MONTREAL, Jan. 24 /CNW Telbec/ - Sofame Technologies Inc. (TSX-V: SDW),
a leading manufacturer of environmentally efficient industrial hot
water systems and cost efficient heat recovery equipment is pleased to
announce that the Company plans to issue up to 10,000,000 non-brokered
units at a price of $0.05 per unit, with each unit comprised of one
common share and one common share purchase warrant. Each whole warrant
is exercisable at a price of $0.10 per common share from the date of
issue up to and including January 24, 2016. The new shares will be
subject to a mandatory 4-month hold period, and the proposed
transaction is subject to approval by the TSX Venture Exchange.
Interest in the issue is already significant and management expects the
issue to close very quickly. Sofame has begun 2011 with a stable
balance sheet due to conversions of debt to common shares and
significantly reduced expenses. Proceeds raised will be used for
selling expenses and immediate working capital requirements.
John Gocek, Sofame's President and CEO reports: "This funding should
allow Sofame to complete delivery of an important order, while closing
on several significant new contracts should occur over the next three
to four months. Intensive efforts with our key representatives and new
strategic partner for installation of Sofame systems across North
America are very encouraging."
Sofame's Board comprises three independent Directors, Robert Presser,
Vice President of Acme Engineering of Montreal, is Chairman. Fahim
Samaha, Chairman of Soffimat SA in Paris, France, is a Director, and
Josh Costell, Executive Vice President and General Manager of Tozour
Energy Services in King of Prussia, Pennsylvania, is the third
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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