MONTREAL, Sept. 28, 2012 /CNW Telbec/ - Sofame Technologies Inc. (TSXV: SDW) (OTC.PK: SFMGF) a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, has received another extension from its bridge loan investors. The amended maturity date has been extended from September 27, 2012 to November 28, 2012. All terms of the bridge loan remain unchanged. Maturity of the $ 250,000 bridge loan has been extended several times since April of 2011, as Sofame continues to close new orders, deliver existing contracts and operate profitably with low overhead costs. Sofame's value proposition - the value of energy efficiency - is dependent upon what customers are paying for their fuel. Natural gas prices declined almost 80% since 2008 but have recently stabilized and begun to recover. Sofame achieved four critical objectives in 2012; a confirmed order book, low overhead costs, profitability and consistent cash flow.
According to John Gocek, Sofame's President & CEO, "Sofame's turn-around in 2012 has attracted the attention of the financial community. We are presently in three separate negotiations to refinance the bridge loan and other short term obligations with long-term debt at a reasonable interest rate. Sofame has, since its press release of July 3rd, received encouragement from investors to pursue a plan to acquire profitable companies manufacturing and selling complementary products in the same HVAC sector as Sofame. The refinancing of short-term liabilities by long-term debt, and the active pursuit of acquisitions, are priorities in the new fiscal year which begins on October 1, 2012."
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SOURCE: SOFAME TECHNOLOGIES INC.
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