MONTREAL, Jan. 18, 2012 /CNW Telbec/ - Sofame Technologies Inc. (TSXV:
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
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.
SOURCE SOFAME TECHNOLOGIES INC.
For further information:
| John Gocek |
President & CEO
(514) 523-6545 x200
| Stone Communication Services |