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, disclosed the following information after a review of Sofame's continuous disclosure practices by the TSX Venture Exchange:
(i) On October 23, 2007, the Board of Directors of Sofame granted 300,000
options exercisable at a price of $0.17 per common share to Mr. John
Gocek pursuant to the terms of his executive employment contract. The
market price of the common shares of Sofame at the time of the grant of
the foregoing options was $0.15.
(ii) On January 28, 2008, the Board of Directors of Sofame granted
300,000 options exercisable at a price of $0.28 per common share to
Mr. John Gocek pursuant to the terms of his executive employment
contract. The market price of the common shares of Sofame at the time of
the grant of the foregoing options was $0.30.
(iii) On November 28, 2008, the Board of Directors of Sofame granted an
aggregate of 1,176,287 options exercisable at a price of $0.245 per
common share to four of the corporation's directors and officers as part
of the corporation's compensation structure. The market price of the
common shares of Sofame at the time of the grant of the foregoing options
All of the foregoing option grants were previously disclosed by Sofame in its financial statements, and the appropriate insider filings were effected by the individuals receiving the options.
Sofame also announces that, following a standard review of the corporation's continuous disclosure practices by the Autorité des marchés financiers in Quebec, the company is modifying and re-filing the management's discussion and analysis for the six month period ended March 31, 2009. Management has modified the treatment of interest expenses related to convertible debentures for the fiscal years ending September 30, 2007 and September 30, 2008. Interest was presented as an expense, while the debentures were presented as equity. In a restatement of the September 30, 2007 and 2008 results, interest expenses will be reduced, and retained earnings will be reduced by the same amount. These corrections will be included in the 2009 year-end statements as a correction to prior years, and the comparison to 2008 will reflect the change. The revised MD&A of the corporation is already available under Sofame's issuer profile on SEDAR at www.sedar.com.
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.
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