MONTREAL, Jan. 25 /CNW/ - 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 its audited annual financial statements, management discussion and analysis ("MD&A") and CEO and CFO certifications for the year ended September 30, 2009 will not be released as scheduled on January 28, 2010.
Sofame has been faced with the departure of several employees due to the restructuring in progress which has caused delays in the production of the financial statements. Sofame now has the necessary financial and human resources to address the default in a timely manner and expects to release these documents no later than March 15, 2010.
As a result of the delay, SOFAME will be requesting that the Autorité des marches financiers and other Canadian securities regulatory authorities issue a temporary order that prohibits certain directors, officers and insiders of SOFAME from trading in securities of SOFAME for as long as the annual financial statements, MD&A and related certifications are not filed. The issuance of such management cease-trade order does not generally affect the ability of persons who have not been directors, officers or insiders to trade in their securities.
SOFAME intends to provide information in accordance with Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults with respect to further developments on this matter promptly following their occurrence, including the issuance of bi-weekly status update reports until such time as the annual disclosure documentation is issued and filed.
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.
SOURCE Sofame Technologies Inc.
For further information: For further information: www.sofame.com