MANCHESTER, N.H., July 19, 2010 (GLOBE NEWSWIRE) -- QED Connect Inc. (Pink Sheets:QEDN), a New York Corporation ("QED Connect"), today announced that its pending Joint Venture partner, Sofame Technologies, Inc. ("Sofame Technologies") (TSX-V:SDW), received a purchase order in excess of $1,000,000 from Philadelphia based Tozour Energy Services, to design and install a Sofame Stream Pump® at a well known university in New Jersey. The contract award is for a system that will reduce nitrogen oxide emissions, while simultaneously increasing the overall efficiency of the large boiler plant -- something that is not achievable with standard technologies, such as flue gas recirculation.
"This major contract award arrives at an ideal moment as Sofame is gaining momentum in the U.S. industrial energy efficiency marketplace. With the forming of the Joint Venture with QED, Sofame will be in a good position to service the U.S. marketplace and expand its market share," commented John Gocek, Sofame's President and CEO.
Tom Makmann, CEO of QED Connect, stated, "The Joint Venture is a key part of our corporate strategy and we are pleased with Sofame's progress. QED continues to move forward with its plans to become a Holding Company and increase shareholder value."
The Joint Venture has been set up as Sofame Energy, Inc., a Nevada corporation, and will be located in Chicago. Under the Joint Venture agreement, QED and Sofame will each initially own 50% of a U.S. based company, formed for the purposes of exclusively marketing, distributing, selling and supporting Sofame's current and future products within the United States. Final closing is scheduled this week at QED Connect's New Hampshire location.
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, 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 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.