MONTREAL, January 31st, 2012 –Sofame Technologies Inc. (TSXV: SDW) has filed 2011 annual financial reports. Financial highlights for the fiscal year ending September 30, 2011 were as follows:
·2011 Net Sales of $ 2,520,639 compared to $ 1,209,696 in 2010, an increase of 108%
·Fourth Quarter 2011 Sales of $ 1,153,120 compared to $ 543,413 in Q4 2010, an increase of 112%
·2011 Gross Profit of ($ 131,722) (-5.2%) compared to $ 19,839 in 2010 (1.6%)
·2011 Operating Expenses of $ 657,032 compared to $ 1,523,530 in 2010, a reduction of (56.9%)
·Fourth Quarter 2011 Op Ex of $ 99,398 compared to $ 394,377 in Q4 2010, a reduction of (79.9%)
·2011 Net Earnings of ($ 935,103) compared to ($ 1,646,156) in 2010
·Confirmed Orders on hand of $ 1,430,000 at September 30, 2011
Note: These are the financial highlights only. Management`s Discussion and Analysis, the consolidated financial statements, cash flows, and notes thereto of Sofame Technologies Inc. are available at www.sedar.com.
Comments on the year ended September 30, 2011
Net sales totaled $ 1,153,120 during the fourth quarter of 2011, an increase of $ 609,707 (112%) over Q4 2010. All revenues were derived from shipments of heat recovery equipment to Canadian and American customers. This brought annual sales to $ 2,520,639, an increase of 108% ($ 1,310,943) over 2010 annual sales of $ 1,209,696.
Selling expenses in 2011 were slashed by $ 482,292 (64.1%) from 2010. Administration expenses were cut by $384,206 (49.8%) to $387,061 in 2011, and to $56,912 in the fourth quarter, down from $290,265 in the same quarter of 2010 – a reduction of 80.4%. Depreciation and amortization for fiscal 2011 were $ 289,827, compared to $309,050 in 2010. The Company had cash bank balances in the amount of $ 110,150 as at September 30, 2011 compared to $177,881 at the end of the fiscal year 2010.
In the fourth quarter of 2011, the Sofame recorded a ($ 221,002) loss on equipment shipped, principally consisting of completing the installation and start-up of the large and innovative Sofame Steam Pump® system sold to a university in New Jersey. Patents on the Steam Pump product are in the process of being filed in North America, Europe, China, India, Brazil and Japan. The system is considered innovative and has been proven during tests conducted at Sofame to reduce NOx emissions on large boilers by up to 90%. The product is ideal for campus heating plants. Management and Board believe the Steam Pump offers opportunities for comparatively significant revenue generation in full scale applications.
The highlight of Q4 was the receipt of three new orders for Sofame water heating systems and one non-binding letter of intent representing a total value of $1.73 million. All four projects are scheduled for delivery in Sofame’s 2012 fiscal year. The management team at Sofame is confident that with low overhead costs, contracts in hand, and seasoned leaders experienced in the HVAC industry at the helm of the company, the 2012 fiscal year has begun positively.
In a separate comment, management stresses that the Company did not issue 40,764,439 on January 19, 2012. On that date, the TSX Venture Exchange granted final approval of a debt to share transaction which was recorded on October 26, 2010. There are currently 147,658,652 common voting shares outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:Stone Communication Services
MONTREAL, January 24th, 2012 - Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, is pleased to announce a new order from the Fleischmann’s Yeast plant in Montreal. The new system is a Sofame Hybrid Percomtherm® water heater for the manufacturing plant. The hybrid unit will recover energy from the existing boilers’ flue gases, while producing hot water at temperatures up to 180°F with an overall fuel to water efficiency approaching 99%. The order is not considered major, however, delivery is being scheduled within eight weeks, which is less than the 12-16 weeks typically required for engineering and production of a Sofame product.
According to Sofame’s President and CEO, John Gocek, “The food processing industry uses large quantities of hot water for cleaning, sanitation and product preparation. Sofame is pleased to accommodate Fleischmann’s requirements through and upgrade of their water heating equipment at the Montreal plant which will add operating flexibility and reduce fuel costs.”
About Sofame
Sofame’s products help hospitals, food processing plants, universities, central heating plants, utilities and many more large energy consumers to significantly reduce fuel costs and greenhouse gas emissions.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information: Stone Communication Services
MONTREAL, January 18th, 2012 - Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, is pleased to announce that the Company is seeking $700,000 in financing.The final form of investment has not been finalized; however, the Company is considering either a debenture with a 3-year term, convertible to common shares at $0.10 per share after one year at the option of the lender, or an issue of non-brokered units at a price of $0.05 per unit, with each unit comprised of one common share and a two-year purchase warrant for half of one common share at $0.10 cents.Proceeds of the funding would be used to repay the secured bridge loan and to pay remaining trade debts, interest and government liabilities, as well as general working capital purposes.
Sofame’s shares resumed trading on the TSX Venture Exchange on Tuesday, January 10th.The investors in Sofame’s bridge loan have granted an extension to January 31st for the company to arrange repayment of $250,000 of capital plus approximately $33,000 of interest.The Company had been seeking an investment of $500,000 announced on January 24, 2011, and successfully closed on $300,000 in January 2011.Sofame could not close the balance of that private placement after trading in its shares was suspended on June 1, 2011 for failure to file in due time its quarterly interim financial reports for March 31, 2011.
Sofame is also pleased to announce immediate resumption of discussions with C3E to complete the $301,000 loan offer previously announced on July 19, 2011 to finance marketing of Sofame’s innovative industrial water heating and heat recovery systems.The $700,000 financing is being negotiated to complete the C3E package.As a result of C3E’s loan offer, Sofame has already returned to promoting its award winning industrial energy efficiency technologies at key energy industry trade shows such as Power-Gen in December 2011, AHR Expo (ASHRAE) in January 2012 and International District Energy Association (IDEA Campus energy Show) in February 2012.As part of Sofame’s marketing program, Autodesk Consulting has completed the automated design software package of Sofame’s Percotherm® product.This partnership with Autodesk was originally announced in a press release dated February 14, 2011.
According to Sofame’s President and CEO, John Gocek, “The current financing is necessary to release the bridge loan investors, and bring patient capital.Sofame has a $1.73 million order book at the start of 2012, low operating costs, and there is strong interest in our products.Adequate funding will send a strong positive message to customers.”
About Sofame
Sofame’s products help hospitals, food processing plants, universities, central heating plants, utilities and many more large energy consumers to significantly reduce fuel costs and greenhouse gas emissions.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:Stone Communication Services
MONTREAL, December 21st, 2011 - Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, is pleased to announce that two new Directors have joined its Board. The nominations of Mr. Shamim S. Ahmed and Mr. Brian J. Dillon were approved at the annual general and special meeting of shareholders held in Montreal on December 19, 2011. Mr. Fahim Samaha, Chairman of Soffimat SA in Paris remains on the Board, as does the Chairman, Mr. Robert Presser, who is Vice President of ACME Engineering Products.
Sham Ahmed has 40 years of broad experience in the HVAC industry encompassing executive management, sales and marketing and consulting. Mr. Ahmed is currently Chief Operating Officer at Dectron Internationale, which is a global provider of highly-engineered indoor air quality and heating, ventilation & air conditioning products and services catering to the building systems, food processing, medical, petrochemical, recreation, hospitality, and telecommunications industries.
