MONTREAL, Jan. 28 /CNW Telbec/ - Sofame Technologies Inc. (TSX-V: SDW), a
leading manufacturer of innovative commercial-industrial heat recovery
equipment, has closed a private placement of 1,700,000 common shares at a
price per share of $0.20, for gross proceeds to Sofame of $340,000. The common
shares were issued to ten "accredited investors" resident in the province of
Ontario and one investor resident the United States of America. Sofame will
apply the gross proceeds from the private placement toward working capital and
John Gocek, President and CEO of Sofame stated, "Sofame continues to
aggressively promote and raise awareness of its energy efficient products in
the consulting engineering community and with industrial and institutional
end-users who operate power plants in a wide variety of industries. The
Cleantech sector is one of the few segments expected to expand in 2009 and
Sofame is experiencing increased demand for its equipment."
In connection with the closing of the private placement, Sofame paid a
cash finder's fee equal to 10% of the gross proceeds raised under the
placement to Canadian residents and issued an aggregate of 155,000
compensation warrants to purchase common shares of Sofame to Notre-Dame
Capital Inc. and other registered representatives who were instrumental in
introducing the Canadian-resident "accredited investors" to the corporation.
Each compensation warrant entitles the holder thereof to purchase one
additional common share of Sofame at a price of $0.20 for a period of twelve
Under applicable securities legislation and the policies of the TSX
Venture Exchange, the securities issued under the private placement are
subject to a hold period expiring on May 24, 2009. As a result of the private
placement, there are 86,598,846 common shares of Sofame issued and
Sofame Technologies began expanding its network of representatives in the
United States in 2007 when three firms signed-up to cover eight states. One
new US Rep and three Canadian Reps were added in 2008. Sofame started 2009 by
naming two new Reps in five states bringing the total number of states with
qualified local engineering representatives to nineteen. Sofame will continue
to diligently expand its North American sales network by recruiting top notch
boiler room applications engineering expertise to sell its hot water heating
and heat recovery products.
SOFAME Technologies Inc. custom engineers and manufactures unique,
high-efficiency direct-contact heat recovery and hot water heating systems.
Sofame's products extract up to 99% of heat from flue gases depending on the
application, and also from wastewater, and return the energy in the form of
high temperature hot water or pre-heated make-up air. In addition to
economically recovering heat from waste energy, Sofame's products also help
customers to significantly reduce greenhouse gas emissions. Using world
leading, patented green technology, Sofame serves building owners,
institutional, industrial and commercial markets through a network of
dedicated engineering representatives.
TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.
For further information:
For further information: Sofame Investor Relations: Kelly Hamblin, (514)
523-6545 ext. 630, firstname.lastname@example.org