding (Non-Diluted): 23,876,327
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news
release.
Contacts: Cenit Corporation Birks Bovaird CEO (416) 214-9152
Website: www.cenitcorp.com
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