MONTREAL, July 3, 2012 /CNW Telbec/ - Sofame Technologies Inc. (TSXV:
SDW), a leading manufacturer of environmentally efficient industrial
water heaters and cost effective heat recovery systems for traditional
boilers, is pleased to announce that investors in Sofame's bridge loan
have agreed to extend the amended maturity date from June 28, 2012 to
September 27, 2012. All terms of the bridge loan remain unchanged. The
maturity of the $ 250,000 bridge loan has been extended several times
since April of 2011, as Sofame continues to close new orders, deliver
existing contracts and operate profitably with low overhead costs.
According to John Gocek, Sofame's President & CEO, "Our bridge loan
investors - who come from our supply chain - remain confident in
Sofame's ability to remain profitable with its industrial water heating
product line. This is because Sofame has achieved three critical
objectives since the financial meltdown of 2008 and subsequent severe
recession, namely, a confirmed order book, low overhead costs and
Natural gas prices have also declined almost 80% during recent years,
but have recently stabilized and have begun to recover. Sofame's value
proposition - the value of energy efficiency - is dependent upon what
customers are paying for their fuel.
Gocek added, "The investment community has been insisting on tangible
results as a pre-condition to supporting Sofame in the future. Now
that critical operational goals have been achieved, the Board is
considering new strategies to deliver value to existing shareholders.
One avenue under consideration is a highly focused acquisition strategy
of profitable companies with complementary products in the same HVAC
sector as Sofame. Our Board of Directors approved pursuit of this
strategy, which has been in the works for over a year, during the last
Board meeting on Thursday June 28, 2012. Details on this initiative
will be announced as new information becomes available."
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:
President & CEO
(514) 523-6545 x200
Stone Communication Services