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 Announces the Board Resignations of Pierre Grand'Maison and
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.
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 www.sofame.com.
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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