MONTREAL, April 11 /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
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
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.
SOURCE SOFAME TECHNOLOGIES INC.
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