MONTREAL, Feb. 5 /CNW/ - Sofame Technologies Inc. (TSX-V: SDW), a leading manufacturer of environmentally efficient industrial hot water systems and cost efficient heat recovery equipment, must file its annual audited financial statements by April 5th, 2010. The Autorité des marchés financiers granted the extension and also issued a Management Cease-Trade Order (MCTO). Sofame requested the MCTO prior to missing the January 28 2010 filing deadline for its audited annual financial statements, management discussion and analysis ("MD&A") and CEO and CFO certifications for the year ended September 30, 2009. The MCTO will remain in place for a period of sixty (60) days, during which time Sofame must complete the audit of its financial statements and related documents. In accordance with Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults, Sofame plans to provide bi-weekly updates on further developments at the company until the filing requirements are met. In the event the audit is not completed within the delay, a general Cease Trade Order will be imposed. Since the current MCTO applies only to management and insiders, all other parties are permitted to freely trade in Sofame's shares.
Sofame also reports that its acting Chief Financial Officer, Robert Deslandes, delivered his resignation in December of 2009, and agreed to remain with Sofame on a consulting basis to complete current mandates including the audit of the 2009 annual statements, and to oversee a smooth transition with his successor. Sofame's Board of Directors thanks Mr. Deslandes for his dedication to the company during his two years as acting CFO.
Sofame exhibited at the AHR Expo in Orlando, Florida in January and is pleased with the quality and quantity of leads received at its booth during the show.
John Gocek, Sofame's acting CEO commented, "We can see an improvement in the economy and renewed interest in energy savings initiatives like those offered by Sofame. For the first time, we were visited by large contractors and systems integrators who heard about our company and were enthusiastic to work with Sofame in the coming year."
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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