MONTREAL, May 9 /CNW Telbec/ - Sofame Technologies Inc. (TSXV: SDW) is
pleased to provide guidance on financial results for the first fiscal
quarter ending December 31, 2010. Financial highlights of Q1 2011 are
expected to appear as follows:
Q1 Net Sales of $602,276 compared to $164,250 for the same period in
Q1 Gross Profit of $3,695 (0.6%) compared to a loss of $(34,967) for Q1
in 2010 (-21.3%)
Q1 Operating Expenses of $224,361 (37.3%) compared to $591,110 (359.9%)
for Q1 in 2010
Q1 Net Consolidated Loss of ($257,870) compared to ($642,398) for Q1 in
Fully diluted loss per share in Q1 of ($0.0021) compared to ($0.0048) in
These are the draft financial highlights only. Management`s Discussion
and Analysis, the consolidated financial statements and notes thereto
of Sofame Technologies Inc. for the first quarter of fiscal 2011 ended
December 31, 2010 will be made available at www.sedar.com later this week.
Sofame Increases Private Placement Objective to $1 Million
Sofame was successful in raising $300,000 of a $500,000 private
placement in January 2011 to cover selling expenses and immediate
working capital requirements. In order to pursue new contracts and
repay the $250,000 secured bridge loan which matures on July 6th, 2011, Sofame is seeking to issue 14,000,000 non-brokered units at a
price of $0.05 cents per unit, with each unit comprised of one common
share and a purchase warrant for one half of an additional common
share. Warrants will be exercisable at a price of $0.10 per common
share for two years from date of issue. The new shares will be subject
to a mandatory 4-month hold period. The proposed transaction is subject
to approval by the TSX Venture Exchange.
Sofame is reporting on progress in accordance with Policy 12-203
covering continuous disclosure obligations. Certain directors, officers
and insiders of SOFAME are prohibited from trading in securities of
SOFAME for as long as the annual financial statements, MD&A and related
certifications are not filed, and until the Autorité des marchés
financiers approves Sofame's application to remove the management cease
trade order which will be submitted shortly after the quarterly
statements are filed.
All other persons, other than directors, officers or insiders, may trade
freely in the Corporation's securities.
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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