MANCHESTER, N.H., June 4, 2010 (GLOBE NEWSWIRE) -- QED Connect Inc. (Pink Sheets:QEDN), a New York Corporation, today announced that Sofame Technologies, Inc. (TSX-V:SDW) has received a commitment from a European customer valued at $250,000. The Letter of Intent is from a landfill gas to energy plant and is expected to result to be finalized in the next two months.
Sofame also announced this week that it had a reduction in operating costs of 74% in Q2 2010 compared to Q2 2009 and closed $985,000 in new contracts from April 1st to May 31st. Lower costs and an increase in orders position Sofame for further potential improvement in earnings in the second half of the fiscal year.
Tom Makmann, CEO of QED Connect, stated, "QED is excited to finalize the Joint Venture this quarter and is looking forward to working with Sofame to help them expand their marketing efforts in the US."
About QED Connect, Inc.
QED Connect, Inc. is a New York corporation which makes acquisitions, investments, and enters into strategic business partnerships. The Company seeks businesses with strong potential which QED can achieve the Company's goals and strengthen its overall revenue and profits 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.
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, visit 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 fund its expansion plans; (ii) finalize the joint venture agreement with Sofame Technologies, Inc., (iii) build the management and human resources and infrastructure necessary to support the growth of its business; (iv) competitive factors and developments beyond the Company's control; and (v) other risk factors.