MONTREAL, April 1 /CNW/ - Sofame Technologies Inc. (TSX-V: SDW) reports on developments at the company in accordance with Policy 12-203 - Cease Trade Orders for Continuous Disclosure Default. Sofame's auditors have completed the annual financial statements which must be filed by April 5th, 2010. Management is finalizing its discussion and analysis ("MD&A") of the annual results. The CEO and CFO certifications for the year ended September 30, 2009 will be filed on Monday, April 5th 2010. Consequently to the delay in filing the annual reports for 2009, Sofame's first quarter filings ending December 31, 2009 have also been delayed and will be filed shortly thereafter. After the first quarter reports are filed and annual meeting documentation is prepared, the date of the annual meeting will be announced. A Management Cease Trade Order will remain in effect until all filing requirements are met including the first quarter reports. Since the current MCTO applies only to management and insiders, all other parties are permitted to freely trade in Sofame's shares.
Sofame has also received expressions of interest in excess of $250,000 for its bridge financing, and will proceed to close the loan. As mentioned in a press release on January 21st, the bridge loan, which is to be secured by all the assets of Sofame Technologies, shall mature in one year and bear interest at an annual rate of 18 percent to be paid in advance at the closing. Bonus shares at a deemed issue price of $0.05 per share representing 20% of the loan will be issued to the subscribers. A total of 1,000,000 bonus shares will be issued. No commissions will be paid to any third parties. Notre Dame Capital resigned as Sofame's exclusive financial advisor on March 16th, 2010. Sofame's Board of Directors takes this opportunity to thank Notre Dame Capital and Mr. Richard Groome who acted as Sofame's Chairman from May 2007 through October 2009. Mr. Groome remains an important shareholder of Sofame.
John Gocek, Sofame's Chief Operating Officer stated, "Sofame is receiving strong support from its industry partners in the United States and Canada. Sofame has addressed several challenges by reducing operating costs, relying on outsourcing and increasing quality and productivity."
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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SOURCE Sofame Technologies Inc.
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