MONTREAL, Oct. 8 /CNW/ - Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost efficient heat recovery equipment, announces the resignations of two members of its Board of Directors, Hubert Marleau and Richard Groome, Chairman. Mr. Marleau is the President of Palos Capital, and Mr. Groome is the Managing Director of Notre Dame Capital. The duties of Chairman of Sofame's Board will be discharged on an interim basis by Mr. Robert Presser, a Director since February 2009, who has graciously accepted to step in following the resignation of Mr. Groome.
Richard Groome stated, "Sofame's interests will be better served at this time by a new Board composed of senior industry insiders with the ability to drive revenues in targeted vertical segments such as food processing, universities and hospitals, particularly in the United States. I will continue to be an active and vocal shareholder."
The Board has decided not to fill the vacancy created by Mr. Marleau until it finds an independent director with a strong background in one or more of Sofame's target vertical markets. The Board thanked Mr. Marleau for his dedication and service to the corporation over the past seven months.
Mr. Groome held the position as Chairman of Sofame's Board since May 2007 when Notre Dame Capital acted as lead in an initial investment in convertible debentures. Under Mr. Groome's leadership, Sofame raised over $8 million to bring its award winning green technology into the US and European markets. Notre Dame Capital will continue to fulfill its mandate as financial advisor to the Board of Sofame Technologies Inc.
Sofame Technologies Inc. custom engineers and manufactures 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, utilities and many more large energy consumers to significantly 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.
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SOURCE Sofame Technologies Inc.
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