TORONTO, Nov. 1, 2016 /CNW/ - Cencotech Inc. (CTZ
– TSX-V) reports that, effective November 1, 2016, it has amalgamated with its
wholly-owned subsidiary, Namsys Inc., and has changed its name to
NamSys Inc. Effective at the opening of trading November 1st, 2016, the common shares
of the company will trade under the name NamSys Inc. The trading
symbol will remain as CTZ. No consolidation of capital was involved
in the amalgamation and name change. The company continues to have
27,286,332 common shares issued and outstanding.
In mid-October, NamSys Inc. advised the holders of its
non-voting, first preference, Series V Preference Shares that it
would redeem the balance of the Series V Preference Shares on or
slightly before its year-end of October
31st, 2016. There were 400,000 Series V
Preference Shares outstanding at the date of notice. The redemption
took place effective October
28th, 2016.
K. Barry Sparks the CEO of NamSys
Inc. stated "There are clearly efficiencies in running one
corporation as opposed to two and with the final redemption of the
Series V Preference Shares and our year-end being October 31st, the November 1st amalgamation was timely.
In terms of the product market, NamSys is the recognized name. We
are continuing to make strong progress in the product marketplace
and we look forward to reporting the annual results in the next few
months."
NamSys Inc. products are designed to bring efficiency to the
processing of currency and other value instruments in financial
institutions, retailers, public transportation operations and the
gaming industry. NamSys Inc.'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.