Brian J. Dillon has over 30 years experience with software systems in the insurance, pharmaceutical, pharmacy and healthcare sectors, and has been the driving force and founder of a series of successful start-up companies in Canada. As a result of the success of these businesses, Mr. Dillon has worked in senior management roles at Fortune 30 companies in the above-mentioned industry segments in North America and abroad, delivering advanced sales & marketing systems, technology platforms and related services.
Mr. Josh Costell, a Director with Sofame since June 2010, announced that he is leaving the Board and that his company, Tozour Energy Services, Inc. will continue sell Sofame’s products in New Jersey, Pennsylvania and Delaware. Tozour Energy is Sofame’s best performing U.S. Rep. firm, having completed several high profile industrial energy efficiency projects since 2006 in the university, hospital and pharmaceuticals markets.
According to Robert Presser, Chairman of Sofame’s Board, “New candidates were recruited for their experience as operating managers and entrepreneurs, and their proven track records as sales executives. They are also accessible because they live near Montreal, and share Sofame’s philosophy that quality execution is the key to building a profitable, growing business. Improving operations and execution will be a preoccupation of the Board over the coming year.”
As reported in a press release on December 14th, Sofame has received three confirmed purchase orders and one non-binding letter of intent representing a total value of $1.7 million in the fourth quarter of its 2011 fiscal year ending September 30th.
Luc Mandeville, founder and Vice President of Sofame, reported to the shareholders at the AGM that “McGraw Hill Construction Data estimates the US green building market will grow from $71 billion in 2010 to $163 billion in 2015. According to a McKinsey report, $520 billion of up-front investment in energy efficiency measures is needed in the US alone through 2020. President Obama also announced the $2 billion Better Buildings Initiative this year to improve energy efficiency in commercial buildings by 20% by 2020.”
Sofame’s President and CEO, John Gocek, reported that “two contracts for industrial energy efficiency systems are currently being delivered, and several new projects in the local Montreal market are in the final stages of quoting. The request to resume trading in Sofame’s shares is being finalized with the TSX Venture Exchange. Refinancing of the secured $250,000 bridge loan due in January may be achieved through a private placement in common shares at $0.05 cents currently being discussed with financial backers.”
In a final resolution, shareholders voted to approve modification of the exercise price of all 3,975,000 outstanding, unexpired stock options to $0.10 per share. The options had been previously granted to directors, officers, employees and consultants during the years 2008, 2009 and 2010 at exercise prices of $0.16, $0.17, $0.21, $0.25, $0.28 and $0.33.
Sofame also announced that André Caillé, formerly the President of Gaz Metropolitan and then of Hydro Quebec, has decided to resign as the special senior advisor to Sofame’s Board effective immediately due to other commitments. As reported in a press release on November 28, 2008, André Caillé joined Sofame to help raise awareness of Sofame’s energy efficiency technology, which was developed in part with assistance from Gaz Metro. Mr. Caillé is deeply involved in pioneering the exploration for shale gas as chairperson of the Quebec Oil and Gas Association.
About Sofame
Sofame Technologies Inc. custom engineers and manufactures unique, high-efficiency direct-contact industrial hot water systems which extract up to 99 percent of heat from flue gases depending on the application, and return the energy in the form of high-temperature hot water or pre-heated make-up air. Sofame’s products help hospitals, food processing plants, universities, central heating plants, utilities and many more large energy consumers to significantly reduce fuel costs and greenhouse gas emissions. Using world-leading, patented green technology, Sofame serves industrial, institutional and commercial markets through a network of dedicated engineering representatives.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
John Gocek
President & CEO
(514) 523-6545 x200
Stone Communication Services
Brian Edelstein
(416) 867-2536 briane@stoneco.com
MONTREAL, December 14th, 2011 - Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, is pleased to report that in the fourth quarter of its 2011 fiscal year ending September 30th, the company received three confirmed purchase orders and one non-binding letter of intent representing a total value of $1.7 million.Two projects were already the subject of press releases and all four projects summarized below are scheduled for delivery in Sofame’s 2012 fiscal year which began on October 1, 2011.
Sofame received a repeat order from the Canadian meat processor Olymel through a mechanical contractor who sold, and is installing, the turn-key project outside Quebec City.This Sofame order for engineering and equipment - excluding installation - is valued at roughly $200,000 and was previously announced on September 26, 2011.Delivery is under way and will be completed in the first quarter of calendar year 2012.
A significant contract from the American turkey processor, Butterball was announced on September 20, 2011.The Sofame order for engineering, supply and installation of a large Hybrid Percomtherm® system is valued at more than three quarters of a million dollars and is being delivered and installed at the plant in Mount Olive, North Carolina beginning in the current fiscal quarter.
Sofame is pleased to announce that it has been selected to supply a Percotherm® stack heat recovery system at the thermal plant of the new world class McGill University Health Center being built in Montreal.This is the largest health care construction project in Canada, and the value of Sofame’s heat recovery equipment supply contract is roughly $400,000.Sofame is in the process of completing detailed engineering and installation drawings and will receive a partial payment in the first quarter of 2012.The system is scheduled for physical delivery in September 2012.
Sofame received a Letter of Intent in September from its representative, Northeast Mechanical in Portland, Maine, who was selected by the mechanical contractor to engineer and supply a stack heat recovery Percotherm® system to the new Maine Medical Center being built in Augusta, Maine.Preliminary engineering is being completed in the current quarter leading to the final purchase order.Delivery of this highly efficient system for hospitals, representing more than $250,000 in revenue for Sofame, is planned for the summer of 2012.
Sofame is continuing to pursue a pilot project in China with CGN Energy Service Co. Ltd. In Shenzhen, China, and will release further information on project selection and sales progress in China as it becomes available.
Sofame’s sales process comprises three distinct phases – project development, project proposal and order delivery.All three phases involve selling activities, engineering, travel and costs.Traditional advertising and marketing do little to fill the sales funnel.Specialized energy engineering trade shows and personal presentations to consulting engineers and end-users analyzing actual projects have proven to be the most effective path to new orders.After a binding purchase order is received by Sofame, sales are only recognized when the contracted goods and services are delivered.Sofame’s revenues are earned from supplying engineering, equipment and on occasion installation.
About Sofame
Sofame Technologies Inc. custom engineers and manufactures unique, high-efficiency direct-contact industrial hot water systems which extract up to 99 percent of heat from flue gases depending on the application, and return the energy in the form of high-temperature hot water or pre-heated make-up air. Sofame’s products help hospitals, food processing plants, universities, central heating plants, utilities and many more large energy consumers to significantly reduce fuel costs and greenhouse gas emissions. Using world-leading, patented green technology, Sofame serves industrial, institutional and commercial markets through a network of dedicated engineering representatives. For more information, visit www.sofame.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:Stone Communication Services
December 7th, 2011, Montreal - Over the past year, your board and management decided that the key to sustaining shareholder value at Sofame was to take difficult short term operational and financial decisions in order to keep the company safe during difficult economic conditions.Key investors, suppliers and representatives came together to finance the company when necessary, and management worked to convert debt to equity and strengthen the balance sheet.Fixed expenses were reduced to a bare minimum - and so was the level of permanent staffing - in order to conserve cash.The old fixed operating cost model was replaced by variable cost relationships which give us access to engineering, drafting, electrical and controls as well as production expertise when - and where - we needed it.This has allowed Sofame to move forward in the first quarter of its 2012 fiscal year with well-engineered, profitable projects which will produce the cash flow required for Sofame to become self-sustaining.
