TORONTO, ONTARIO -- (Marketwire) -- 05/31/10 -- Cenit Corporation ("Cenit" or the "Company) (TSX VENTURE: CNT), is pleased to announce that it has closed its previously announced non-brokered private placement for gross proceeds of $90,000.

"With this financing in place we are in a better position to embark upon a new path for Cenit," commented Birks Bovaird, President and CEO of Cenit. "Looking forward, our near-term focus will be on the completion of the conversion of the debenture debt thereby simplifying the balance sheet as well as identifying acquisition targets which will set the new direction of Cenit and bring long-term value to our shareholders. The company is currently assessing opportunities and I look forward to updating the market on our progress very soon."

The private placement consisted of 900,000 Units at $0.10 per Unit. Each Unit consists of one common share and one common share purchase warrant. Each warrant shall entitle the holder to acquire one common share for $0.15 for a period of two years (the "Warrant Term") from the closing of the transaction (the "Closing Date"), provided, however, that should the closing price at which the common shares trade, equal or exceed $0.25 for 15 consecutive trading days following the date that is four months and one day after the Closing Date, Cenit may accelerate the Warrant Term to the date which is 30 days following the date a press release is issued by Cenit announcing the reduced Warrant Term.

The securities issued pursuant to the private placement will be subject to trade restrictions expiring on October 1, 2010 pursuant to applicable securities laws. Compensation to the finders consisted of a cash commission of $4,200 and 42,000 finder warrants, each whole finder warrant entitling the holder to acquire one additional Unit (a "Finder Unit") for a period of two years from closing at $0.10 per Finder's Unit. Each Finder's Unit will consist of one common share of the Company and one Warrant, with each Warrant entitling the holder to purchase one additional common share of the Company for a period of two years from the date of closing at a price of $0.15 per underlying share, subject to acceleration.

Net proceeds of the financing will be used for general working capital purposes and to create balance sheet liquidity so as to better position Cenit to make an acquisition when the opportunity is identified.

The Company will now proceed to complete its previously announced arrangement with its debenture and note holders to restructure obligations aggregating approximately $407,000, including interest of $5,874.

The debt restructuring is subject to regulatory approval and closing. All securities issued in conjunction with the debt restructuring will be subject to a hold period, which expires four months after closing.

Consistent with its previously stated intentions, the Company continues to seek out acquisition opportunities that are financially prudent and accretive. Several opportunities are under consideration at the present time and Cenit is optimistic that it will soon be in a position to announce a transaction that will materially enhance shareholder value.

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 division Techwork which provides recruiting placement services. 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): 24,776,327

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