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,
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.
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