MONTREAL
,
Oct. 8
/CNW/ - 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
.
Richard Groome
stated, "Sofame's interests will be better served at this time by a new Board composed of senior industry insiders with the ability to drive revenues in targeted vertical segments such as food processing, universities and hospitals, particularly in the
United States
. I will continue to be an active and vocal shareholder."
The Board has decided not to fill the vacancy created by
Mr. Marleau
until it finds an independent director with a strong background in one or more of Sofame's target vertical markets. The Board thanked
Mr. Marleau
for his dedication and service to the corporation over the past seven months.
Mr. Groome
held the position as Chairman of Sofame's Board since
May 2007
when Notre Dame Capital acted as lead in an initial investment in convertible debentures. Under
Mr. Groome
's leadership, Sofame raised over
$8 million
to bring its award winning green technology into the US and European markets. Notre Dame Capital will continue to fulfill its mandate as financial advisor to the Board of Sofame Technologies Inc.
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.
This press release does not constitute an offer or solicitation of an investment in securities of Sofame Technologies Inc.
For further information: Stone Communication Services, Brian Edelstein, (416) 867-2536, [email protected], www.stoneco.com
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