Sofame to File 2010 Annual Statements by March 15th, 2011

MONTREAL, Jan. 31 /CNW Telbec/ - Sofame Technologies Inc. (TSX-V: SDW) a leading manufacturer of environmentally efficient industrial hot water systems and cost effective heat recovery equipment announced today that its audited annual financial statements, management discussion and analysis ("MD&A") and CEO and CFO certifications for the year ended September 30, 2010 were not released as scheduled on January 28, 2011. Sofame expects to release these documents no later than March 15, 2011. 

Sofame recently completed a restructuring which caused a delay in the audit of its annual financial statements.  Sofame has the necessary financial and human resources to address the default in a timely manner and the audit will restart on or about February 7th.   Sofame also announces that as part of its plan to conform to all regulatory requirements in a timely manner, it expects to produce the financial statements and related materials for the quarter ending December 31, 2010 on March 22, 2011.  As a result of the delay, SOFAME has been granted its request that the Autorité des marches financiers and other Canadian securities regulatory authorities issue a temporary order to prohibit certain directors, officers and insiders of SOFAME from trading in securities of SOFAME for as long as the annual financial statements, MD&A and related certifications are not filed.

The issuance of a management cease-trade order does not limit the ability of any persons who have not been directors, officers or insiders to trade freely in the Corporation's securities.

SOFAME intends to issue bi-weekly press release update reports until such time as the annual disclosure documentation is issued and filed.  In accordance with Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults, information with respect to further developments on this matter shall be reported promptly following their occurrence.

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:

Stone Communication Services
Bill Mitoulas
(416) 867-2535
billm@stoneco.com
www.stoneco.com

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SOFAME TECHNOLOGIES INC.

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