Our list of industrial and institutional prospects, and our network of sales representatives expect Sofame to successfully execute projects in 2012 and we will do so.Since August, Sofame has closed 4 orders worth $1.73 million at good margins, and the delivery of these projects will lead to more orders.Sofame has focused on selling projects that payback under three years fully installed. That is what clients require in an environment of tight capital budgets.I can honestly say to all stakeholders that the quality of our documentation and engineering drawings has never been better.We have recruited new candidates for the board of directors who are experienced operating managers, and who are accessible because they live near Montreal.They share my philosophy that quality execution is the key to building a profitable, growing business.Improving operations and execution will be a preoccupation of your board over the coming year.
The market for Sofame’s products is international.I personally presented our product line to a major Chinese state owned utility in June 2011 at their invitation.We are also developing other vertical markets in China with a sales organization that represents an important European gas-fired boiler line.Sofame has finalized its agreements with our partner, Soffimat, regarding Sofame Europe, our subsidiary in Paris.We are planning a significant roll-out to Soffimat’s network in the first six months of 2012.These are the kinds of tangible, sales-building initiatives that your board and management can undertake now that the financial situation has stabilized.Thankfully, the demand for industrial energy efficiency products is on the increase in most countries, and Sofame is positioned to become a part of this growing marketplace.
Sofame intends to communicate more effectively with its stakeholders in the coming year.We are participating again in trade shows - like Power-Gen this month - in order to rebuild our public profile with the power industry and with our representatives who service it.Our relationships with mechanical contractors like Emcor in the US will lead to more sales as they help us deliver turn-key pricing on industrial energy efficiency projects.While there is uncertainty in the US over debt and deficits, corporate USA is sitting on $2 trillion in cash and is always looking for ways to improve plant efficiency, reduce costs and cut emissions.US manufacturing is starting to roll again, and this coincides with Sofame’s target market which includes the boiler plants that power the fabrication facilities.
My experience as the owner of a small privately held custom engineering and manufacturing business in the environmental field stands in stark contrast to another role I fill as the chairperson of a Canadian crown corporation, Defence Construction Canada. I believed in 2009 that I came to the chairman’s role at Sofame with the requisite experience to lead a public company.Sofame’s water heating products are complementary to ACME Engineering’s product line and the distribution channels and market focus are similar.I quickly recognized Sofame as a small, niche-market company struggling with limited resources while concurrently facing challenging conditions in its marketplace.The demands of being public, rather than state owned or private, create additional pressures that make it difficult for management to focus on the needs of the operating business on the one hand, and on the demands of the regulators and shareholders on the other.
It was with deep regret that our stock stopped trading for over six months.The company was simply so deep into addressing operational challenges of delivering a large and complex contract for a NOX reduction system, as well as liquidity challenges, that we were not able to complete statutory filing requirements on time.We have since streamlined our accounting system, and our auditor is ready to begin the 2011 audit in December and conclude it far more quickly than in prior years.Shares should be trading again in mid-December.Increasing sales and profits remain the only sustainable way to solicit investor interest and create long-term shareholder value.
The Chinese proverb, “May you live in interesting times,” is both a blessing and a curse.Embracing the American saying that “you should never waste a good crisis” has allowed Sofame to stand out from the crowd by overcoming the deplorable conditions that the Great Recession dealt us.Your company is emerging on the other side as a leaner, focused and determined enterprise. It is rare that a microcap company recovers from what we have been through. We are all better managers because of it.Now is the time to capitalize on our experiences, and build Sofame into the success story that we all know it can become.
MONTREAL, October 6th, 2011 –Sofame Technologies Inc. (TSXV: SDW) has filed financial reports for quarters ending March 31 and June 30, 2011.Financial highlights for the two periods were as follows:
·Q2 and Q3 2011 Net Sales of $368,085 and $397,158 compared to $183,057 and $318,976 in 2010
·Q2 and Q3 2011 Gross Profit of ($60,222) and $145,807 compared to $(49,292) and $62,908 in 2010
·Q2 and Q3 2011 Operating Expenses of $241,455 and $82,144 compared to $116,519 and $321,788 in 2010
·Q2 and Q3 2011 Net Earnings of ($355,070) and $27,530 compared to ($182,945) and ($299,809) in 2010
·Sales after nine months doubled to $1,367,519 in 2011 compared to $666,283 in 2010
·Gross Profit after nine months was $89,280 (6.5%) versus $21,351 in 2010 (3.2%)
·Net Loss after nine months narrowed to ($575,084) in 2011 versus ($1,125,152) in 2010
Note: These are the financial highlights only. Management`s Discussion and Analysis, the consolidated financial statements, cash flows, and notes thereto of Sofame Technologies Inc. are available at www.sedar.com.
Comments on the Two Quarters Ending March 31 and June 30, 2011
As of March 31, 2011, Sofame had a confirmed order backlog of $578,052 consisting of the balance of equipment for a major project.The project in question generated a loss of ($60,222) for the second quarter of 2011 which is a 22.2% improvement of $10,930 from loss of ($49,292) recorded for the same period last year.During the third quarter ending June 30, 2011, sales rose 24.5% to $397,158 compared to the same period in 2010. The Company achieved a net profit of $27,530 in the third quarter including $78,410 of depreciation and $27,673 of interest costs.EBITDA was $133,613 for the three months ending June 30, 2011.
Sofame had a confirmed order backlog of approximately $600,000 in June consisting of the final installation and start-up of a major Steam Pump project in New Jersey.The Sofame Steam Pump® is designed to reduce NOx emissions of large gas-fired boilers by pre-heating and humidifying the combustion air.Based on the success of several Sofame Steam Pump® and Ultra High Efficiency (UHE Percomax®) projects in reducing NOX - while delivering fuel savings - Sofame believes this technology, which is presently being patented in most of the major industrial countries, will see a rapid expansion in the coming years.
In January, Sofame raised $300,000 through a private placement of shares, and in July, Sofame received a preliminary loan offer from C3E. C3E is a privately funded organization which encourages development and commercialization to institutions and industrial end-users of new energy efficiency technologies.Sofame qualified for a $301,000 funding in the form of a convertible debenture, to cover costs of marketing and aggressively commercializing its technology.Due diligence for this investment is currently under way in October 2011.
Sofame managed to deliver new orders and generate a profit in Q3 by reducing costs and better positioning the Company with its trade partners. Most costs have been shifted from fixed costs to variable costs which will only be incurred as purchase orders are received.The Company plans to continue raising funds while conserving cash and working through strategic partnerships to grow sales.Two new orders were received in the fourth quarter, both from food processors, Olymel in Canada, and Butterball LLC in the USA.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:Stone Communication Services
MONTREAL, September 26th, 2011 – Sofame Technologies Inc. (TSXV: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost effective heat recovery equipment, is pleased to announce that Olymel L.P., a leader in processing and distribution of pork and poultry throughout Canada, has ordered a Sofame Hybrid Percomtherm® unit for one of its plants in Quebec.The equipment, which operates at 96% efficiency, combines condensing recovery of waste heat from existing boilers with a new direct contact condensing burner to heat water. The turn-key project was engineered by a team comprising members from Sofame, Enviroair Industries – Sofame’s Representatives in Quebec, the local gas utility, and R. Nantel & Associates, a Montreal-based mechanical contractor specializing in boilers and heating systems.
“At Olymel, energy efficiency projects pay for themselves directly by reducing annual fuel costs,” stated William Laing, Director of Engineering Services at Olymel L.P.He added, “The decision to purchase the Sofame unit was based on its heat recovery characteristics and its ability to produce hot water more efficiently than the conventional boilers in use. Sofame systems are already operating in six other Olymel plants across Canada, and their reliable performance has led to this decision to make a new investment.”
