Sofame Provides Guidance on First Quarter Statements

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 2010
  • 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 2010
  • Fully diluted loss per share in Q1 of ($0.0021) compared to ($0.0048) in 2010

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 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.


For further information:

Stone Communication Services
Bill Mitoulas
(416) 867-2535

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