Overview
Cenit is a Canadian holding company which operates two subsidiaries with divisional and subsidiary operations in widely diversified market niches. Blue Port Technologies Inc. [Blueport], a 51% owned subsidiary of Cenit, includes Techwork, a recruiting services company; and Minds 4Vision, a software development company. HPSI is a wholly owned subsidiary of Cenit and was a registered gaming supplier.
Effective May 31, 2007 HPSI sold its customer list and receives residual income from the sale of tickets and as such does not carry on an active business as a gaming supplier. In the discussion that follows below HPSI operating results have been separated from the results of the Company and shown as a single line item in the current reporting period and the year earlier period unless otherwise indicated. Accordingly the renewal of the license registration for this business was left to expire in February 2008. Please see “Discontinued Operations” below.
Cenit previously operated Continental Asset Management (“CAM”) which was a vendor of Point of Sale Systems which following the close of business on May 31st, 2008 was sold to Transax Technologies of Quebec for nominal consideration, accordingly this division is not shown as a discontinued operation due to the insignificant value of the operations, in the quarterly financial statements.
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