Sofame Technologies Inc. European Program Launched; 6 Months Financial Results.MONTREAL--(BUSINESS WIRE)--June 17, 1998--Sofame Technologies(Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :SDW SDW Spin-Density Wave SDW Shoop da Whoop SDW Scalable Data Warehouse SDW Seedling Dry Weight SDW Standard Data Warehouse SDW Share Data Warehouse SDW Stored Data Warehouse SDW Stealth Designers Workbench SDW Signed D-Word SDW Student Data Warehouse .) Sofame Technologies Inc. ("Sofame") today announced the start of the European marketing program designed to introduce Sofame's direct-contact heating technology to the highly lucrative European market. In October 1997, following a comprehensive due diligence, Sofame signed a Letter of Intent with COFATHEC S.A., a subsidiary of GAZ DE FRANCE Gaz de France (GDF) is a French company which produces, transports and sells natural gas around the world and especially in France which is its main market, but also Belgium, the United Kingdom, Germany and other European countries. , the state-owned gas utility of France France (frăns, Fr. fräNs), officially French Republic, republic (2005 est. pop. 60,656,000), 211,207 sq mi (547,026 sq km), W Europe. , and GAZ GAZ Gazette GAZ Gorkovsky Avtomobilny Zavod (Gorky) METROPOLITAIN in Quebec, during the official visit of the Premier of Quebec The Premier of Quebec (in French Premier ministre du Québec, sometimes literally translated as Prime Minister of Quebec) is the first minister for the Canadian province of Quebec. to France. "The intention of this Letter was to create an international joint venture which will market Sofame's technology of direct contact heating between flame and water," said Luc Mandeville, Vice President of Sofame. "With such formidable partners as COFATHEC and GAZ METROPOLITAIN, to support our marketing efforts, we intend to quickly capture a significant market share in many parts of Europe within a short period of time. The enhanced productivity stemming from the use of direct-contact heating by European industries offers significant growth potential for Sofame", added Mr.Mandeville. Sofame also announced today its consolidated operating results for the six months ended March 31, 1998: gross revenues from operations were over $1.6 million, with earnings before depreciation and amortization amounting to $122,000. "The revenues for the first six months are in line with our projections. They represent an increase of 100 percent vs. last fiscal year's total revenues" commented Marian Kellerman, President and Chief Executive Officer of Sofame. "We are following our business plan initiated last summer, that includes an aggressive expansion of our distribution network". The Company is an industry leader in the development and manufacturing of thermodynamic ther·mo·dy·nam·ic adj. 1. Characteristic of or resulting from the conversion of heat into other forms of energy. 2. Of or relating to thermodynamics. devices and systems. Its main objective is to develop and build custom-designed energy-recovery and conservation systems. The Company is an active member and partner of the Natural Gas Technology Centre and has developed a number of its products and systems in close collaboration with the Natural Gas Technology Centre.
CONTACT: Sofame Technologies Inc.
Marian Kellerman, 514/985-9632
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