MONTREAL, April 1 /CNW Telbec/ - Sofame Technologies Inc. (TSXV: SDW), a
leading manufacturer of environmentally efficient industrial hot water
systems and cost effective heat recovery equipment for industrial
boilers, has filed annual financial reports ending September 30, 2010.
Financial highlights of 2010 were as follows:
Q4 Net Sales of $543,413 compared to $285,283 for the same period in
Q4 Gross Profit of $40,739 (7.5%) compared to $(20,975) for Q4 in 2009
Q4 Operating Expenses of $491,702 compared to $1,079,472 for Q4 in 2009
Q4 Net Consolidated Loss of ($521,005) compared to ($1,187,495) for Q4
Annual Sales for 2010 were $1,209,696 compared to $2,443,827 in 2009
Gross Profit for 2010 was $19,389 (1.6%) versus $785,815 (32.2%) in 2009
Net Consolidated Loss in 2010 was ($1,646,156) versus ($3,211,349) in
Fully diluted loss per share in 2010 of ($0.0135) compared to ($0.0243)
Note: These are the financial highlights only. Management`s Discussion
and Analysis, the consolidated financial statements and notes thereto
of Sofame Technologies Inc. for the year ended September 30, 2010 are
available at www.sedar.com.
Comments on 2010
In 2010, Sofame closed five projects worth about $2.4 million and
subsequently delivered products to four customers including a meat
packer, tissue mill, sugar refiner and a pharmaceuticals manufacturer.
The engineering and design of the fifth project, a university's NOx
reduction Steam Pump for their district heating plant was completed by
December 2010 and the order began shipping in March 2011. Improved
order bookings in 2010 occurred despite reduced headcount and lower
operating budgets. Sofame's management continues to focus on growing
revenues in fiscal 2011 by targeted marketing with our new partners,
improved engineering and bidding capabilities, and better manufacturing
As of September 30th, the sales funnel included over twenty projects,
all demonstrating favourable probabilities to close. These projects
offer attractive 1-3 year payback on investment, and are being
developed as a team effort with our representatives, our customers and
our design and manufacturing partners. In terms of potential equipment
revenue to Sofame, the value of these projects exceeds $8 million.
After the fiscal year-end, $1,525,000 in debentures, shareholder loans
totalling $293,500 and other accounts payable of $219,833 were
converted to common shares. A second request to convert $680,410 of
current debts has been submitted to the TSX Venture Exchange for
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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