MONTREAL, Oct. 28, 2016 /CNW/ - Sofame Technologies Inc. (TSXV:SDW.H) (OTC:SFMGF) common shares were listed on NEX, a separate board of the TSX Venture Exchange effective October 27, 2016. The Company's trading symbol on the NEX is SDW.H. Trading on the NEX open auction market takes place on the same fully electronic system as TSX Venture Exchange, and is governed by identical trading rules. According to TMX Group, companies listing shares on the NEX are better positioned to seek additional opportunities to refinance, reactivate or reinvent themselves. NEX listed companies are relieved of the pressure of a delisting deadline, are more visible as potential takeover targets or investment opportunities, and can continue to trade. NEX listing does not impact the status of existing shareholders.
Comments on the Annual Meeting Held June 17, 2016
On June 17, 2016, Sofame held its annual general and special meeting of shareholders to accept the financial statements for the year ended September 30, 2014, approve MNP LLC as the auditors of the Corporation, and consider a motion to give the Board authority to negotiate a share-for-share exchange with another company. All motions were a carried by a wide margin of votes of shareholders, representing 32.85% of the 189,065,397 common shares issued and outstanding. The audit of the 2015 financial statements is not yet complete. On December 15, 2015 and February 29, 2016, Sofame disclosed that as a pre-condition to considering a potential merger opportunity, the Company was pursuing the conversion of trade payables and other debts to shares at the price of $0.05. This initiative was carried out during the year, and a majority of creditors have agreed to participate. The TSXV and regulatory authorities will have to approve the conversion of debts to shares. The Company is considering raising capital to enhance any transaction to be considered. Transfer of the share listing to NEX gives the Board more flexibility to restructure the company.
Sofame's heat recovery system at the CHUM hospital was installed over the summer, and is currently undergoing start-up in preparation for the heating season. The Condensing Economizer at CHUM is the second largest Sofame has installed in Canada, after the Percotherm at the University of Toronto's power plant. Sofame has since concluded the eighth sale of a fired water heater to a Canadian food processing company. Sofame also received an order for a Percotherm from a multinational cosmetics manufacturer. Sofame's revenues in 2016 were approximately $600,000, and the company does intend to seek transfer to Tier 2 status on the TSX Venture Exchange following its restructuring.
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SOURCE Sofame Technologies Inc.
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