According to John Gocek, Sofame’s President & CEO, “Sofame is pleased to continue working with Olymel and our partners in Quebec. This offering, which includes equipment, installation, and a financial incentive from the natural gas utility, gave the customer everything needed to assess project costs and benefits.We are delighted to immediately proceed with this new contract.”
About Olymel L.P.
Olymel L.P. is a Canadian leader in the primary processing, further processing, and distribution of pork and poultry meat products, with facilities in Quebec, Ontario and Alberta. Olymel L.P. employs more than 10,000 people. Its international sales, mainly to the United States, Japan, Australia and some 60 other countries, represent almost 50 percent of its revenue. The company chiefly markets its products under the Olymel, Lafleur, Flamingo, Prince and Galco brands. For more information:www.olymel.ca
About Sofame Technologies Inc.
Sofame Technologies Inc. custom engineers and manufactures unique, high-efficiency direct-contact industrial hot water systems which extract up to 99 percent of heat from flue gases depending on the application, and return the energy in the form of hot water or pre-heated make-up air. Sofame’s products help hospitals, food processing plants, universities, central heating plants, utilities and many more large energy consumers to significantly reduce fuel costs and greenhouse gas emissions. Using world-leading, patented green technology, Sofame serves industrial, institutional and commercial markets through a network of dedicated engineering representatives. For more information:www.sofame.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
MONTREAL, Sept. 20, 2011 /CNW Telbec/ - Sofame Technologies Inc. (TSXV: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost effective heat recovery equipment, is pleased to announce that Butterball, LLC, the largest producer of turkey products in the United States, has ordered a Sofame Hybrid Percomtherm® unit for its Mount Olive plant in North Carolina. The equipment, which operates at 96% efficiency, combines condensing recovery of waste heat from existing boilers with a new direct contact condensing burner to heat water.
"As the leading U.S. turkey producer, Butterball believes it has an obligation to be a good steward of the environment, and is pursuing many innovative environmental initiatives surrounding resource conservation, pollution prevention and upgrades to environmental sustainability." said Steve Valesko, Vice President of Engineering for Butterball, LLC. "Butterball is using advanced environmental technology to collect real-time, enterprise-wide data, measure actual performance and recommend new solutions to reduce energy and water use, as well as carbon emissions. The Sofame project touches all three of these areas," added Valesko.
According to John Gocek, Sofame's President & CEO, "Sofame is excited to offer its energy and cost saving solutions to Butterball. This important project will recycle energy to heat process water. It is a perfect example of how Sofame's systems achieve cost savings, lower energy consumption and contribute to carbon footprint reduction."
About Butterball, LLC
Butterball, LLC is the largest producer of turkey products in the United States and offers a broad array of products for deli, retail and foodservice. Headquartered in Garner, N.C., Butterball produces 1 billion pounds of turkey each year and supplies its products to more than 50 countries. The company's three-pronged approach to Doing Business Right focuses on self-governance, sustainability and social responsibility. The initiative plays a key role in providing internal oversight for integrating values that are important to the company, in particular its efforts to reduce its environmental footprint. The industry leader has seven plants located throughout the United States. For more information: http://www.butterballcorp.com
About Sofame Technologies Inc.
Sofame Technologies Inc. custom engineers and manufactures unique, high-efficiency direct-contact industrial hot water systems which extract up to 99 percent of heat from flue gases depending on the application, and return the energy in the form of hot water or pre-heated make-up air. Sofame's products help hospitals, food processing plants, universities, central heating plants, utilities and many more large energy consumers to significantly reduce fuel costs and greenhouse gas emissions. Using world-leading, patented green technology, Sofame serves industrial, institutional and commercial markets through a network of dedicated engineering representatives. For more information: www.sofame.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SHAWINIGAN, Quebec, Canada, July 19, 2011 – The Center of Excellence in Energy Efficiency (C3E) has approved an investment of $301,500 in Sofame Technologies Inc. The investment will be in the form of a debenture that is part of a proposed round of debt financing totaling $1 million. A separate private participation in a new $700,000 secured loan is being negotiated with new lenders to complete the package. Proceeds will be used to finance marketing of Sofame’s innovative industrial water heating and heat recovery systems. As part of the program, C3E will nominate an observer to Sofame’s Board. The financing agreement also includes an option for C3E to acquire carbon credits generated by Sofame’s systems.
“Sofame’s innovative heating systems are a distinct step forward in responsible energy management for institutions. After years of research and investment, Sofame has demonstrated engineering innovation by providing heat recovery solutions that have proven to be cost effective, reliable and with significant efficiency results. Our participation will strengthen the marketing and commercialization of this technology," C3E's President and CEO, Mr. Yvon Brousseau, mentioned.
“This new recognition of Sofame’s past achievements by experts in the energy efficiency arena, coupled with the financial assistance and support for marketing, is an extraordinary opportunity for Sofame. The potential monetary benefits of building on previous work done by Sofame Carbon is also a cause for excitement,” according to John Gocek, Sofame’s President and CEO.
The Center of Excellence in Energy Efficiency (C3E) is a center of excellence in commercialization and research (federal CECR program), which stems from the initiative of its two founding members, Rio Tinto Alcan and Hydro-Québec. The centre promotes projects that advance the development of energy efficiency in buildings, industrial processes, communications and information technology, bio-industries and transportation.
The national mandate of C3E is to support the commercialization of technological innovations with respect to energy efficiency and renewable energy sources. The C3E benefits from the support of its government partners, such as the Networks of Centres of Excellence (NCE) and the Agence de l’efficacité énergétique (AEE) and sets itself apart through large-scale industrial partners, which make up a market capitalization of more than $250 billion.
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MONTREAL, July 12th, 2011 – Sofame Technologies Inc. (TSXV: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost effective heat recovery equipment, is pleased to announce that the investors holding a $250,000 bridge loan have agreed to postpone repayment of principle plus interest until January 6, 2012. As mentioned in a press release dated April 1, 2010, the loan is secured by a mortgage bond pledging all assets of the company. Sofame is currently working to refinance the bridge loan. Negotiations are also under way with new lenders to arrange additional matching funding for development and export of Canadian energy efficiency and green house gas reduction technologies.
According to John Gocek, Sofame’s President & CEO, “Sofame has come a long way in reducing costs over the last 18 months. This funding will shore-up the balance sheet and allow Sofame and its partners to devote maximum resources to selling energy and cost saving solutions to new customers.”
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Sofame to Develop Thermal Energy Efficiency Pilot Project with Chinese Utility (CGNPC)
MONTREAL, June 23rd, 2011 – Sofame Technologies Inc. (TSXV: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost effective heat recovery equipment, is pleased to announce that Sofame and CGN Energy Service Co., Ltd (CGNESCO) have met to discuss future cooperation. Sofame’s Chairman, Robert Presser, led the first face to face meeting with technical and commercial representatives of CGNESCO in Shenzhen at CGNPC headquarters on June 18th. CGNESCO had expressed interest in utilizing Sofame’s condensing technology in the Chinese market.
CGNESCO is a subsidiary of CGNPC, China Guangdong Nuclear Power Group, which is the largest Chinese nuclear power utility. CGNESCO serves industrial and institutional clients by offering engineering and consulting in industrial energy efficiency, green power and power plant retrofits. This move is part of the Chinese government’s initiative to reduce the intensity of industrial energy use including fossil fuels, and to improve China’s environmental performance. Sofame is undertaking the translation of its technical literature into Mandarin to allow CGNESCO to begin the qualification process of a pilot project. Sofame will provide consulting services and develop the plans and specifications for the systems which would be built under license in China. Sofame has developed over 300 industrial energy efficiency systems in North America and France since 1984.
