MONTREAL, April 14 /CNW/ - Sofame Technologies Inc. (TSX-V: SDW) reports on developments at the company in accordance with Policy 12-203 - Cease Trade Orders for Continuous Disclosure Default. Sofame is completing its first quarter financial statements, and management is finalizing discussion and analysis ("MD&A") of the results ending December 31, 2009. These as well as the CEO and CFO certifications for the first quarter will be filed by Tuesday, April 20th 2010. After the first quarter filings, the annual meeting documentation will be prepared and the date of the annual meeting will be announced. A Management Cease Trade Order has been in effect until all filing requirements are met including the first quarter reports. Since the current MCTO applies only to management and insiders, all other parties are permitted to freely trade in Sofame's shares.
Sofame has closed its bridge financing of $250,000 with the support of industry partners in the United States and Canada. In an unrelated development, Sofame has also selected Mechanical Products (www.mpnevada.com) to as its exclusive representative in Nevada.
John Kreiling, President of Mechanical Products stated, "Sofame's experience in maximizing boiler room efficiency is allowing our engineers to offer significant operating cost savings and better environmental performance to hotel casino and other large property owners. We are pleased to add Sofame's energy efficiency products to our line card."
John Gocek, Sofame's Chief Operating Officer stated, "With two orders in production and others in the final stages of closing, we are encouraged by recent progress. In an important gesture, debenture holders voted 98.4% in favour of the secured bridge loan because management is committed to cost cutting. We are also very grateful for the confidence demonstrated by our suppliers."
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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