MONTREAL, Jan. 24 /CNW Telbec/ - Sofame Technologies (TSX-V: SDW), a
leading manufacturer of commercial-industrial heat recovery equipment, has
signed a Letter of Intent with Wise Energy Equipment Solutions Inc. of
St-Paul, Minnesota, a CorVal Group, Inc. subsidiary company. The proposed
agreement outlined in the Letter of Intent calls for Wise Energy to increase
its commitment to sell Sofame products by $12 million over three years.
While attending the AHR Expo in New York, John Gocek, President and CEO
of Sofame said "Wise Energy's expanded commitment to market Sofame's high
efficiency condensing boilers will clearly reach a growing number of
end-users, and will help increase awareness and acceptance of Sofame's
patented heat recovery technology."
Todd Dougan, Managing Director of Wise Energy Solutions Inc. said "Now
that Sofame has trained Wise engineers to apply Sofame's heat recovery
condensing technology to both new and retrofit boilers, customers are really
seeing the potential for significant cost reductions and rapid payback on
their gas saving, carbon reducing green investments."
Subject to regulatory approval and the signature of a definitive
agreement, Sofame has agreed to grant Core Ventures, LLC, a CorVal related
company, an aggregate of 2,000,000 warrants entitling Core Ventures to acquire
up to an aggregate of 2,000,000 additional common shares of Sofame at an
exercise price of $0.50 per share with an expiration date set for a period of
three years. The Warrants shall vest in three equal tranches: (i) the first
666,666 upon signature of the definitive agreement; (ii) the next 666,666 upon
Wise Energy meeting a performance milestone; and (iii) the remaining 666,667
upon Wise meeting a second performance milestone, all to be determined by
Sofame and certified in writing in compliance with the said agreement.
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 superheated 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, the Company serves building owners, public
and private infrastructure, institutional, industrial and commercial markets
through a network of dedicated engineering representatives.
About Wise Energy Equipment Solutions
Wise Energy is a manufacturers' representsative focused on providing
innovative energy savings equipment throughout the USA, and is wholly owned by
the CorVal Group, Inc. CorVal is a USA based company which provides a full
range of EPC services through its subsidiaries including: industrial,
commercial, fire protection, preventive maintenance, fabrication, land
development and commissioning. CorVal subsidiary companies have offices in
Minnesota; Louisiana, Montana, Nevada and Alberta, Canada.
For further information, please contact:
Sofame WiseEnergy Solutions
Jérôme Cliche, Todd Dougan,
(514) 523-6545 ext. 249 (651) 917-3364
Anne-Chantal Roy, Todd Leonard,
(514) 523-6545 ext. 224 (651) 632-9600
500 Alphonse D. Roy, Montreal, Quebec, Canada H1W 3Y8
Tel: (514) 523-6545 - Fax: (514) 524-6183
1633 Eustis Street, St. Paul, Minnesota 55108
Tel: Toll Free 877.352.5591 Fax: 651.642.5892
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Sofame: Jérôme Cliche, (514) 523-6545 ext. 249,
email@example.com; Anne-Chantal Roy, (514) 523-6545 ext. 224,
firstname.lastname@example.org; WiseEnergy Solutions: Todd Dougan, (651) 917-3364,
email@example.com; Todd Leonard, (651) 632-9600,