According to John Gocek, Sofame’s President & CEO, “Providing consulting services to a state-owned utility such as CGNESCO is anopportunity for Sofame to leverage its main asset which is engineering know-how. Outsourcing of equipment manufacturing in North America and even overseas is in keeping with Sofame’s new lean business model.”
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
MONTREAL, May 24th, 2011 – Sofame Technologies Inc. (TSXV: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost effective heat recovery equipment, has met its continuous disclosure requirements. Management is pursuing new strategic relationships to close new orders and improve the company’s position in the expanding market for industrial energy efficiency. Multiple industry initiatives targeting real world boiler efficiency standards are setting a higher priority for industrial energy efficiency in the United States.
ASHRAE Committee (SPC-155) is developing a method of testing to rate commercial space heating boiler systems. With its Standard 155P, Method of Test for Rating Commercial Space Heating Boiler Systems, ASHRAE is closing the gap between current standards and methods used for establishing boiler efficiencies, and the real world circumstances which make current standards inadequate for measuring overall heating system thermal performance.
ISO 50001 for energy management was approved as a Draft International Standard (DIS), and will be adopted as early as 2011 to establish a framework for industrial plants, commercial facilities and entire organizations to manage energy. Targeting broad applicability across national economic sectors, it is estimated that the ISO 50001 standard could influence up to 60% of the world’s energy use.
ASHRAE Standard 90.1-2010 – Energy Standard for Buildings Except Low-Rise Residential Buildings – expands on the 35 year old benchmark for commercial building energy codes in the United States and around the world. The landmark 2010 revision includes new features, an expanded scope, and more detailed requirements particularly relating to energy efficiency including waste heat recovery and re-use.
Sofame is reporting on progress in accordance with Policy 12-203 covering continuous disclosure obligations. Certain directors, officers and insiders of SOFAME are prohibited from trading in securities of SOFAME until the Autorité des marchés financiers approves an application to be submitted by Sofame to remove the management cease trade order.
All other persons, other than directors, officers or insiders, may trade freely in the Corporation’s securities.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
MONTREAL, April 11th, 2011 – Sofame Technologies Inc. (TSXV: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost effective heat recovery equipment, reported that several heat recovery projects developed over the last eighteen months are currently in final negotiations to become equipment orders. No specifics are available until a firm order is in hand. The summer months are typically when boiler retrofit projects are scheduled.
According to John Gocek, President of Sofame Technologies, “Now that the Sofame Steam Pump® order is shipping, our engineering resources are directed to closing the most pressing opportunities in our sales funnel.”
2011 ASHRAE Technology Award First Prize for Pierre Boucher Hospital Includes Sofame Percotherm®
The American Society of Heating, Refrigerating and Air-Conditioning Engineers announced that the winning team's efficient design reduced the hospital’s energy consumption by 9% in the existing building and 29% in the expansion, saving $210,000 per year in utility bills and reducing greenhouse gas emissions by 1,152 tons per year. Global efficiency in the boiler room increased from 80% to 93%. Total project payback was 3.6 years.
Bridge Loan Holders Voted to Postpone Capital Repayment
A year ago, Sofame borrowed $250,000 from a group of industry peers. As mentioned in a press release dated April 1, 2010, the loan is secured by a mortgage bond charging all assets of the company. Sofame has until July 6th, 2011 to either repay or refinance the loan.
Release of Q1 2011 Financial Reports Expected in April, Annual Meeting Planned for June
The Company expects to release its financial statements, management discussion and analysis ("MD&A") and Certifications for the quarter ended December 31, 2010 by the end of April 2011. After the Annual General Meeting of Shareholders planned in June, an application to remove the management cease trade order will be filed with the Autorité des marchés financiers. Sofame is reporting on progress of its audit in accordance with Policy 12-203. Certain directors, officers and insiders of SOFAME are prohibited from trading in securities of SOFAME for as long as the annual financial statements, MD&A and related certifications are not filed.
All other persons, other than directors, officers or insiders, may trade freely in the Corporation’s securities.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
MONTREAL, March 28 /CNW Telbec/ - Sofame Technologies Inc. (TSXV: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost effective heat recovery equipment, reported that the shipment of a critical Sofame Steam Pump® system has begun today. The Steam Pump is a NOx reduction system which recovers heat and humidity from the flue gases of industrial boilers. In this project at a major university campus, recovered energy is used to heat and humidify fresh air supplied to the burners of existing boilers in a district heating system. The Sofame process reduces NOx emissions to below the strict new limits set by several states including New Jersey. Tozour Energy Services of King of Prussia, Pennsylvania, sold the turn-key project as part of a package of environmental and cost saving energy efficiency measures at the university.
According to John Gocek, President of Sofame Technologies, "This project is exciting because of its scale and complexity. Sofame had to design a system for three large industrial boilers, developing many design solutions to achieve the desired performance and reduce installation costs for the end-user."
Annual Reports to be Filed Later this Week
Sofame also reported that filing of its audited annual financial statements is on schedule for the end of this week. The audit took slightly longer than originally planned due to increased disclosure requirements under the new international financial reporting standards which took effect recently. Sofame is reporting on progress of its audit in accordance with Policy 12-203. Certain directors, officers and insiders of SOFAME are prohibited from trading in securities of SOFAME for as long as the annual financial statements, MD&A and related certifications are not filed.
All other persons, other than directors, officers or insiders, may trade freely in the Corporation's securities.
About Sofame
Sofame Technologies Inc. custom engineers and manufactures unique, high-efficiency direct-contact industrial hot water systems which extract up to 99 percent of heat from flue gases depending on the application, and return the energy in the form of high-temperature hot water or pre-heated make-up air. Sofame's products help hospitals, food processing plants, universities, central heating plants, utilities and many more large energy consumers to significantly reduce fuel costs and greenhouse gas emissions. Using world-leading, patented green technology, Sofame serves industrial, institutional and commercial markets through a network of dedicated engineering representatives. For more information, visit www.sofame.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
MONTREAL, March 22nd, 2011 – Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost effective heat recovery equipment, is pleased to announce that Donald E. Bogle has agreed to join its Board of Directors at the next annual meeting.
Mr. Bogle’s career in industrial automation and controls began in 1970, and led him to major corporations such as ABB, Honeywell and Siemens. In 1997, after a total of 19 years with Honeywell, Mr. Bogle left his role as President of the $1.1 billion Honeywell Home and Building Control Division to become President and Chief Executive Officer of Moore Products, a publicly traded process automation and controls firm in Pennsylvania. Three years later in 2000, Mr. Bogle oversaw the sale of Moore to Siemens Energy and Automation Division for $170 million. Mr. Bogle then spent one year as a consultant with Siemens, and in 2002 became a Director of MTL Instruments Group in Luton, England, a manufacturer of instrumentation and safety equipment for the oil and gas industry. In 2008, Cooper Industries (NYSE:CBE) based in Texas, purchased MTL for £144 million. Mr. Bogle is now a strategic business consultant based in Knoxville, Tennessee. He is also an advisor to Utilities Programs and Metering Inc., which is a building controls provider in New York City. Mr. Bogle’s appointment will take effect after the vote of the shareholders at the annual general meeting tentatively planned to take place in Montreal in mid-June.
According to Robert Presser, Vice President of Acme Engineering, and Sofame’s Chairman, "Don Bogle has the ideal knowledge, experience and relationships to raise awareness of Sofame’s products in the US industrial controls and automation segments. The value of Sofame’s custom engineered equipment is clear cut when the resulting energy and fuel savings are measured and accounted for. We are thrilled to have won Mr. Bogle’s confidence and support at this pivotal moment in our corporate development.”
