Sofame to Convert $527,232 of Debts to Equity, and Announces Resignations of Pierre Grand'Maison and Aurelio Useche from the Board of Directors

MONTREAL, Jan. 18 /CNW Telbec/ - Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost effective heat recovery equipment, is pleased to announce that agreements are in place to convert $527,232 in unsecured debts to an aggregate 10,544,648 common shares.  The conversion price is $0.05 cents per share according to the rules of the TSX Venture Exchange, and the new shares will be subject to a mandatory 4-month hold period.  As part of the conversion, 4,689,624 common share purchase warrants will be issued entitling holders to acquire one additional common share of Sofame at an exercise price of $0.10 for two years from closing.  The proposed transaction is conditional and subject to approval by the TSX Venture Exchange.

There are currently 141,658,652 issued and outstanding common shares of Sofame.

Sofame Announces the Board Resignations of Pierre Grand'Maison and Aurelio Useche

Pierre Grand'Maison and Aurelio Useche have tendered their resignations from Sofame's Board of Directors and the Chairman, Mr. Robert Presser, has accepted them stating, "Messrs. Grand'Maison and Useche joined Sofame's Board in June 2010 in the context of a restructuring mandate under difficult conditions.  Both showed exceptional courage and worked diligently to stabilize the corporation's balance sheet. During their tenure, Sofame reduced operating expenses by over sixty percent and closed $2 million in purchase orders. The current Board's objectives have now been achieved, and on behalf of all the shareholders, we would like to express our sincere gratitude."   

Sofame had already begun a search for two new Directors to replace the departing members.  With a new, non-exclusive relationship with a preferred equipment installer in the USA, Sofame plans to intensify its business dealings there.  The company is currently in discussions with potential new investors as well as new Director candidates.   

About Sofame

Sofame Technologies Inc. custom engineers, manufactures and installs unique, high-efficiency direct-contact industrial hot water systems which extract up to 99 percent of heat from flue gases depending on the application, and return the energy in the form of high-temperature hot water or pre-heated make-up air. Sofame's products help hospitals, food processing plants, universities, central heating plants and utilities to reduce fuel costs and greenhouse gas emissions. Using world-leading, patented green technology, Sofame serves industrial, institutional and commercial markets through a network of dedicated engineering representatives. For more information, visit

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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