MONTREAL,
Feb. 13, 2014 /CNW Telbec/ - Sofame
Technologies Inc. (TSXV: SDW) (OTC: SFMGF) has reported net sales
of $1,603,413 for the 2013 fiscal
year ended September 30th,
and a net loss of ($ 296,398) for the
year.
- 2013 Net Sales of $ 1,603,413(a)
compared to $ 1,802,080 in 2012, a
decrease of 11%
- 2013 Gross Profit of $ 329,770
(20.5%) compared to $ 368,820 (20.6%)
in 2012
- Nine orders totalling $ 2.7
million were received between August
2012 and December 31,
2013
- Op. Ex. declined 12.4% to $
451,604 in 2013 from $ 515,428
in 2012 compared to $ 849,058 in
2011
- 2013 Operating Loss was ($
121,834) (7.6%) compared to ($146,608) in 2012 and ($
980,780) in 2011
- Net Loss in 2013 was ($ 296,398)
compared to Net Earnings of $ 119,974
in 2012
- In 2012 the Company recorded an extraordinary gain on
conversion of debt to shares of $
444,202
- EBITDA in 2013 was $ 151,942
versus $ 587,575 in 2012
Notes:
| (a) |
|
Deferred revenues includes an
increase of $ 174,560 representing engineering work on two projects
which was completed and paid for, but not booked as sales because
the equipment portion of the contract was not yet in process as of
September 30, 2013. |
| (b) |
|
These are the financial highlights
only. Management`s Discussion and Analysis, the consolidated
statements of financial position, cash flows, and notes thereto of
Sofame Technologies Inc. are available at www.sedar.com. |
Key Development During the Year Ended
September 30, 2013
$ 3 Million
Revolving Credit Line
In 2013, the Company signed a Letter of Intent
with a lender in New York for a
$ 3 million revolving line of credit
to be secured by all assets of the Company. The first
disbursement of US$ 400,000 occurred
in September 2013, four months
later. Further disbursements will be secured by increases in
trade accounts receivable.
Negotiations for a Significant Order of
Percofrac™ Equipment
Sofame began selling the 100% efficient
Percofrac™ 10 MMBTU and 30 MMBTU mobile water heaters in the summer
of 2013. Witness testing of the units in the gas fields after
they were mounted on trailers equipped with pumps, generators and
propane vaporizers went very well. There is discussion of
orders for multiple units to serve the burgeoning fracking
business. Developments will be promptly reported.
Negotiations to Acquire a Company in the Same
Industry
Sofame began negotiations in 2012 to acquire a
company operating in the same industry. These negotiations
have progressed further and an acquisition is within the realm of
possibility, if the required debt financing can be
negotiated. Discussions are under way with several potential
lenders. Any concrete developments will be reported
promptly.
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.