About Sofame
Sofame Technologies Inc. custom engineers and manufactures unique, high-efficiency direct-contact industrial hot water systems which extract up to 99 percent of heat from flue gases depending on the application, and return the energy in the form of hot water or pre-heated make-up air. Sofame’s products help hospitals, food processing plants, universities, central heating plants, utilities and many more large energy consumers to significantly reduce fuel costs and greenhouse gas emissions. Using world-leading, patented green technology, Sofame serves industrial, institutional and commercial markets through a network of dedicated engineering representatives. For more information, visit www.sofame.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Sofame® has turned to Autodesk® to solve a pressing business need: Growing its presence in the competitive global marketplace.Sofame’s sights are set on offering rapid delivery of its award winning industrial boiler efficiency systems.Sofame’s engineers have effectively migrated from 2D design to 3D design over the last few years using a combination of AutoCAD® Mechanical and Autodesk® Inventor® to engineer and draw customized system designs.In 2010, Sofame began a program of outsourced manufacturing, which required product redesign and standardization to speed-up manufacturing, eliminate errors, and above-all, reduce costly hours of manual work.
Autodesk Consulting will now work with Sofame to dramatically improve its engineer-to-order (ETO) business processes using new Autodesk solutions. By adopting Autodesk Intent™, Sofame will further reduce engineering and drafting time of its customized products to shorten sales cycles.Autodesk® Vault will enable Sofame to effectively manage its 2D and 3D designs and work-in-process, while Autodesk® Streamline will permit sharing of designs and technical manuals with both employees and Sofame’s network of distributors.By eliminating the lag time on the piping and structural side, and producing vessel drawings and P&I D’s more quickly, Sofame plans to handle more projects with the same number of people.As a result, Sofame expects to vastly improve communication among its customers, consulting engineers, sales representatives, in-house applications engineers and the shop floor.
Sofame is frequently called upon to design a custom system and deliver detailed specifications and drawings to its customers even before their purchasing decisions are made.In the months ahead, this will entail collection of accurate information from customers faster and more accurately than ever before.Sofame’s automated process will take in customer data and perform hundreds of engineering calculations behind the scenes.The same detailed output will help the Company with its sub-contractors to obtain accurate pricing and lower costs.
According to John Gocek, President of Sofame, “Shortening the sales process and engineering time is a huge win for the Sofame.”
MONTREAL, January 28, 2011 – Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost effective heat recovery equipment is pleased to announce that today the Company issued by way of private placement 6,000,000 non-brokered units at a price of $0.05 per unit. Shares are subject to a 4-month hold period.Each tranche of $5,000 is accompanied by 100,000 common share purchase warrants, entitling the holder to acquire one additional common share of Sofame at an exercise price of $0.10 until January 27th, 2016. Pinetree Capital, an insider in Sofame, acquired 2,000,000 common shares and 2,000,000 common share purchase warrants.There are currently 141,658,652 issued and outstanding common shares of Sofame.
According to John Gocek, President and CEO said, "The response from investors gives us cause for great optimism.Sofame’s prospects for sustained profitable growth are excellent this year.”
About Sofame
Sofame Technologies Inc. custom engineers and manufactures unique, high-efficiency direct-contact industrial hot water systems which extract up to 99 percent of heat from flue gases depending on the application, and return the energy in the form of high-temperature hot water or pre-heated make-up air. Sofame’s products help hospitals, food processing plants, universities, central heating plants, utilities and many more large energy consumers to significantly reduce fuel costs and greenhouse gas emissions. Using world-leading, patented green technology, Sofame serves industrial, institutional and commercial markets through a network of dedicated engineering representatives. For more information, visit www.sofame.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
MONTREAL, January 24, 2011 – Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost efficient heat recovery equipment is pleased to announce that the Company plans to issue up to 10,000,000 non-brokered units at a price of $0.05 per unit, with each unit comprised of one common share and one common share purchase warrant.Each whole warrant is exercisable at a price of $0.10 per common share from the date of issue up to and including January 24, 2016. The new shares will be subject to a mandatory 4-month hold period, and the proposed transaction is subject to approval by the TSX Venture Exchange. Interest in the issue is already significant and management expects the issue to close very quickly. Sofame has begun 2011 with a stable balance sheet due to conversions of debt to common shares and significantly reduced expenses.Proceeds raised will be used for selling expenses and immediate working capital requirements.
John Gocek, Sofame’s President and CEO reports: "This funding should allow Sofame to complete delivery of an important order, while closing on several significant new contracts should occur over the next three to four months. Intensive efforts with our key representatives and new strategic partner for installation of Sofame systems across North America are very encouraging.”
Sofame’s Board comprises three independent Directors, Robert Presser, Vice President of Acme Engineering of Montreal, is Chairman.Fahim Samaha, Chairman of Soffimat SA in Paris, France, is a Director, and Josh Costell, Executive Vice President and General Manager of Tozour Energy Services in King of Prussia, Pennsylvania, is the third Director.
About Sofame
Sofame Technologies Inc. custom engineers and manufactures unique, high-efficiency direct-contact industrial hot water systems which extract up to 99 percent of heat from flue gases depending on the application, and return the energy in the form of high-temperature hot water or pre-heated make-up air. Sofame’s products help hospitals, food processing plants, universities, central heating plants, utilities and many more large energy consumers to significantly reduce fuel costs and greenhouse gas emissions. Using world-leading, patented green technology, Sofame serves industrial, institutional and commercial markets through a network of dedicated engineering representatives. For more information, visit www.sofame.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
MONTREAL, January 18th, 2011 – Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost effective heat recovery equipment, is pleased to announce that agreements are in place to convert $527,232 in unsecured debts to an aggregate 10,544,648 common shares.The conversion price is $0.05 cents per share according to the rules of the TSX Venture Exchange, and the new shares will be subject to a mandatory 4-month hold period.As part of the conversion, 4,689,624 common share purchase warrants will be issued entitling holders to acquire one additional common share of Sofame at an exercise price of $0.10 for two years from closing.The proposed transaction is conditional and subject to approval by the TSX Venture Exchange.
There are currently 141,658,652 issued and outstanding common shares of Sofame.
Sofame Announces the Board Resignations of Pierre Grand’Maison and Aurelio Useche
Pierre Grand’Maison and Aurelio Useche have tendered their resignations from Sofame’s Board of Directors and the Chairman, Mr. Robert Presser, has accepted them stating, “Messrs. Grand’Maison and Useche joined Sofame’s Board in June 2010 in the context of a restructuring mandate under difficult conditions.Both showed exceptional courage and worked diligently to stabilize the corporation’s balance sheet. During their tenure, Sofame reduced operating expenses by over sixty percent and closed $2 million in purchase orders. The current Board’s objectives have now been achieved, and on behalf of all the shareholders, we would like to express our sincere gratitude.”
Sofame had already begun a search for two new Directors to replace the departing members.With a new, non-exclusive relationship with a preferred equipment installer in the USA, Sofame plans to intensify its business dealings there.The company is currently in discussions with potential new investors as well as new Director candidates.
