Sofame Announces Funding, Management Changes, Nomination of Two New Directors
and Special Shareholder Meeting
The corporation continues to seek financing of between
Several significant events occurred in the past week concerning Sofame's management and governance team.
Sofame's board of directors is planning to call an extraordinary meeting of shareholders in order to restructure the board of directors to meet the governance requirements of the corporation. This meeting is expected to be held in mid-February 2010 and additional information will be forthcoming.
On an interim basis, Notre Dame Capital, Sofame's financial advisor, has exercised the right in its contract to nominate two new board members to replace
Mr. André Nadeau of Blainville,
Both
Sofame intends to exhibit at the AHR Expo in
The current economic context of difficult financing conditions for microcap companies and low natural gas prices has made operating conditions difficult for Sofame, like other companies operating in the heat recovery marketplace. Sofame's wishes to assure its employees, suppliers and clients that it is pursuing all financing options to remain in operation and will report on new developments as they arise. In the meantime, Sofame appreciates the patience and support it has received from its stakeholders.
About Sofame
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.
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, Brian Edelstein, (416) 867-2536, [email protected], www.stoneco.com
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