MANCHESTER, N.H., Sept. 8, 2010 (GLOBE NEWSWIRE) -- QED Connect, Inc. (Pink Sheets:QEDN), a New York corporation ("QED Connect"), and its Joint Venture partner, Sofame Technologies, Inc. ("Sofame Technologies") (TSX-V:SDW), today announced that they have formed the Board of Directors for the Joint Venture. The Joint Venture company, Sofame Energy, Inc., a Nevada corporation ("Sofame Energy"), is in the process of establishing its headquarters in downtown Chicago, Illinois.
John Gocek, President and CEO of Sofame Technologies, stated, "With Sofame Energy legally constituted in the United States, our industrial energy-efficient products can be made in America to help potential Sofame Technology customers qualify for local grants and subsidies. We fully intend now to align with partners who can assist with the delivery of major turn-key projects."
The initial Board of Directors will consist of one member each from QED Connect and Sofame Technologies; currently Tom Makmann, the CEO and President of QED, and John Gocek, the CEO and President of Sofame Technologies. Mr. Makmann and Mr. Gocek will be joined by two independent directors, James Murphy and Thomas Gruber, who Sofame Energy expects will provide complimentary experience to support the rapid business development of Sofame Energy in the United States.
Mr. James Murphy brings extensive knowledge of the ethanol, biomass-to-energy and carbon markets as well as an entrepreneurial attitude well-suited to the emerging renewable energy industry. Mr. Murphy is a founding board member of EPCO which has produced and distributed liquid CO2 captured primarily from ethanol producers for over 20 years. Jim also served in several leadership posts at the Chicago Board Options Exchange, including as New Products Chairman, and as Chairman of the Stock Selection Committee. He is currently President of Carbon Green LLC, a bioenergy developer and carbon credit aggregator, and Chairman of Carbon Green BioEnergy LLC, which recently purchased and re-started a 50 million gallon per year ethanol facility in Lake Odessa, Michigan. Mr. Murphy holds a Bachelors degree from Marquette University in Political Science and Economics, where he was an Evans Scholar.
Mr. Thomas Gruber is a CPA with more than 30 years of experience as CFO and in other executive roles with Fortune 500 and smaller public companies in numerous sectors including technology development and applications, manufacturing, retail, distribution, franchising (nationally & internationally), financial services, real estate investment and management, and government contracting. Mr. Gruber is currently the Chief Financial Officer and Chief Operating Officer of I/OMagic Corporation. Previously he was a Partner in a private investment group specializing in management and leveraged buyouts. Prior to that time, Mr. Gruber was President and Chief Financial Officer of nStor Technologies (AMX), a manufacturer and developer of enterprise data storage hardware and software, He has held senior positions at various public companies: Wireless Power Group (NASDAQ), Signature Lighting, Inc. (NASDAQ), Western Digital Corporation (NYSE), Datatron Inc. (NASDAQ), and Gould, Inc. (NYSE). Mr. Gruber resides is San Diego, California and holds a Bachelors degree in Business Administration and Accounting from Ohio University and a Master's in Business Administration from Pepperdine University.
QED Connect and Sofame Technologies have appointed John Gocek as the President and Secretary of Sofame Energy, Inc., and Tom Makmann, will serve as Treasurer.
Mr. Makmann added, "With the initial Board and Officers in place, Sofame Energy is positioned to launch its operations, and anticipates initiating new orders in the US during the fourth quarter of 2010. Sofame Energy currently has $1.2 million in confirmed orders for several of Sofame Technologies' high-efficiency hot water systems that are expected to be delivered during this period."
Under the terms of the Joint Venture, Sofame Energy's earned revenues and profits will be consolidated equally between QED Connect and Sofame Technologies. During the initial 24-36 months of the Joint Venture, it is expected available revenues or profits will be reinvested in working capital for growth.
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.