MONTREAL, March 4 /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. At the present time, the company expects to file its audited annual financial statements, management discussion and analysis ("MD&A") and CEO and CFO certifications for the year ended September 30, 2009, by April 5th, 2010. Sofame is pleased to report that the audit is progressing well. Consequently to the delay in filing the annual reports for 2009, Sofame's first quarter filings ending December 31, 2009 will also be delayed and filed shortly thereafter. A Management Cease Trade Order will remain in effect until all its filing requirements are met. In the event the audit is not completed within the delay, a general Cease Trade Order will be imposed. Since the current MCTO applies only to management and insiders, all other parties are permitted to freely trade in Sofame's shares.
Sofame plans to close its bridge loan financing when commitments reach $250,000. TSX Venture Exchange have approved the terms of the one year loan, and Sofame's Board voted earlier today to approve the bridge financing. Sofame delivered a Percomax(R) 4 MMBTU/h to a new meat packing facility in Quebec last week.
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.
For further information: For further information: Stone Communication Services, Brian Edelstein, (416) 867-2536, email@example.com, www.stoneco.com