Sofame Reports $251,236 Revenue and $36,946 EBITDA in Q2

MONTREAL, June 10, 2013 /CNW Telbec/ - Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF) has reported net sales of $251,236 for Q2 ended March 31st of the 2013 fiscal year, a net loss of ($ 69,809) and EBITDA of $36,946 (14.7%) for the period.

  • Q2 2013 Net Sales of $ 251,236 compared to $ 519,547 in Q2 2012, and $ 414,915 in Q1 2013
  • Q2 2013 Gross Profit of $ 43,408 (17.2%) compared to $ 255,320 (49.1%) in Q2 2012
  • Q2 2013 Net Profit (Loss) was ($ 69,809) (-27.8%) compared to $ 53,792 (10.4%) in Q2 2012
  • Q2 2013 EBITDA was $ 39,946 (15.9%) versus $ 166,732 (32.1%) in Q2 2012

Note: These are the financial highlights only. Management`s Discussion and Analysis, the consolidated financial statements, cash flows, and notes thereto of Sofame Technologies Inc. are available at www.sedar.com.

Comments on the Second Quarter Ended March 31, 2013

Revenues in the second quarter were lower than past quarters due to delays in the third-party review process of engineering documents for two boiler heat recovery projects in Montreal, one a pharmaceutical customer, the other a hospital. This work will carry over into the third quarter.   Management directed its energies to delivering the two projects already in-house, closing new orders, and refinancing debts to strengthen the balance sheet.  Revenues in 2013 for six months were $ 666,151 compared to $ 1,048,747 for the same period in 2012 due to the cited delays.  The Company is in the process of closing two orders totaling over $900,000 which are required to ship in the current fiscal year ending September 30th.  Additional projects expected to close in 2013 consist of 6 projects with a total value of $2.9 million.  Deliveries would extend into the 2014 fiscal year.  Management is confident that annual revenues and profits will surpass the fiscal 2012 performance despite the delays experienced in the second quarter.

Maturity of the $250,000 bridge loan was extended from May 29th to September 25th, by 100 percent vote of the lenders.

The Company has received a firm offer from a fund for a $ 3 million credit line.  The offer is being considered by the Board of Directors.  The credit facility would strengthen Sofame's ability to deliver new contracts, market effectively with its sales partners, and shorten the purchase order-to-cash cycle.

The Company has raised a total of $430,000 at $0.02 since September 2012 under the special pricing exemptions allowed by the TSX Venture Exchange.  An additional investment of $70,000 will complete the funding to the $500,000 aggregate limit set by the TSXV.  Use of proceeds of the private placement has been disclosed in separate press releases.

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:

John Gocek
President & CEO
(514) 523-6545 x200

Stone Communication Services
Jason Stone
(416) 867-2533
jasons@stoneco.com

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SOFAME TECHNOLOGIES INC.

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