MONTREAL, Aug. 27 /CNW Telbec/ - Sofame Technologies Inc. (TSX-V: SDW), a
leading manufacturer of environmentally efficient industrial hot water systems
and cost efficient heat recovery equipment, has signed a Memorandum of
Understanding with Saab Financial Inc., represented by Mr. Fadi Saab, to
expand marketing of Sofame's products into Eastern European countries via
turn-key financed projects.
Fahim Samaha, a Sofame Director who met Mr. Fadi Saab in Cyprus stated,
"The Corporation believes there is significant market potential in Eastern
Europe, especially with 100% financing made available by Saab Financial. We
look forward to identifying an energy efficiency infrastructure pilot project
in the near future."
Sofame intends to aggressively market Sofame's industrial energy
efficiency solutions and to approach large Eastern European institutional
users of natural gas, with the aid and cooperation of Mr. Fadi Saab. Under the
agreement, Saab Financial and Sofame shall share the resulting energy savings
with the end-users after the initial cost is repaid.
About Saab Financial
Mr. Fadi Saab is co-Chairman of the Board of Directors and a principal of
FBME Bank Ltd, a Moscow and Cyrpus Bank specializing in trade finance with
high net worth clients throughout the Middle East and Eastern Europe. The
engagement contemplates that Saab Financial Inc. or its nominee, namely, FBME
Bank Ltd, will act as financing agent for qualified end-users introduced by
Saab Financial Inc. who wish to purchase a Sofame energy-saving solution.
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.
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that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Stone Communication Services: Brian Edelstein,
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