MONTREAL, March 10 /CNW Telbec/ - Sofame Technologies (TSX-V: SDW), a
leading manufacturer of innovative commercial-industrial heat recovery
equipment, has signed a three-year definitive agreement with Wise Energy
Equipment Solutions Inc. of St-Paul, Minnesota, a CorVal Group, Inc.
subsidiary company. The expanded agreement, which has been ratified by
Sofame's Board of Directors, calls for Wise Energy to increase its commitment
to sell Sofame products by at least $12 million over three years.
Todd Dougan, Managing Director of Wise Energy Solutions Inc. said
"Several of our major customers have expressed an interest in applying
Sofame's heat recovery condensing technology to both new and retrofit boilers
The engineering support provided by Sofame has made all the difference by
demonstrating that in some areas, cost savings and green house gas emission
reductions can go hand-in-hand."
John Gocek, President and CEO of Sofame said "Strengthening Sofame's
relationship with Wise Energy will create new opportunities to exploit several
other synergies we have identified in both US and Canadian markets. Sofame
welcomes this occasion to pursue profitable growth."
As previously-disclosed (see press release of January 24, 2008), 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 as provided for in the 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, 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, Navada and Alberta, Canada.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Sofame: Kelly Hamblin, (514) 523-6545 ext. 233,
email@example.com; Jérôme Cliche, (514) 523-6545 ext. 249,
firstname.lastname@example.org; www.sofame.com; WiseEnergy Solutions: Todd Dougan,
(651) 917-3364, email@example.com; Todd Leonard, (651) 632-9600,