About Sofame
Sofame Technologies Inc. custom engineers, manufactures and installs unique, high-efficiency direct-contact industrial hot water systems which extract up to 99 percent of heat from flue gases depending on the application, and return the energy in the form of high-temperature hot water or pre-heated make-up air. Sofame’s products help hospitals, food processing plants, universities, central heating plants and utilities to reduce fuel costs and greenhouse gas emissions. Using world-leading, patented green technology, Sofame serves industrial, institutional and commercial markets through a network of dedicated engineering representatives. For more information, visit www.sofame.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SYSTEM TO LOWER EMISSIONS AND IMPROVE ENERGY EFFICIENCY ON
FOSSIL FUELS AND BIO-FUELS COMBUSTION SYSTEMS
MONTREAL, November 26th, 2010 – Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally effective industrial hot water systems and cost efficient heat recovery equipment, is pleased to announce publication of its new Sofame Steam Pump® patent.
MONTREAL, October 28th, 2010 – Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally effective industrial hot water systems and cost efficient heat recovery equipment, has received approval from the TSX Venture Exchange to convert $2,038,333 of debts to common shares.
MONTREAL, October 21, 2010 – Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost effective heat recovery equipment, welcomes Blake Group to its sales organization in New England (www.bghusa.com).
MONTREAL, August 19th, 2010 - Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost efficient heat recovery equipment for traditional boilers, has filed third quarter financial reports ending June 30, 2010. Financial highlights of Q3 2010 were as follows:
MONTREAL, August 12th, 2010 - Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost effective heat recovery equipment, has reached agreement in principle to convert unsecured debentures to common shares. The transaction being negotiated so far includes $1,375,000 in total principal of the aggregate $1,525,000 of convertible debentures which were issued on May 16, 2007 and which matured on May 16, 2010. Other unsecured lenders are also considering converting their loans to common shares of Sofame, raising the total value of liabilities under consideration for conversion to equity to potentially about $2,000,000, or approximately one half of Sofame’s current liabilities. The minimum conversion price is $0.05 cents per share according to the rules of the TSX Venture Exchange, and the new shares will be subject to a mandatory 4-month hold period. The proposed transaction is subject to approval by the TSX Venture Exchange.
MONTREAL, July 16th, 2010 - Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost effective heat recovery equipment, has received a purchase order for over $1 million from Tozour Energy Services in Philadelphia to design and install a Sofame Steam Pump® at a well known university in New Jersey. The contract award is for a system that will reduce nitrogen oxide emissions. The Sofame Steam Pump® technology is unique because it significantly reduces NOx emissions while increasing energy efficiency and largely preserving the overall heating capacity of the boiler plant.
MONTREAL, June 22nd, 2010 - Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost efficient heat recovery equipment, has received a purchase order for $131,000 to retrofit a Hybrid Percomtherm® unit as part of an energy efficiency upgrade at a sugar refiner in collaboration with Consulgaz, a subsidiary of Gaz Métro Plus. This confirmed order arrives following $985,000 in new contracts signed in April and May 2010 as reported in Sofame’s Management Discussion and Analysis for the second quarter ending March 31, 2010, which is available at www.sedar.com.
MONTREAL, June 16th, 2010 – Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost efficient heat recovery equipment, is pleased to welcome three new members to its Board of Directors. Josh Costell, Pierre Grand’Maison and Aurelio Useche joined the Board at Sofame’s Annual Meeting held in Montreal last Friday. Robert Presser continues as Chairman, and Fahim Samaha, Sofame’s partner in Europe, also remains on the Board. Kebir Ratnani, a long-standing Sofame Board member, and Luc Mandeville, Sofame’s founder, both resigned from the Board to create opportunities for new members. Ratnani and Mandeville remain important shareholders, and Mandeville continues as Sofame’s Chief Technology Officer and a key engineering resource for major customer accounts.
MONTREAL, June 8th, 2010 – Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost efficient heat recovery equipment, announced today that it has entered into an Equity Line Facility in the amount of $10,000,000 with Dutchess Opportunity Cayman Fund, Ltd.
MONTREAL, June 4th, 2010 – Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost efficient heat recovery equipment, has received a commitment from a European customer valued at $250,000. The Letter of Intent, from a landfill gas to energy plant currently in operation, is expected to result in a purchase order within 60 days. The order is the first received by Sofame’s subsidiary in France, Sofame Europe SAS, which re-launched its operations 2008.
MONTREAL, June 1st, 2010 – Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost efficient heat recovery equipment for traditional boilers, has filed second quarter financial reports ending March 31, 2010. Financial highlights of Q2 2010 were as follows:
Q2 Net Sales of $183,057 compared to $289,363 for the same period in 2009
Gross Margin of ($49,292) (-26.9%) compared to $62,159 for Q2 in 2009 (21.5%)
Net Consolidated Loss of ($182,945) compared to ($708,548) for Q2 in 2009
EBITDA of ($34,133) compared to ($554,682) for Q2 in 2009
Fully diluted loss per share of ($0.0018) compared to ($0.0086) for Q2 in 2009
Note: These are the financial highlights only. Management`s Discussion and Analysis, the consolidated financial statements and notes thereto of Sofame Technologies Inc. for the second quarter ended March 31, 2010 are available on the SEDAR website at www.sedar.com.
MANCHESTER, NH – June 1, 2010 – QED Connect Inc. (otc: QEDN), a New York Corporation, today announced that it entered into the Joint Venture Agreement with Sofame Technologies, Inc. (TSX-V:SDW), a Montreal, Canada based company.
MONTREAL, March 25th, 2010 – Sofame Technologies Inc. (TSX-V: SDW) a manufacturer of high efficiency industrial hot water systems and cost effective heat recovery equipment, has announced an initial order from Canromex, S. de R.L. de C.V. of Monterrey, Mexico. Sofame will install a Percotherm® heat recovery system at a large paper based products plant near Monterrey.
MONTREAL, March 4th, 2010 – Sofame Technologies Inc. (TSX-V: SDW) reports on developments at the company in accordance with Policy 12-203 - Cease Trade Orders for Continuous Disclosure Default. At the present time, the company expects to file its audited annual financial statements, management discussion and analysis ("MD&A") and CEO and CFO certifications for the year ended September 30, 2009, by April 5th, 2010. Sofame is pleased to report that the audit is progressing well. Consequently to the delay in filing the annual reports for 2009, Sofame’s first quarter filings ending December 31, 2009 will also be delayed and filed shortly thereafter. A Management Cease Trade Order will remain in effect until all its filing requirements are met. In the event the audit is not completed within the delay, a general Cease Trade Order will be imposed. Since the current MCTO applies only to management and insiders, all other parties are permitted to freely trade in Sofame’s shares.
MONTREAL, February 18th, 2010 – Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost efficient heat recovery equipment, reports on developments at the company in accordance with Policy 12-203 - Cease Trade Orders for Continuous Disclosure Default. Under an extension of the January 28, 2010, filing deadline granted by Quebec’s Autorité des marchés financiers, Sofame must file its audited annual financial statements, management discussion and analysis ("MD&A") and CEO and CFO certifications for the year ended September 30, 2009, by April 5th, 2010. A Management Cease Trade Order will remain in effect until the filing requirements are met. In the event the audit is not completed within the delay, a general Cease Trade Order will be imposed. Since the current MCTO applies only to management and insiders, all other parties are permitted to freely trade in Sofame’s shares.
MONTREAL, February 11, 2010 – Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost efficient heat recovery equipment, has joined forces with Pacific Financial Resources (PFR) of Marina del Rey, California, (www.pacificfinancialco.com) to facilitate the sale of renewable energy. The energy will be delivered under Energy Supply or Power Purchase Agreements in the form of hot water produced by Sofame’s proprietary high efficiency heat recovery and hot water heating systems. The costs of installing Sofame’s heating products will be paid from efficiency gains and lower fuel costs after the projects are completed. The Pay-for-Performance or ESCO model makes energy efficiency technology accessible to credit-worthy companies who agree to purchase energy and reduce green house gas emissions without investing upfront capital.
