Sofame Files 2010 Annual Financial Reports

MONTREAL, April 1 /CNW Telbec/ - Sofame Technologies Inc. (TSXV: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost effective heat recovery equipment for industrial boilers, has filed annual financial reports ending September 30, 2010.  Financial highlights of 2010 were as follows:

  • Q4 Net Sales of $543,413 compared to $285,283 for the same period in 2009
  • Q4 Gross Profit of $40,739 (7.5%) compared to $(20,975) for Q4 in 2009 (-7.4%)
  • Q4 Operating Expenses of $491,702 compared to $1,079,472 for Q4 in 2009
  • Q4 Net Consolidated Loss of ($521,005) compared to ($1,187,495) for Q4 in 2009
  • Annual Sales for 2010 were $1,209,696 compared to $2,443,827 in 2009
  • Gross Profit for 2010 was $19,389 (1.6%) versus $785,815 (32.2%) in 2009
  • Net Consolidated Loss in 2010 was ($1,646,156) versus ($3,211,349) in 2009
  • Fully diluted loss per share in 2010 of ($0.0135) compared to ($0.0243) 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 year ended September 30, 2010 are available at www.sedar.com.

Comments on 2010

In 2010, Sofame closed five projects worth about $2.4 million and subsequently delivered products to four customers including a meat packer, tissue mill, sugar refiner and a pharmaceuticals manufacturer. The engineering and design of the fifth project, a university's NOx reduction Steam Pump for their district heating plant was completed by December 2010 and the order began shipping in March 2011. Improved order bookings in 2010 occurred despite reduced headcount and lower operating budgets. Sofame's management continues to focus on growing revenues in fiscal 2011 by targeted marketing with our new partners, improved engineering and bidding capabilities, and better manufacturing practices.

As of September 30th, the sales funnel included over twenty projects, all demonstrating favourable probabilities to close. These projects offer attractive 1-3 year payback on investment, and are being developed as a team effort with our representatives, our customers and our design and manufacturing partners. In terms of potential equipment revenue to Sofame, the value of these projects exceeds $8 million.

Other Developments

After the fiscal year-end, $1,525,000 in debentures, shareholder loans totalling $293,500 and other accounts payable of $219,833 were converted to common shares.  A second request to convert $680,410 of current debts has been submitted to the TSX Venture Exchange for approval.

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.

SOURCE SOFAME TECHNOLOGIES INC.

For further information:

Stone Communication Services
Bill Mitoulas
(416) 867-2535
billm@stoneco.com
www.stoneco.com

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SOFAME TECHNOLOGIES INC.

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