MONTREAL, Sept. 28, 2012 /CNW Telbec/ - Sofame Technologies Inc. (TSXV:
SDW) (OTC.PK: SFMGF) a leading manufacturer of environmentally
efficient industrial water heaters and cost effective heat recovery
systems for traditional boilers, has received another extension from
its bridge loan investors. The amended maturity date has been extended
from September 27, 2012 to November 28, 2012. All terms of the bridge
loan remain unchanged. Maturity of the $ 250,000 bridge loan has been
extended several times since April of 2011, as Sofame continues to
close new orders, deliver existing contracts and operate profitably
with low overhead costs. Sofame's value proposition - the value of
energy efficiency - is dependent upon what customers are paying for
their fuel. Natural gas prices declined almost 80% since 2008 but have
recently stabilized and begun to recover. Sofame achieved four
critical objectives in 2012; a confirmed order book, low overhead
costs, profitability and consistent cash flow.
According to John Gocek, Sofame's President & CEO, "Sofame's turn-around
in 2012 has attracted the attention of the financial community. We are
presently in three separate negotiations to refinance the bridge loan
and other short term obligations with long-term debt at a reasonable
interest rate. Sofame has, since its press release of July 3rd, received encouragement from investors to pursue a plan to acquire
profitable companies manufacturing and selling complementary products
in the same HVAC sector as Sofame. The refinancing of short-term
liabilities by long-term debt, and the active pursuit of acquisitions,
are priorities in the new fiscal year which begins on October 1, 2012."
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:
President & CEO
(514) 523-6545 x200
Stone Communication Services