MANCHESTER, N.H., Dec. 7, 2010 /PRNewswire-FirstCall/ -- QED Connect, Inc. (Pink Sheets: QEDN), a New York corporation ("QED Connect"), today announced that its Joint Venture partner, Sofame Technologies, Inc. ("Sofame Technologies") (TSX-V: SDW), published its Steam Pump Patent: Title: SYSTEM TO LOWER EMISSIONS AND IMPROVE ENERGY EFFICIENCY ON FOSSIL FUELS AND BIO-FUELS COMBUSTION SYSTEMS
Sofame Technologies has invested over $750,000 in a full scale prototype in its Montreal plant, in five years of research and trials in support of this important environmental technology. The technology is developed for applications to various types of gas-fired burners found in hundreds of thousands of existing industrial boilers, and also to every fossil fuel combustion process including coal. Sofame's international application for the Sofame Steam Pump® was published by the International Bureau at the WIPO, based in Geneva, Switzerland, under the Patent Cooperation Treaty. The documentation defines the invention as a water heater system wherein the amount of water and the temperature of the air are closed-loop-controlled for reducing NOx production.
One of these Sofame systems is already being installed at a major east coast university in the United States as part of a $2 million project to reduce NOx emissions and meet new emission standards coming into force in New Jersey in 2011.
Sofame Technology Completes Balance Sheet Restructuring
Sofame Technology is pleased to report that approximately $2.5 million of current liabilities have been converted to common shares. This gesture of confidence by the company's investors and other lenders has allowed a significant improvement in Sofame's financial position.
"Thanks to amazing support from all of its stakeholders, Sofame has put the challenges created by the recession which began in 2009 into the past," stated John Gocek, Sofame's President and CEO. "Through our Joint Venture subsidiary in the USA, Sofame Energy, we are pleased to be associated with strong new American partners for sales, equipment installation and financing."
Sofame Technology has won contracts totaling $2,411,640 since April 2010. Operating expenses after nine months were cut by $1,726,914, or sixty-one percent. Two orders were completed in Sofame's Technology's fourth quarter ending September 30th 2010, and a large contract for a university in New Jersey is in production in the first quarter of fiscal 2011 ending December 31st 2010.
Tom Makmann, President and CEO of QED Connect, Inc. added, "We continue to be pleased with Sofame's progress developing the US market and believe that sales by the Joint Venture, Sofame Energy, will increase in 2011. QED continues to implement its business plan to become a holding company, and we are now seeing indications of resurgence in capital markets for smaller companies. QED's strategy is to be an incubator for businesses with strong potential who need capital, as well as operational, marketing and management assistance. The poor economy of the last two years made accomplishing these objectives difficult; however we were able to form the Joint Venture with Sofame Technologies, Inc. and enter into an acquisition agreement with Nazz Productions, Inc. With the current stable economic outlook, QED believes it can achieve its core goals and realize operational benefits in the New Year."
About QED Connect, Inc.
QED Connect, Inc. is a New York corporation holding company which makes acquisitions, investments, and enters into strategic business partnerships. The Company seeks businesses with strong potential which QED can assist in achieving their plans and realizing their maximum potential. This business model achieves the Company's goals and expands its overall revenue and profits and diversifies through entry into the multiple market segments. It is QED's intention to help its partners and subsidiaries realize growth, and that growth would, in turn, enhance QED's ability to increase shareholder value. www.qedconnect.com
About Sofame Technologies Inc.
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, www.sofame.com
Safe Harbor Statement
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of QED Connect, Inc., (the "Company") to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to complete the Joint Venture with Sofame and to fund QED's overall expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its Joint Venture with Sofame and to fund QED's growth, generally ; (iii) successfully obtain and fill potential Joint Venture product orders; (iv) generate sufficient revenue and efficiently manage operations to obtain profitability ; (v) competitive factors and developments beyond the Company's control; and (vi) other risk factors.
SOURCE QED Connect, Inc.