2008 sees strong growth in the United States
MONTREAL, Nov. 26 /CNW Telbec/ - Sofame Technologies Inc. (TSX-V: SDW)
expects overall performance in 2008 to show a significant improvement over
2007. Sofame's marketing effort in the United States, which began over 12
months ago, is starting to bear fruit as its product line is being picked-up
by new representative organizations in major market areas every month. Rising
world energy prices are also driving corporate capital spending across
Sofame's lines of high volume energy saving equipment. The current order
backlog for 2008 assures a solid start to the new fiscal year which began in
"State-of-the-art industrial design and engineering software,
re-organized manufacturing processes, and some shop floor automation are
presently being introduced to cut operating costs and improve competitive
pricing" said John Gocek, Sofame's new President and CEO. "Our
highly-experienced team is ready to meet the demands of Sofame's growing
network of qualified engineering representatives in the United States."
Orders from new customers in the United States are also forcing the
company to consider alternatives to its existing plant capacity by outsourcing
some elements of the manufacturing process to partners in the United States.
If implemented, this procurement strategy would not detract from the expected
growth of Canadian and U.S. shipments in 2008, but would be an effective hedge
against possible future depreciation of the U.S. Dollar and any negative
impact on revenues and gross margins due to exchange rate fluctuations between
the U.S. and Canadian dollars.
A "going concern" qualification has been noted in Sofame's continuous
disclosure filings since 2003. This qualification is expected to be maintained
in the 2007 fourth quarter filings, namely that the company's financial
statements have been prepared according to the assumption that Sofame will be
able to realize its assets and discharge is liabilities in the normal course
of business. Sofame's ability to continue operations depends upon its ability
to generate revenues and obtain additional financing according to its working
SOFAME Technologies Inc. custom engineers and manufactures unique,
high-efficiency direct-contact heat recovery and hot water heating systems.
Sofame's products extract up to 99% of heat from flue gases depending on the
application, and also from wastewater, and return the energy in the form of
high temperature hot water or superheated make-up air. In addition to
economically recovering heat from waste energy, Sofame's products also help
customers to significantly reduce greenhouse gas emissions.
Using world leading patented green technology, the Company serves
building owners, institutional, industrial and commercial markets through a
network of dedicated engineering representatives.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
Certain statements included herein, including those that express
management's expectations or estimates of our future performance, constitute
"forward-looking statements" within the meaning of applicable securities laws.
Forward-looking statements are necessarily based upon a number of estimates
and assumptions that, while considered reasonable by management at this time,
are inherently subject to significant business, economic and competitive
uncertainties and contingencies. We caution that such forward-looking
statements involve known and unknown risks, uncertainties and other risks that
may cause our actual financial results, performance, or achievements to be
materially different from our estimated future results, performance or
achievements expressed or implied by those forward-looking statements.
Numerous factors could cause actual results to differ materially from those in
the forward-looking statements, including without limitation, our ability to
achieve increased market acceptance for our product offerings and penetrate
new markets; the existence of undetected errors or similar problems in our
products; our ability to manage our growth; our ability to compete
successfully; potential liabilities; maintaining our intellectual property
rights and litigation involving intellectual property rights; our dependence
on the expertise of our key personnel; and our access to sufficient capital to
fund our future requirements. This list is not exhaustive of the factors that
may affect any of our forward-looking statements. Investors are cautioned not
to put undue reliance on forward-looking statements. All subsequent written
and oral forward-looking statements attributable to Sofame or persons acting
on our behalf are expressly qualified in their entirety by this notice. Other
than as may be required by applicable laws, we disclaim any intent or
obligation to update publicly these forward-looking statements, whether as a
result of new information, future events or otherwise.
For further information:
For further information: Jérôme Cliché, (514) 523-6545 ext. 249,
firstname.lastname@example.org; Anne-Chantal Roy, (514) 523-6545 ext. 224,