MONTREAL,
March 4, 2014 /CNW Telbec/ - Sofame
Technologies Inc. (TSXV: SDW) (OTC: SFMGF) has reported net sales
of $367,179 for the first quarter of
fiscal 2014 ended December 31, 2013,
and a net loss of ($ 21,534).
EBITDA was $40,525 for the
quarter.
- Q1 2014 Net Sales of $ 367,179
compared to $ 414,915 in Q1 2013
- Q1 2014 Gross Profit of $ 131,504
(35.8%) compared to $ 110,808 (26.7%)
in Q1 2013
- Nine orders totalling $ 2.7
million were received between August
2012 and December 31,
2013
- Q1 2014 Operating Profit was $
14,872 (4.1%) compared to $
36,759 (8.9%) in Q1 2013
- Net Loss in Q1 2014 was ($
21,534) (-5.9%) compared to Net Earnings of $ 3,928 (0.9%) in Q1 2013
- EBITDA in Q1 2014 was $ 40,525
versus $ 103,357 in Q1 2013
| Note: |
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 First Quarter
Ended December 31, 2013
Negotiations for a Significant Order of
PercofracTM Equipment
Sofame began selling the 100% efficient
PercofracTM 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 will occur if the required
debt financing can be negotiated. Discussions are under way with
several potential lenders. Any concrete developments will be
reported promptly.
Aline Belanger Joins Sofame Technologies
Board
As of February 26,
2014, we are pleased to welcome Aline Belanger to Sofame's Board of
Directors. Ms. Bélanger has over 20 years of experience in
finance and accounting at companies including enGlobe, AVESTOR, CAE
Inc., Bell Canada International, Pricewaterhouse Coopers, Ernst
& Young and Cycle Capital Management. During her career, Aline
has participated in more than a billion dollars of debt financing,
and overseen acquisitions totalling more than $500 million. She has also participated in about
$100 million of venture capital
financing, the latter focusing on clean technologies. Aline will
greatly enhance the diversity of expertise on our board. She is
widely recognized for her planning and financial analysis
capabilities, clearly evident in her extensive track record in
managing corporate restructuring, mergers and acquisitions. She
brings to Sofame the in-depth expertise we need as we move
forward.
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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