MONTREAL, February 5th, 2010 –Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost efficient heat recovery equipment, must file its annual audited financial statements by April 5th, 2010.The Autorité des marchés financiers granted the extension and also issued a Management Cease-Trade Order (MCTO).Sofame requested the MCTO prior to missing the January 28 2010 filing deadline for its audited annual financial statements, management discussion and analysis ("MD&A") and CEO and CFO certifications for the year ended September 30, 2009.The MCTO will remain in place for a period of sixty (60) days, during which time Sofame must complete the audit of its financial statements and related documents.In accordance with Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults,Sofame plans to provide bi-weekly updates on further developments at the company until the filing requirements are met. In the event the audit is not completed within the delay, a general Cease Trade Order will be imposed.Since the current MCTO applies only to management and insiders, all other parties are permitted to freely trade in Sofame’s shares.
MONTREAL, January 4, 2010 – Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost efficient heat recovery equipment, announces that is has closed on the mortgage refinancing of its plant in Montreal. Net mortgage proceeds have been disbursed to meet critical short-term requirements of the company in order to continue operations. The funds were insufficient to meet the demands of all of Sofame’s creditors and the company requires new equity or project financing in order to remain viable.
Ontario has released its final mandatory greenhouse gas ("GHG") reporting regulation. O. Reg. 452/09, (GHG
Reporting Regulation) came into effect on December 1, 2009. This regulation made under the Environmental
Protection Act is a first step in the implementation of the proposed cap and trade program in Ontario.
As CEO of Sofame, my mandate is to lead change in our sales process and close business. After 200 days, I have a clear picture of where Sofame needs to be in 2010 and every reason to believe that we will get there. The potential of the new direct sales force in helping us achieve our revenue targets is clear already. The combination of in-house sales and engineering teams is turning heads at our corporate customers in Quebec. The knowledge and experience of our people is a tremendous resource for companies who wish to reduce green house gas emissions like NOx, and reduce fuel costs by up to 25% at the same time. Most environmental technologies today do not offer investment grade paybacks of 3-years or less like Sofame does.
MONTREAL, November 19, 2009 – Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost efficient heat recovery equipment, is advancing in discussions with several potential lenders and investors concerning the funding of sales and marketing initiatives as well as working capital required for growth and continuing operations. The corporation is working to secure financing of between $500,000 and $2 million via a private placement of common shares priced at $ 0.05 cents. Sofame is also in discussions with Invest-Quebec for a loan to finance sales and marketing costs as Sofame continues to develop the international market for its award winning industrial energy efficiency solutions. Among conditions of the loan, Sofame would have to raise $1.2 million in equity.
The industrial sector is indeed a challenging sector in which to encourage energy efficiency. The manner in which energy efficiency investments are made is complex, and in some ways unique to each individual firm, and even to each facility. Firms need to better understand their energy use, their energy opportunities, their energy challenges, and the benefits that energy efficiency can bring.
MONTREAL, October 7, 2009 – Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost efficient heat recovery equipment, announces the resignations of two members of its Board of Directors, Hubert Marleau and Richard Groome, Chairman. Mr. Marleau is the President of Palos Capital, and Mr. Groome is the Managing Director of Notre Dame Capital. The duties of Chairman of Sofame’s Board will be discharged on an interim basis by Mr. Robert Presser, a Director since February 2009, who has graciously accepted to step in following the resignation of Mr. Groome.
MONTREAL, October 7, 2009 – Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost efficient heat recovery equipment, disclosed the following information after a review of Sofame's continuous disclosure practices by the TSX Venture Exchange:
MONTREAL, September 10, 2009 – Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost efficient heat recovery equipment, welcomes four new Manufacturer’s Representatives to its sales organization.
MONTREAL, August 27, 2009 – Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost efficient heat recovery equipment, has launched an aggressive program to support its network of manufacturers representatives according to Michel Brisson, Sofame’s CEO.Brisson made the comments in a memo to shareholders posted on Sofame’s website.
MONTREAL, August 27, 2009 – Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost efficient heat recovery equipment, has signed a Memorandum of Understanding with Saab Financial Inc., represented by Mr. Fadi Saab, to expand marketing of Sofame’s products into Eastern European countries via turn-key financed projects.
Joining SOFAME has been every bit the challenge I thought it would be.During my first 100 days, we did not waste any time.
I understood quickly I had a good value proposition in my hands. SOFAME’s business is based on the concept of using highly efficient heaters and heat recovery from conventional gas-fired boiler systems to save money and lower green house gas emissions. SOFAME sells a green technology that has a proven track record spanning decades. These systems pay for themselves, and achieve impeccable energy efficiency. This value proposition is supported by any of SOFAME’s 300+ customers. We have excellent customer references.
On August 12, Canromex and Canadian company SOFAME had the honor to introduce to Mexico an award winning, state-of-the-art technology in heat recovery from combustion gases that reduces significantly the energy consumption and the gas emission to the atmosphere.
MONTREAL, July 22 /CNW Telbec/ - Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost efficient heat recovery equipment for traditional boilers, has reported a record quarterly sales of $1,542,085.
Monterrey-based Canromex S.de R.L. de C.V. to Reduce Energy Bills in Mexico MONTREAL, June 25 /CNW
Telbec/ - Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost efficient heat recovery equipment for traditional boilers, has signed a representation agreement with Canromex of Monterrey, Mexico. Canromex is currently positioned in the renewable energy market in Mexico and is developing several landfill waste-to-biogas sites in their territory, which includes Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Nicaragua and Panama.
Publication Under Blue Sky Laws Underpins Secondary Trading In 38 States
Through Market Access Program
MONTREAL, May 19 /CNW Telbec/ - Sofame Technologies Inc. (TSXV:SDW) (USA:SFMGF) announced today that its company information is being made available via Standard & Poor's Market Access Program, an information distribution service that enables subscribing publicly traded companies to have their company information disseminated to users of Standard & Poor's Advisor Insight.
MONTREAL, May 13 /CNW Telbec/ - Through Tozour Energy Systems, Inc. a full-service HVAC and building automation provider, Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of direct-contact heat recovery equipment, will deliver turn-key the solution needed to bring the boiler plant at the hospital campus in Trenton, N.J. up to the highest standards of energy efficiency.
Percotherm(TM) to Reduce Fuel Costs and Carbon Emissions at Plant in Robinson, Illinois
MONTREAL, May 12 /CNW Telbec/ - Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of eco-efficiency solutions, has received a purchase order for a Percotherm(TM) from Stoermer-IES through ThermalTech Engineering of Cincinnati to improve boiler efficiency at the Hershey's facility in Robinson, Illinois.
MONTREAL, May 6 /CNW Telbec/ - Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of energy efficient commercial-industrial hot water heating and waste heat recovery equipment, is pleased to announce the addition of Mr. Michel Brisson to the executive team. Mr. Brisson will assume the role of President and Chief Executive Officer, effective immediately.
MONTREAL, April 30 /CNW Telbec/ - Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of energy efficient commercial-industrial hot water heating and waste heat recovery equipment, has engaged the services of two seasoned sales professionals in the USA to reduce the long sales cycle of its custom-engineered products. Sofame will also begin to actively promote its turn-key financed energy efficiency solutions to multinational companies at the head office level.
MONTREAL, April 24 /CNW Telbec/ - Sofame Technologies Inc. (TSX-V: SDW) announces that it has decided not to proceed with the previously-announced proposed acquisition of TransPacific Energy Inc.
