All Financial Reports Have Been Filed and Annual Meeting Set for June 11th
MONTREAL, May 7 /CNW/ - Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost efficient heat recovery equipment, has received an order from Tozour Energy Systems to engineer and supply a $555,000 Percotherm(R) heat recovery system. The unit is designed to reduce natural gas consumption and carbon emissions. The end-user is among the first manufacturing facilities in the US to achieve a newly developed EPA designation for pharmaceutical manufacturing as well as an environmental leadership award from the Alliance for Workplace Excellence.
Josh Costell, Executive Vice President and General Manager of Tozour Energy Systems of Philadelphia whose team sold the turn-key project stated, "This project is another example of how boiler heat recovery can reduce operating costs as well as carbon footprint. With TES expertise, our customers are saving money while achieving their corporate sustainability milestones."
John Gocek, Chief Operating Officer of Sofame stated, "Tozour Energy's commitment to Sofame's technology began in 2007. Building on the two high profile turn-key projects delivered in 2009 and by working closely together, Tozour Energy Systems and Sofame Technologies have established a strong presence in New Jersey, Pennsylvania and Delaware."
Sofame Has Filed Q1 Financial Results, Annual Meeting to be held on June 11th in Montreal
Sofame Also reports that all financial reports that were late have been filed, and the company is no longer in default of filing requirements. The Annual General meeting of Shareholders has been scheduled for June 11th in Montreal. The Management cease trade order will remain in effect until the Annual Meeting is completed. Financial highlights of the first quarter ending December 31, 2009 were as follows:
- Q1 Net Sales of $164,250 compared to $327,096 for the same period in
- Q1 Gross Margin of ($34,967) (-21.3%) compared to $90,812 for Q1 in
- Q1 Net Consolidated Loss of ($642,398) compared to ($866,954) for Q1
- Fully diluted loss per share of ($0.0048) compared to ($0.0070) as of
December 31, 2008.
Note: These are the financial highlights only. Management`s Discussion and Analysis, the consolidated financial statements and notes thereto of Sofame Technologies Inc. for the first quarter ended December 31, 2009 are available on the SEDAR website at www.sedar.com.
As reported previously, in North America Sofame's primary industrial energy efficiency market experienced a slowdown in 2009 due to declining natural gas prices and cut-backs in capital spending by industrial end-users. Poor market conditions and difficult access to financing also compromised sales growth in the first quarter ending December 31st. Sofame navigated a severe cash flow constraint in the first quarter ending December 31, 2009 which forced a dramatic reduction in costs and headcount in the second quarter which ended March 31, 2010. The company continued to design, sell and manufacture custom engineered heating systems, and an increase in quoting activity in 2010 due to increasing demand for energy efficiency solutions is very encouraging. Improved sales practices instituted at Sofame in 2009 are expected to result in a better closing ratio in the second half of the current fiscal year.
About Tozour Energy Systems
Tozour Energy Systems is a full-service HVAC and building automation provider based in King of Prussia, Pa. The company provides customers with a diverse range of solutions including building automation, equipment services, energy conservation services, green building design, controls, parts, supplies and responsible technical support throughout Southeastern Pennsylvania and Southern New Jersey. Tozour Energy Systems is a member of the Delaware Valley Green Building Council. For more information, visit www.tozourenergysystems.com.
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.
SOURCE Sofame Technologies Inc.
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